HashKey Exchange earns Hong Kong’s first retail crypto license, marking a shift in the city’s crypto regulation and boosting investor confidence.
HONG KONG – In a monumental move, HashKey Exchange has secured the first license to provide cryptocurrency trading for retail investors in Hong Kong. The license was approved by Hong Kong’s Securities and Futures Commission, marking a pivotal moment in the city’s newly unveiled regulatory framework for cryptocurrency, which was introduced this past June.
Livio Weng Celebrates HashKey’s Hong Kong Trading Milestone
Livio Weng, Chief Operating Officer of HashKey Group, expressed the company’s excitement: “We are thrilled to become the first licensed trading platform in Hong Kong dedicated to serving retail users.
As licensed trading platforms establish themselves and as regulatory clarity continues to emerge in Hong Kong, the crypto industry will undoubtedly see enhanced transparency. This, in turn, will significantly elevate investor confidence.”
While HashKey may be the pioneer, it’s not the only platform eyeing a slice of the market. Other crypto giants such as Huobi, OKX, Amber Group, Binance, and Coinbase have shown interest in obtaining licenses, identifying Hong Kong as a viable business destination. This comes as numerous countries, from the US to Australia, impose stricter regulations on crypto ventures.
HashKey Partners With Standard Chartered, Boosts Brand & Trading
Further strengthening its market position, HashKey Exchange has forged a partnership with the renowned Standard Chartered Bank. This will facilitate smoother fiat deposits and withdrawals for its investors.
Alongside this, HashKey announced a comprehensive brand makeover and affirmed its commitment to ensure virtual asset trading remains secure and user-friendly for both seasoned and novice traders.
This license acquisition coincides with Hong Kong’s drive to establish itself as a crypto powerhouse. The city has revealed initiatives such as a stablecoin issuance guide and is reportedly developing a Dollar-based stablecoin.
Furthermore, Hong Kong has entered collaborations with global partners, notably Saudi Arabia and the UAE, aiming to bolster financial and cryptocurrency relations. The city-state is also cooperating with nations like Singapore on Central Bank Digital Currencies (CBDC) and cross-border financial transactions.
Currently, HashKey Exchange has opened its doors for pre-registration. Those who register will be rewarded with its EcoPoints (HSK). The exchange, a subset of the HashKey Group, which is deeply entrenched in various digital asset ventures, has previously indicated intentions to raise between $100 million to