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HashKey Exchange has obtained approval from the Hong Kong Securities Regulatory Commission for type 1 and type 7 licenses, allowing the exchange to offer retail trading services under the new crypto regulatory regime.
This milestone makes HashKey Exchange the first cryptocurrency exchange in Hong Kong to provide crypto retail trading, aligning with the city’s ambition to establish itself as a prominent global hub for the digital asset industry.
On August 3, Hong Kong’s crypto exchange, HashKey Exchange, announced that it has upgraded its type 1 and type 7 licenses to provide crypto trading services to retail investors. HashKey Exchange, along with OSL, are currently the only two compliant exchanges operating in Hong Kong.
HashKey Partners with Standard Chartered, Launches OTC Trading Service
HashKey, the Hong Kong-based crypto exchange, has teamed up with Standard Chartered Bank to offer fiat currency deposit and withdrawal services to its users. Additionally, the exchange has introduced a virtual asset over-the-counter (OTC) trading service. However, retail investors are limited to trading only the top cryptocurrencies like Bitcoin and Ethereum.
The recent upgrade of HashKey’s existing licenses enables the exchange to expand its business scope from serving professional investors to retail users, signaling a broader reach for its services.
Operating across various sectors, including venture funding, asset management, and trading, HashKey Group has revealed plans to raise $100 million to $200 million at a valuation surpassing $1 billion. This move aligns with Hong Kong’s ambition to establish itself as a global cryptocurrency hub.
Hong Kong Attracts Crypto Firms Amid Regulatory Scrutiny
Crypto-focused firms, including Huobi, OKX, and Amber Group, have expressed intentions to obtain licenses and offer crypto services in Hong Kong. Despite the regulatory scrutiny and crackdown in various countries, Hong Kong has become an appealing destination for such firms, with even giants like Binance and Coinbase exploring the market.
Furthermore, Hong Kong has signed agreements with the UAE and Saudi Arabia to enhance financial and crypto collaboration. The city’s authorities are also working with Singapore and other countries to facilitate cross-border transactions and Central Bank Digital Currency (CBDC) initiatives.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.