HashKey, a Hong Kong-based crypto exchange, has obtained full authorization to expand its services beyond professional investors and cater to retail users in the region.
The regulatory breakthrough was possible through the upgrading of two of its previous licenses by the Hong Kong Securities and Futures Commission (SFC).
HashKey initially secured two licences, including its operating licence, in November 2022. The first license, known as Type 1, permits the operation of a virtual asset trading platform in compliance with Hong Kong’s securities laws. The second license, Type 7, authorizes the firm to offer automated trading services to both institutional and retail users.
📢 @HashKeyExchange has become the 1⃣st licensed virtual asset exchange servicing retail users in 🇭🇰 after the uplift of SFC type 1 and 7 licences. https://t.co/6nulOJTZVb
— HashKey Group (@HashKeyGroup) August 3, 2023
With this achievement, HashKey joins a select group of only two licensed crypto exchanges in Hong Kong, with its rival exchange, OSL, being the other one.
Livio Weng, COO of HashKey Group, stated:
“We are thrilled to become the first licenced trading platform in Hong Kong dedicated to serving retail users.”
According to Weng, the establishment of licenced trading platforms and the enhanced clarity of regulatory frameworks in Hong Kong will result in greater transparency across the industry.
Weng further expressed their commitment to upholding compliance, safety, and security standards to safeguard user benefits. Moreover, they aim to develop a trading platform specifically designed for retail users.
Meanwhile, HashKey also unveiled its HashKey Brokerage platform. The platform is designed to cater to investors and high-net-worth clients, offering them high liquidity bulk trading options. The exchange assures that the platform is secure and reliable, making it a preferred channel for fund circulation.
Notably, the HashKey Brokerage platform marks a significant milestone as it becomes the first compliant OPT service in Hong Kong since the SFC introduced the new virtual asset exchange regulatory framework.
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