HashKey Exchange has become the recipient of Hong Kong’s first license for a cryptocurrency exchange dedicated to serving retail customers.
The development comes as part of the city-state’s recently implemented crypto regulations, which are designed to establish Hong Kong as a prominent crypto hub. HashKey Exchange said that it is already an existing Type 1 and Type 7 license holder.
HashKey’s License Upgrade
The platform engaged in a “simplified process” to obtain the license upgrade, which will enable it to broaden HashKey Exchange’s business scope, transitioning from catering solely to professional investors to now accommodating retail users as well.
The move is also expected to help “fulfill” the growing market demand for a licensed platform that offers users a safer and simpler process for buying and storing cryptocurrencies, according to HashKey’s official statement.
HashKey Exchange also announces a brand revamp, now providing both professional investors and retail users with more secure and convenient virtual asset trading experiences.
Commenting on the development, Livio Weng, COO of HashKey Group, said,
“With the establishment of licensed trading platforms and the further clarity of regulatory frameworks in Hong Kong, the industry as a whole will witness increased transparency, leading to a significant boost in investor confidence. As an industry leader, we will continue to fulfill our commitments in compliance, safety, and security, ensuring our user benefits are fully protected and creating a trading platform tailored to retail users.”
HashKey was one of the first firms to be approved to operate a virtual asset trading platform by Hong Kong’s Securities and Futures Commission (SFC).
HaskKey’s Expansion Goals
Aside from facilitating fiat on-and-off ramps, HashKey Exchange has forged partnerships with commercial banks, including note-issuing banks in Hong Kong. The goal is to offer users seamless fiat currency deposit and withdrawal services.
Furthermore, the exchange provides compliant OPT services, thereby expanding users’ trading options within regulatory boundaries.
HashKey Exchange’s parent firm, HashKey Group, was reportedly in early-stage talks with venture capitalists to raise $200 million at an over $1 billion valuation earlier this May.
Meanwhile, its investment arm, HashKey Capital, was granted a license to manage a portfolio of 100% digital assets last September. The company also disclosed plans to launch at least two liquid funds to explore opportunities in the secondary market, according to HashKey Singapore CEO Deng Chao.
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