HashKey Exchange received approval from the Hong Kong Securities Regulatory Commission for type 1 and type 7 licenses to provide retail trading services under the new crypto framework. As the government works to establish Hong Kong as a major center for the digital asset market, HashKey Exchange becomes the first cryptocurrency exchange in the city to enable crypto retail trading.
HashKey Exchange Receives Licenses from the Hong Kong SFC, Becoming the First Crypto Exchange to Offer Retail Services in Hong Kong – 08.03.2023
Hong Kong-based crypto exchange HashKey Exchange announced its licenses with a post on X (Formerly Twitter) today.
By upgrading two significant licenses given by Hong Kong’s Securities and Futures Commission (SFC), HashKey has reached a new regulatory milestone. HashKey is able to run a virtual asset trading platform under Hong Kong’s securities rules thanks to the Type 1 license. According to the statement, the second one, Type 7, formally permits the company to offer automated trading services to institutional and retail consumers.
Hong Kong Innovates for a Crypto-Friendly Environment
In an effort to regain its reputation as a cutting-edge financial hub, Hong Kong began implementing the required crypto framework in June. The change generated a lot of interest. However, the change contrasts with a crackdown on digital assets in the United States.
In accordance with Hong Kong’s new regulations, cryptocurrency exchanges may provide trading to both individuals and institutions as long as they obtain and abide by licenses designed to limit the dangerous behaviors exposed by the crash of 2022 and the failure of the FTX platform. In this direction, HashKey Exchange has been granted the city’s first crypto license under Hong Kong’s new regulatory framework, legalizing retail token trading as the city’s leaders work to develop a global center for the digital asset industry.
HashKey Brokerage Launched
HashKey has officially started its over-the-counter (OTC) trading service for cryptocurrencies, known as HashKey Brokerage. The exchange has also become one of the first licensed exchanges in Hong Kong to allow retail crypto trading. Following the SFC’s acceptance of a new legal framework for cryptocurrencies, it is claimed that the OTC platform complies with regional securities regulations.
Livio Weng, the chief operating officer of HashKey Group, expressed optimism about the development of regulated trading platforms and the increased clarity of Hong Kong’s regulatory frameworks.
The industry as a whole will witness increased transparency, leading to a significant boost in investor confidence.
Weng
HashKey Will Organize a Big Celebration
In order to commemorate these significant accomplishments, HashKey Exchange has begun pre-registration, with registered users getting HashKey EcoPoints (HSK) as an incentive. The business will celebrate and announce the first trading app for retail consumers at a formal ceremony in August when all of its business partners will be present.
About HashKey Group
With its headquarters in Hong Kong and offices in Singapore and Tokyo, HashKey Group is Asia’s premier end-to-end digital asset management and financing firm. In the digital asset and blockchain ecosystem, the group offers new investment options and solutions to institutions, family offices, funds, professionals, and authorized investors.
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