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HashKey to Pioneer Retail Crypto Trading in Hong Kong Following License Upgrade

by BSC News

August 3, 2023

chain

HashKey will now expand its business scope from serving professional investors to retail users after updating its license under China’s new crypto exchange.

First License Under Hong Kong’s New Crypto Regime

Hong Kong-based cryptocurrency exchange HashKey has announced it will extend its services to retail users following an updated license from the Hong Kong Securities and Futures Commission. 

This makes it the first licensed crypto trading exchange to serve retail users under Hong Kong’s new crypto regime. Initially, HashKey, licensed last November, focused only on professional investors. The expansion, therefore, signifies a notable broadening of its client base. 

HashKey’s new development comes as Hong Kong aggressively strives to position itself as a leading global cryptocurrency hub. The city's endeavors range from attracting mainland China crypto funds to contemplating the deployment of a digital dollar in its mortgage market. As part of this comprehensive push, the Hong Kong Monetary Authority (HKMA), the region's banking regulator, called on lenders in April to support the business needs of licensed crypto exchanges.

The Exchange’s updated license marks the first instance of legalizing retail trading of tokens under Hong Kong's recently revised crypto regulations. This development reflects the city's commitment to establishing a robust ecosystem for the digital asset sector. 

HashKey will now expand its business scope from serving professional investors to retail users. Meanwhile, a spokesperson at the Securities and Futures Commission stressed that the licensee must continually adhere to the Guidelines for Virtual Asset Trading Platform Operators, introduced in June.