Hong Kong debuts retail crypto trading with HashKey exchange
Aug 3, 202310:52 GMT+3
Hong Kong is expanding cryptocurrency trading exposure to individual investors, with at least one exchange getting the regulatory green light to offer such services.
Local digital asset firm
HashKey has successfully obtained all necessary licensing to expand its
business from serving professional investors to taking on retail users.
HashKey’s new regulatory
milestone has been enabled through the upgrade of two major licenses issued by
Hong Kong’s Securities and Futures Commission (SFC).
The first license, known as
Type 1, allows HashKey to operate a virtual asset trading platform under Hong
Kong’s securities laws. The second one, Type 7, officially enables the firm to
provide automated trading services to both institutional and retail users, the
announcement notes.
In addition to becoming one of
the first licensed exchanges to offer retail crypto trading in Hong Kong,
HashKey has also officially launched its crypto over-the-counter (OTC) trading
service, HashKey Brokerage. The OTC platform is said to be compliant with local
securities laws following the adoption of a new crypto regulatory framework by
the SFC.
HashKey Group chief operating
officer Livio Weng expressed confidence in the establishment of licensed
trading platforms and the further clarity of regulatory frameworks in Hong
Kong. He added:
“The industry as a whole will witness increased
transparency, leading to a significant boost in investor confidence.”
The news comes soon after an
executive at a Hong Kong bank, Hang Seng Bank, argued that crypto companies can
only open bank accounts after obtaining the approval-in-principle (AIP) license
from the Hong Kong SFC. By early August, OSL and Hashkey were reportedly the
only exchanges that received such approval.
No comments:
Post a Comment