HashKey Secures Approval for Off-Platform Virtual Asset Trading in Hong Kong

Bhushan Akolkar
February 24, 2023
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Hong Kong SFC Crypto Spot ETF

Crypto developments in Hong Kong are currently in full swing as the region seeks to become the crypto hub of Asia. Reportedly, Beijing has been supporting Hong Kong’s quest of penetrating the crypto market and its recent ambitions.

Asia’s leading digital assets financial services provider HashKey Group announced that it has secured approval from the Securities and Futures Commission of Hong Kong (“SFC”) for conducting an off-platform virtual asset trading business in the region.

Hash Blockchain Limited (HBL) will play the role of an intermediary in facilitating trade between two parties. They would also allow two parties to trade tokens even if they aren’t listed on the exchange’s order book.

HashKey said that it would offer a safe and secure trading environment to its clients thereby ensuring SFC that they would adhere to their jurisdictional standards of transparency, security, and integrity. Speaking on the development, Michel Lee, Executive President of HashKey Group said:

“We are thrilled to receive the approval from the SFC. Our experience with the OTC business has been valuable, and this approval now provides clients with an option to face an entity that is licensed in Hong Kong. As we continue to prepare for the launch of HashKey PRO – our regulatory compliant virtual assets exchange, we are excited to be able to offer more products in the pipeline.” 

HashKey To Offer the Best Digital Assets Products to Clients in Hong Kong

Having received the approval from SFC, HashKey said that it would be providing the best-in-class digital assets products to its clients. It has secured both virtual assets licenses and OTC licenses from the Hong Kong SFC. Colin Zhong, CEO of HBL said:

“A regulated exchange can make a difference in the OTC market in Hong Kong to provide a more secure and transparent environment for investors to trade digital assets, compared to the often opaque and unregulated nature of the OTC business. HashKey PRO is committed to fostering greater trust and confidence among investors. This, in turn, can help attract a broader base of participants to the market and facilitate the mainstream adoption of digital assets.” 

HashKey could be soon facing competition in the Kong Kong market! Crypto exchange Huobi has also applied for crypto trading licenses in Hong Kong. It plans to offer retail and institutional players a safe and secure platform to trade digital assets.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.