Hong Kong Securities Regulatory Commission approved type 1 & 7 licenses for HashKey Exchange to offer retail trading services under the new crypto regime. HashKey Exchange becomes the first crypto exchange to offer crypto retail trading in Hong Kong as authorities look to make the city as a global hub for the digital asset industry.
Hong Kong-based crypto exchange HashKey Exchange on August 3 said it has upgraded its type 1 and 7 licenses to offer crypto trading services to retail investors. HashKey and OSL are the only two compliant exchanges in Hong Kong.
HashKey has partnered with Standard Chartered Bank to provide users with fiat currency deposit and withdrawal services. The exchange also announced the launch of its virtual asset over-the-counter trading service. Retail investors are restricted to trading only top cryptocurrencies such as Bitcoin and Ethereum.
“HashKey will be able to expand its business scope from serving professional investors to retail users” after receiving an upgrade of its existing licenses.”
HashKey Group operates in multiple areas from venture funding to asset management and trading. It announced plans to raise $100 million to $200 million at a valuation above $1 billion amid Hong Kong’s push to become global crypto hub.
Also Read: Ripple CEO Garlinghouse And Deaton Condemn US SEC For Using XRP Report In Suit
Crypto firms such as Huobi, OKX, and Amber Group have plans for receiving licenses and offer crypto services in Hong Kong. Amid regulatory scrutiny and crackdown in several countries, Hong Kong has become a favored destination for crypto-focused firms, with Binance and Coinbase also looking at the market.
Meanwhile, Hong Kong has signed agreements with the UAE and Saudi Arabia to strengthen financial and crypto collaboration. The Hong Kong authorities also working with Singapore and other countries on cross-border transactions and CBDC.
Also Read: Binance Announces Zero-Fee Bitcoin And Ethereum Trading, Bullish For Crypto Market?
Trump Family's World Liberty Financial has unveiled big real-world asset (RWA) tokenization plans on Wednesday,…
Fintech giant Stripe has unveiled a suite of tools to enable businesses to tap into…
Metaplanet has expanded its Bitcoin portfolio with another purchase. The Tokyo-listed firm is now the…
Nasdaq has officially filed to list and trade BlackRock iShares Bitcoin Premium Income ETF with…
While the ASTER token has crashed 20% in the last 24 hours, to test the…
The U.S government has entered its first shutdown since 2019 after lawmakers failed to reach…