Hong Kong's Hashkey Exchange has become the first cryptocurrency platform in the city-state to upgrade its type 1 and type 7 licenses, thus obtaining approval to serve retail customers.
This landmark achievement followed what is, by contrast, a fairly simple process facilitated by existing licenses, making Hashkey Exchange the first licensed trading platform in Hong Kong to offer services to retail users.
Hong Kong issued the crypto license to Hashkey just two months after regulators implemented a Virtual Asset Service Provider registration policy. This strategic move is part of a broader push to establish Hong Kong as a competitive global hub for digital asset businesses.
The Hashkey Exchange, part of the broader Hashkey Group which provides cryptocurrency financial services, had prior licenses that enabled it to serve professional investors. The latest upgrade allows it to significantly expand its services and meet the increasing demand from retailk consumers in the city-state, a market that has expanded after Hong Kong enacted legislation designed to foster crypto activity and attract digital asset businesses.
In a press statement, Livio Weng, COO of HashKey Group, expressed his excitement at becoming the first licensed trading platform in Hong Kong committed to serving retail users.
"With the establishment of licenced trading platforms and the further clarity of regulatory frameworks in Hong Kong, the industry as a whole will witness increased transparency, leading to a significant boost in investor confidence," the HashKey exec said.
In addition to its licensing upgrade, Hashkey Exchange has undergone a brand revamp to ensure that both professional investors and retail users are offered more secure and convenient virtual asset trading experiences. The exchange prioritizes safety, segregating user funds from platform operations, with 98% stored in cold storage and 2% in hot wallets.
To supplement its offering, HashKey Exchange has also launched its over-the-counter (OTC) trading service, HashKey Brokerage, the first compliant OTC trading platform in Hong Kong since the implementation of the new regulatory framework. This new service offers high liquidity bulk trading for investors and high-net-worth clients, providing a secure and reliable channel for fund circulation.
Hong Kong's inaugural licensing of a crypto platform to serve retail customers heralds a new era for the city-state as it positions itself as a preferred location for digital asset businesses.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
