- HashKey has obtained approval licenses, enabling cryptocurrency trading in the city for both retail and institutional users.
- HashKey has partnered with Standard Chartered Bank for fiat services.
HashKey, a crypto exchange headquartered in Hong Kong, has been granted approval licenses, paving the way for cryptocurrency trading to commence in the city. As per Twitter’s announcement, HashKey users are now authorized to engage in official crypto asset trading. This expansion allows the exchange to cater not only to professional investors but also to retail users.
The company sought the license upgrade in July following the introduction of the new trading licensing system in the city. Furthermore, the exchange can now provide services to individuals and businesses that adhere to Hong Kong’s new regulations and hold valid licenses.
Bloomberg reported that Hong Kong’s Securities and Futures Commission (SFC) has not yet verified the exchange’s statement. This news follows the Hong Kong government’s recent announcement of a web3 task force dedicated to promoting the ethical and sustainable growth of the decentralized industry in the region.
Additionally, in collaboration with Standard Chartered Bank, HashKey users will gain the ability to deposit and withdraw fiat currency. In response to the Hong Kong Monetary Authority’s request to bring more crypto platforms to the city, both HSBC and Standard Chartered have taken steps to facilitate this.
As reported by Bloomberg, HashKey Group has been in the process of seeking funding in the range of $100 million to $200 million at a valuation of $1 billion since May.
Expanded Licensing: HashKey Exchange’s Transition to Retail Users
Additionally, HashKey Exchange has efficiently upgraded its existing Type 1 and Type 7 licenses. As a result, it is no longer limited to serving institutional investors but can now cater to retail users as well. This milestone makes HashKey Exchange the first platform in Hong Kong regulated by the Securities & Futures Commission (SFC) to offer services to both retail and institutional customers.
🚀 Big news! HashKey Exchange, a licensed virtual asset exchange in Hong Kong, has upgraded its type 1 & 7 licences to offer retail services. Now, all users can enjoy a safe and simple trading experience! https://t.co/DAFfq2ajoe
— HashKey Exchange (@HashKeyExchange) August 3, 2023
By entering the retail user segment, HashKey Exchange broadens its business reach in the region. It seeks to offer individual users a secure and seamless trading experience. Hong Kong also gains advantages from this as HashKey’s market edge helps meet the market demand. Moreover, the HashKey exchange has unveiled a brand revamp with enhanced security measures to ensure the best trading experience for virtual assets.
What likely contributed to the platform’s success was its careful adherence to regulatory requirements. Security has remained a top priority since its inception, with user funds separated from business operations. HashKey exchange allocates 98% of funds to cold storage and the remaining 2% to hot storage, creating multi-layered protection for user funds.
Additionally, the platform undergoes compliance inspection and regular audits by the top four auditing companies, making it one of the most secure exchange platforms not only in Hong Kong but also globally.
Furthermore, Livio Weng from HashKey Group assures the community that the platform will continue to prioritize safety, compliance, and security to ensure fair and equitable benefits for users. The Chief Executive Officer is thrilled to become the first licensed trading platform in the region, acknowledging that regulatory clarity will enhance transparency within the industry.
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