July 21, 2024
HashKey Paves the Path for Retail Investors in Hong Kong
Latest Cryptocurrency News

Crypto Exchange HashKey Granted Regulatory Nod to Introduce BTC and ETH Trading in Hong Kong

Asian digital currency exchange HashKey is geared up to initiate the provision of cryptocurrency trading services for Bitcoin and Ether to retail clients in Hong Kong, commencing on August 28, as stated in a local media report. As per the report, investors using the platform will be restricted to allocating a maximum of 30% of their net assets into cryptocurrencies.

Following its enhancement of two key licenses from the country’s Securities and Futures Commission (SFC), HashKey became the inaugural crypto exchange in Hong Kong to secure regulatory authorization for extending crypto trading services to retail traders. The initial license, denoted as Type 1, enabled HashKey to launch a virtual asset trading platform under Hong Kong’s securities regulations. The second license, referred to as Type 7, empowers the crypto exchange to furnish automated trading services to both institutional and retail users.

Hong Kong initiated 2023 with a strategic focus on cultivating a crypto-supportive environment within the country. The Financial Secretary of Hong Kong, Paul Chan, stated at the outset of the year that local authorities and regulators were committed to establishing a crypto and fintech ecosystem in 2023.

By March, over 80 cryptocurrency enterprises had demonstrated interest in establishing a presence in Hong Kong, including numerous prominent players in the crypto sector. In April, the Hong Kong Monetary Authority (HKMA) urged banks to extend services to cryptocurrency entities. By May of the same year, the HKMA had introduced a licensing framework for cryptocurrency platforms, with a deadline set for June 1.

As of August, a couple of cryptocurrency platforms have obtained approval to furnish crypto trading services to both retail and institutional clients. In addition to HashKey, another cryptocurrency platform named OSL also garnered regulatory approval from the SFC to deliver retail trading services for BTC and ETH. This fresh regulatory framework has positioned Hong Kong among the select group of nations that legally permit cryptocurrency retail trading services.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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