Hashkey, among the pioneering crypto exchanges sanctioned in Hong Kong, is set to broaden its market dynamics by permitting both individual traders and corporate entities to act as liquidity providers within the exchange.
The recent declaration on December 5th reveals that interested individuals and entities can seek to become market makers on Hashkey, provided their cryptocurrency trades on the platform amount to a minimum of $5 million per month. Once their business proposals undergo scrutiny and gain approval, successful applicants will be prompted to enter into a contractual agreement with the exchange’s due diligence team, commencing trading activities from December 28th.
Participants and corporations engaging in trading activities will be eligible for commission ranging between 0.005% to 0.015% of the transaction value, contingent upon their monthly rankings or trading volumes. However, to avail the highest tier of commission revenue, users and entities must showcase a trading volume of at least $100 million per month. Importantly, all market makers are waived off from paying commission fees on trades.
The landscape of Hong Kong-regulated exchanges has been witnessing an expansion in its service spectrum and collaborations since the issuance of the initial licenses in August. Another licensed exchange, OSL, inked a strategic partnership with Interactive Brokers on November 28th, enabling Hong Kong-based clients to acquire Bitcoin and Ether using Interactive Brokers’ investment accounts. Moreover, on November 30th, the company onboarded Victory Securities, the inaugural regulated broker in Hong Kong to secure approval for virtual asset transactions, thereby extending crypto trading services on OSL’s platform. Notably, OSL received a substantial investment worth $90 million from the blockchain entity BGX in November.
Simultaneously, Hashkey has been diversifying its altcoin offerings, albeit exclusively available to accredited investors meeting a stringent $1 million portfolio prerequisite. On November 16th, the firm initiated a comprehensive insurance cover for both individual users and enterprise assets stored within the exchange’s digital wallets.
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