Hong Kong Securities Regulatory Commission permitted sort 1 & 7 licenses for HashKey Exchange to supply retail buying and selling companies underneath the brand new crypto regime. HashKey Exchange turns into the primary crypto alternate to supply crypto retail buying and selling in Hong Kong as authorities look to make the town as a world hub for the digital asset business.
HashKey Receives License to Offer Crypto Retail Trading
Hong Kong-based crypto alternate HashKey Exchange on August 3 said it has upgraded its sort 1 and seven licenses to supply crypto buying and selling companies to retail buyers. HashKey and OSL are the one two compliant exchanges in Hong Kong.
???? Big information! HashKey Exchange, a licensed digital asset alternate in Hong Kong, has upgraded its sort 1 & 7 licences to supply retail companies. Now, all customers can get pleasure from a protected and easy buying and selling expertise! https://t.co/DAFfq2ajoe
— HashKey Exchange (@HashKeyExchange) August 3, 2023
HashKey has partnered with Standard Chartered Bank to offer customers with fiat foreign money deposit and withdrawal companies. The alternate additionally introduced the launch of its digital asset over-the-counter buying and selling service. Retail buyers are restricted to buying and selling solely high cryptocurrencies corresponding to Bitcoin and Ethereum.
“HashKey will be able to expand its business scope from serving professional investors to retail users” after receiving an improve of its current licenses.”
HashKey Group operates in a number of areas from enterprise funding to asset administration and buying and selling. It introduced plans to lift $100 million to $200 million at a valuation above $1 billion amid Hong Kong’s push to turn into international crypto hub.
Also Read: Ripple CEO Garlinghouse And Deaton Condemn US SEC For Using XRP Report In Suit
Hong Kong Burgeoning Crypto Market
Crypto companies corresponding to Huobi, OKX, and Amber Group have plans for receiving licenses and provide crypto companies in Hong Kong. Amid regulatory scrutiny and crackdown in a number of international locations, Hong Kong has turn into a popular vacation spot for crypto-focused companies, with Binance and Coinbase also looking on the market.
Meanwhile, Hong Kong has signed agreements with the UAE and Saudi Arabia to strengthen monetary and crypto collaboration. The Hong Kong authorities additionally working with Singapore and different international locations on cross-border transactions and CBDC.
Also Read: Binance Announces Zero-Fee Bitcoin And Ethereum Trading, Bullish For Crypto Market?
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