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HashKey becomes first Hong Kong licensed retail crypto trading service HashKey becomes first Hong Kong licensed retail crypto trading service

HashKey becomes first Hong Kong licensed retail crypto trading service

HashKey has opened user preregistration and will reward those registering with HashKey EcoPoints (HSK).

HashKey becomes first Hong Kong licensed retail crypto trading service

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

HashKey Exchange has been licensed to offer crypto trading services to retail users in Hong Kong, making it the first exchange to offer such services in the region.

According to an Aug. 3 press statement, the exchange upgraded its type 1 and 7 licenses to offer crypto trading services to retail investors. Part of the statement reads:

“As an existing Type 1 and Type 7 licences holder, HashKey Exchange successfully underwent a simplified process to obtain the licence upgrade. The successful license upgrade allows HashKey Exchange to expand its business scope from serving professional investors to retail users.”

Livio Weng, the COO of the HashKey Group, said the license upgrade and regulatory clarity on crypto in Hong Kong would further boost investors’ confidence. Weng added:

“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.”

HashKey has opened user preregistration and will reward those registering with HashKey EcoPoints (HSK).

The move is coming a few months after Hong Kong’s new crypto regulation became effective, opening the door for exchanges to get licensed for retail trade. Before now, crypto trading had been restricted to professional and institutional investors.

HashKey’s other developments

HashKey has partnered with Standard Chartered Bank to enable users to transact seamlessly on its platform. The exchange said the partnership would provide users with convenient fiat currency deposit and withdrawal services.

The exchange also announced a brand revamp to reflect its new status as a virtual asset services provider for retail traders and institutional firms. The update focuses on ensuring better experiences and security for users.

It noted that the safety of customers’ assets is a priority, with 98% of users’ assets kept in cold storage while only 2% are in hot wallets.

Additionally, HashKey opened the only compliant over-the-counter (OTC) trading platform in the Asia-Pacific region with the launch of HashKey Brokerage. The virtual OTC platform allows high-net-worth investors engaging in bulk trading to have access to high liquidity.