Aug 03, 2023 05:05
More than
two months ago, Hong Kong legalized cryptocurrencies, again offering retail
traders access to the digital assets market. Until now, however, none of the
companies have obtained all the necessary permits to actually conduct retail operations.
This has now changed due to the local company HashKey, which has obtained all
required licenses. From now on, it can provide its services not only to
professional and institutional clients but also to other cryptocurrency
enthusiasts.
First Hong Kong Company to
Offer Crypto Retail Trading
HashKey has
achieved a significant milestone in terms of legal regulation, successfully
updating two main licenses issued by the Securities and Futures Commission
(SFC) in Hong Kong. The first license, known as Type 1, authorizes HashKey to
operate a virtual asset trading platform in accordance with Hong Kong's
securities regulations. The second license, referred to as Type 7, gives the
company official permission to provide automatic trading services to both
institutional and retail users.
"We
are thrilled to become the first licensed trading platform in Hong Kong
dedicated to serving retail users," said Livio Weng, the COO of HashKey
Group. "With the establishment of licensed 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."
In addition
to this achievement, HashKey has become one of the pioneering licensed
exchanges offering retail cryptocurrency trading services in Hong Kong.
Moreover, the company officially introduced its over-the-counter (OTC)
cryptocurrency trading platform called HashKey Brokerage. This OTC platform is
fully compliant with local securities regulations, following the SFC's implementation of new regulatory frameworks for cryptocurrencies.
"As an
industry leader, we will continue to fulfill our commitments in compliance,
safety and security, ensuring our user benefits are fully protected and
creating a trading platform tailored to retail users," Weng added.
Hongkong Wants to Become a
Crypto Hub
The latest
actions of Hong Kong, significantly easing cryptocurrency regulations, fit into
a broader trend of the special Chinese administrative region aiming to become a
cryptocurrency hub. As reported last month, the central bank of Hong Kong is
allegedly pressuring HSBC, Standard Chartered, and Bank of China to accept
cryptocurrency companies as clients.
The Hong
Kong Monetary Authority (HKMA) has asked lenders why they are not opening bank
accounts for firms dealing with cryptocurrencies. And the number of these firms
is steadily growing. Recently, CoinEX, Gate.io, OKX, and Huobi announced their
entry into the local market.
OKX also
presented a new version of its mobile application targeted at customers from
the region. The cryptocurrency exchange announced over 10,000 new user registrations
from Hong Kong within just a month of launching the improved application.
?? Great news for Hong Kong users ???? The enhanced #OKX app allows you to buy, sell and hold 16 major cryptocurrencies - with the city's highest standards for security, technology and risk controls.Learn more?? https://t.co/ZNvdk9Fir0
— OKX (@okx)
May 24, 2023Christian
Hui, the Secretary for Financial Services and the Treasury in Hong Kong,
revealed in March 2023 that over 80 foreign and Chinese cryptocurrency firms
had expressed interest in setting up a branch in Hong Kong and obtaining local
licenses since October.
"As of
the end of February 2023, Invest Hong Kong has received expressions of interest
from over 80 virtual asset-related Mainland and foreign companies in
establishing their presence in Hong Kong," Hui commented.
This article was written by Damian Chmiel at www.financemagnates.com.
World Crypto Global
