After receiving regulatory approval, HashKey Exchange becomes the first to offer retail cryptocurrency trading services for non-professional investors in Hong Kong.
HashKey, a local digital asset company, has obtained all necessary licenses to expand its business, from serving professional investors to retail customers.
Upgrades to two essential licenses issued by Hong Kong’s Securities and Futures Commission (SFC) have enabled HashKey to reach a new regulatory milestone.
The first license, Type 1, permits HashKey to operate a trading platform for virtual assets under Hong Kong’s securities regulations. The second one, Type 7, enables the company to offer automated trading services to institutional and retail clients, according to the announcement.
In addition to being one of the first licensed exchanges to offer retail crypto trading in Hong Kong, HashKey has launched its crypto over-the-counter (OTC) trading service, HashKey Brokerage.
The OTC platform reportedly complies with local securities laws after the SFC adopted a new crypto regulatory framework.
Livio Weng, the chief operating officer of HashKey Group, expressed confidence in establishing licensed trading platforms and further clarifying Hong Kong’s regulatory frameworks. He continued:
“The industry as a whole will witness increased transparency, leading to a significant boost in investor confidence.”
The news comes shortly after a Hang Seng Bank executive from Hong Kong argued that crypto companies can only establish bank accounts after obtaining an SFC approval-in-principle license. OSL and Hashkey were reportedly the only exchanges to receive sanction by early August.
