HashKey Exchange, a renowned Hong Kong-based crypto exchange, made a significant announcement on August 3, 2023. The exchange has successfully upgraded its type 1 and 7 licenses, allowing it to extend its crypto trading services to retail investors.
This achievement places HashKey Exchange at the forefront of the industry, making it the first crypto exchange to offer such services in Hong Kong. The city’s authorities continue to work diligently to establish Hong Kong as a global hub for the digital asset industry.
HashKey and OSL stand as the only two compliant exchanges in Hong Kong. HashKey’s move into retail trading indicates an expansion from serving only professional investors, providing a more comprehensive service range for potential investors in the crypto market.
🚀 Big news! HashKey Exchange, a licensed virtual asset exchange in Hong Kong, has upgraded its type 1 & 7 licences to offer retail services. Now, all users can enjoy a safe and simple trading experience! https://t.co/DAFfq2ajoe
— HashKey Exchange (@HashKeyExchange) August 3, 2023
Partnership with Standard Chartered to Boost User Experience
Strengthening its service provision, HashKey Exchange has collaborated with Standard Chartered Bank. This partnership will facilitate fiat currency deposit and withdrawal services for HashKey users, improving the ease and efficiency of their transactions.
In addition to this, the exchange revealed its intention to launch a virtual asset over-the-counter trading service. It is essential to note, however, that retail investors’ trading options will be limited to only top cryptocurrencies like Bitcoin and Ethereum.
“HashKey will be able to expand its business scope from serving professional investors to retail users” after receiving an upgrade of its existing licenses.”
The HashKey Group, the parent company of HashKey Exchange, operates in multiple areas, ranging from venture funding to asset management and trading. With a valuation exceeding $1 billion, the group has announced ambitious plans to raise between $100 million to $200 million.
Hong Kong’s Crypto Market on the Rise
Hong Kong’s burgeoning crypto market continues to attract a slew of crypto firms looking to establish a foothold in the region. Crypto giants like Huobi, OKX, Amber Group, Binance, and Coinbase are exploring opportunities in Hong Kong, particularly in light of increasing regulatory scrutiny and crackdowns in other jurisdictions.
Adding to the allure, Hong Kong has been proactive in forming strategic alliances with the UAE and Saudi Arabia to foster financial and crypto collaboration.
Furthermore, local authorities are engaging in discussions with Singapore and other nations to enhance cross-border transactions and the potential implementation of Central Bank Digital Currencies (CBDC). These collaborative efforts underscore Hong Kong’s commitment to becoming a major player in the global digital asset industry.