1. BITBILIHome
  2. Article

HashKey bags Hong Kong’s 1st crypto exchange license to serve retail users

• 154 views

TL;DR Breakdown

  • HashKey became one of the first licensed exchanges to offer crypto trading for non-professional investors in Hong Kong.
  • Hong Kong’s Securities and Futures Commission (SFC) has upgraded two of HashKey’s most important licenses, paving the way for a new regulatory milestone.

Description

HashKey Exchange received the first license under Hong Kong’s new crypto regime. This action legalizes retail token trading in the city as officials attempt to become a global center for the digital-asset sector. As things appear, Hong Kong has made good on its word to be a global crypto hub by increasing access to crypto … Read more

HashKey Exchange received the first license under Hong Kong’s new crypto regime. This action legalizes retail token trading in the city as officials attempt to become a global center for the digital-asset sector. As things appear, Hong Kong has made good on its word to be a global crypto hub by increasing access to crypto trading for ordinary investors.

Livio Weng, the chief operating officer of HashKey Group, expressed confidence in the establishment of licensed trading platforms and the further clarification of Hong Kong’s regulatory frameworks. He continued:

The industry as a whole will witness increased transparency, leading to a significant boost in investor confidence.

Livio Weng

Hong Kong makes good on its crypto hub regime

According to a Reuters report, crypto exchange HashKey announced on Thursday that it would begin offering its services to retail users in Hong Kong, becoming the first licensed crypto trading exchange to do so in the city.

Upgrades to two key 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, authorizes HashKey to operate a trading platform for virtual assets in accordance with Hong Kong’s securities regulations. The second one, Type 7, enables the company to offer automated trading services to both institutional and retail clients, according to the announcement.

As an existing Type 1 and Type 7 licenses holder, HashKey Exchange successfully underwent a simplified process to obtain the licence upgrade … to expand its business scope from serving professional investors to retail users, fulfilling market demand for a licensed platform that offers users a safer and simpler process for buying and storing cryptocurrencies.

HashKey

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 is reportedly compliant with local securities laws after the SFC adopted a new crypto regulatory framework.

In November of 2022, the Hong Kong-based exchange was granted a license to operate in the city, making it one of two licensed crypto exchanges in Hong Kong alongside rival exchange OSL.

What is the HashKey exchange, and what should investors expect?

HashKey Group had previously announced intentions to launch a regulated exchange in the second quarter to serve retail customers and to raise $1 billion at a $1 billion valuation to capitalise on Hong Kong’s re-emergence as a potential crypto hub.

The city has been pulling out all the stops to become a global crypto hub, including courting crypto funds from mainland China and floating plans to test a digital currency on its mortgage market.

Hong Kong Monetary Authority (HKMA), a banking regulator, stated in June that it had asked lenders operating in the region in April to attempt to meet the business needs of licensed crypto exchanges.

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 licence. 

Under Hong Kong’s new regulations, crypto exchanges can offer trading services to individuals and institutions if they obtain and comply with licenses designed to prevent the risky practices exposed by the 2022 crisis and the collapse of the FTX platform.

Retail investors are limited to significant coins, such as Bitcoin and Ether, that are included in at least two reputable, investable indexes. Requirements for risk assessments, insurance coverage, and asset custody may increase exchanges’ operating expenses.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:HashKey bags Hong Kong’s 1st crypto exchange license to serve retail users

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月4日 08:03
Next 2023年8月4日 09:20

Related articles

  • MasterCard empowers UK banks to combat payment fraud with AI-powered solution

    TL;DR Breakdown Mastercard introduces AI-powered “Consumer Fraud Risk” tool to combat payment fraud and scams in the UK. The solution leverages large-scale payments data and real-time analysis to identify and prevent various types of scams before funds leave victims’ accounts. Early adoption by TSB shows significant success, with potential savings of nearly £100 million across the UK, prompting other banks to embrace the solution. Description Financial services provider Mastercard is leading the charge against payment fraud and scams with its AI-powered tool called “Consumer Fraud Risk.” The solution, now live in the UK, leverages Mastercard’s latest AI capabilities and its unique network view of account-to-account payments to help banks predict and prevent various types of scams. According to an announcement, … Read more Financial services provider Mastercard is leading the charge against payment fraud and scams with its AI-powered tool called “Consumer Fraud Risk.” The solution, now live in the UK, leverages Mastercard’s latest AI capabilities and its unique network view of account-to-account payments to help banks predict and prevent various types of scams. According to an announcement, Mastercard has…

    Article 2023年7月8日

  • South Africa’s pro-Russia stance faces sanctions threat

    TL;DR Breakdown The South African Reserve Bank (SARB) warns of potential secondary sanctions and disruption of financial stability due to the perceived pro-Russia stance. SARB’s recent Financial Stability Review report revealed that comments about the country’s relations with Russia have resulted in a significant decline in the rand’s value against the U.S. dollar. U.S. Treasury Secretary Janet Yellen previously warned the country about compliance with U.S. sanctions against Russia, threatening penalties for violations. As the South African financial sector faces a crisis, the South African Reserve Bank (SARB) warns of impending threats due to perceived allegiances with Russia, which could lead to secondary sanctions and disrupt the nation’s financial stability. Concerns have been raised that South Africa’s position may jeopardize the global involvement of its financial institutions. South Africa’s position and potential repercussions The SARB raises alarms over South Africa’s neutrality in the ongoing conflict between Russia and Ukraine, indicating that the nation’s stance could present future challenges for the involvement of the country’s banking institutions within the international financial system. The central bank has further stressed that secondary sanctions…

    Article 2023年6月2日

  • Sustainable Bitcoin miner Iris Energy sees $7.1 million monthly profit

    TL;DR Breakdown Iris Energy, a leader in sustainable Bitcoin mining, earned $2.3 million in power credits last month from its voluntary energy curtailments at its Childress, Texas, site. The company generated $11.4 million in revenue by mining 410 Bitcoin, with an average profit of $17,300 per Bitcoin. Iris Energy reduced its electricity expenses from $6.6 million to $4.3 million. Description Iris Energy, a trailblazer in sustainable Bitcoin (BTC) mining, paints a new picture of profitability and environmental responsibility in the crypto world. Last month, the company raked in a stunning $2.3 million in power credits. This windfall came primarily from voluntary power curtailments at their Childress site in Texas. During peak demand times, the company … Read more Iris Energy, a trailblazer in sustainable Bitcoin (BTC) mining, paints a new picture of profitability and environmental responsibility in the crypto world. Last month, the company raked in a stunning $2.3 million in power credits. This windfall came primarily from voluntary power curtailments at their Childress site in Texas. During peak demand times, the company dialed down its energy use, relieving stress…

    Article 2023年9月9日

  • Tether makes a move into the Argentine market

    TL;DR Breakdown Tether has partnered with KriptonMarket to enter the Argentine market scene. The partnership will provide swift payments for market transactions. Argentinians now have the option to purchase dairy produce using Tether’s USDT stablecoin at the Central Market of Buenos Aires, one of Latin America’s largest distributors of fruits and vegetables. The introduction of this payment method is the result of a collaboration between Tether, the issuer of the stablecoin, and KriptonMarket, an on-/off-ramp platform. Tether partners with KriptonMarket Through this partnership, businesses operating in the Central Market will be able to accept payments in Tether’s USDT, settle bills, and even allocate a portion of employee salaries in the stablecoin. The Central Market caters to the needs of over 12 million people each month and hosts more than 500 wholesale companies. It is also a significant employer, with a workforce of over 2,000 individuals. The utilization of Tether’s USDT as a payment option provides several advantages. It reduces intermediation costs and offers users a payment solution pegged to the United States dollar, making it less vulnerable to market fluctuations….

    Article 2023年5月21日

  • Top Metaverse investments plunge – What’s going on?

    TL;DR Breakdown Prices of metaverse lands have drastically fallen between 2022 and 2023, following a booming bull market in NFTs. As of May 24, 2023, metaverse land costs range from 0.37 to 1.09 ETH, with the most expensive being Otherdeeds by Yuga Labs and the cheapest in Voxels. In the peak of the NFT bull market, metaverse lands cost up to 7.50 ETH, with Otherdeeds being the most expensive, followed by Somnium, Decentraland, The Sandbox, and Voxels. The world of virtual real estate has been in a spin, with metaverse land prices plummeting in the past year. This comes in the wake of a roaring bull market in non-fungible tokens (NFTs) that saw prices of digital land parcels soar to unprecedented levels. Now, however, the once high-flying investments have hit a significant rough patch, with prices of metaverse land dropping drastically between 2022 and 2023. Sinking values in the Metaverse As of May 24, 2023, the cost of owning a plot in the metaverse ranges from 0.37 to 1.09 ETH, with prices differing among various virtual real estate projects. Interestingly,…

    Article 2023年5月30日
TOP