Hong Kong’s Hashkey Exchange has recently upgraded its license to offer services to retail investors, allowing them to trade Bitcoin (BTC) and Ethereum (ETH) directly with US dollar deposits. The exchange projects that 500,000 to 1 million users could sign up on the platform by the end of the year.The decision to embrace crypto trading was made by Hong Kong’s Securities Futures Commission (SFC) in order to establish trust in the crypto world. The offering for retail investors is currently restricted to the two biggest cryptos, with derivatives and stablecoins not permitted.Hashkey is projected to onboard 500,000 to 1 million retail users by the end of the year, with the potential to reach 10 million users worldwide by 2025. The exchange is working with two banks to assist deposit and withdrawals, with ZA Bank being one of them.The crypto market has been in a bearish mode for the past several days, with Bitcoin trading at $26,018.51. However, it is expected that the market will rebound as this initiative by Hong Kong could lead to the flow of billions or even trillions of US dollars into the market. The SFC has warned that some platforms are issuing fake statements about compliance, and that trading with unregulated exchanges could put investors at risk of losing their entire investments.

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Information	Details
Geography	Asia
Countries	🇭🇰 🇨🇳
Sentiment	neutral
Relevance Score	8
People	ZA Bank, Julia Leung, Standard Chartered Bank, Livio Weng
Companies	Standard Chartered Bank, Securities Futures Commission (SFC), eTor, ZA Bank, Hashkey Exchange
Currencies	ethereum, bitcoin
Securities