Hong Kong-based retail cryptocurrency traders now have access to a locally based cryptocurrency exchange after HashKey launched its retail trading services on Aug. 28. The exchange was previously only available to professional and institutional investors, but was granted Type 1 and Type 7 licenses by the Hong Kong Securities and Futures Commission (SFC) on Aug. 3, making it the first licensed retail exchange in Hong Kong.HashKey offers Bitcoin (BTC) and Ethereum (ETH) trading pairs with the Hong Kong Dollar (BTC/USD and ETH/USD) and plans to list further tokens following its launch for retail users. The exchange also supports both United States and Hong Kong Dollars deposits and withdrawals.HashKey is optimistic about the development of Web3 in the region, which has been driven by support from the government and SFC. The exchange aims to onboard 500,000 to 1 million users by the end of 2023 both locally and abroad. It also anticipates the advent of a new cryptocurrency bull market between 2024 and 2025, and predicts Hong Kong’s crypto user base to increase to 10 to 15 million people over the next two years.HashKey’s exchange operates on the HEX Engine, which is a high-performance trading system capable of processing 5,000 transactions per second. The exchange has also adopted a number of regulatory requirements in line with Hong Kong’s guidelines, including detailed user screening, AML inspections and transaction monitoring across its operations. It is also licensed to hold custody of institutional and retail clients funds and stores 98% of cryptocurrencies under management in cold wallets.The favorable but regulated cryptocurrency ecosystem in Hong Kong is attracting attention of global players like Binance, which has taken part in public discussions and policy-making processes. OSL also announced uplift of its license from the SFC on Aug. 3, which enabled the brokerage, exchange, and custody provider to offer its services to retail customers in Hong Kong.
This News Article was automatically generated by Bob the Bot(AI)
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇨🇳 🇭🇰 |
| Sentiment | positive |
| Relevance Score | 8 |
| People | OSL, Binance, Livio Weng |
| Companies | HashKey, Binance, None, OSL, Hong Kong Securities and Futures Commission (SFC) |
| Currencies | Hong Kong Dollar, Ethereum, Bitcoin |
| Securities | None |
