HashKey, a prominent Asian cryptocurrency exchange, has recently secured crucial regulatory clearances, allowing them to offer retail customers the option to trade in two of the most dominant digital currencies: Bitcoin and Ethereum. This move positions Hong Kong as a frontrunner in adopting and legitimizing cryptocurrency trading for retail investors.The exchange has been granted two licenses by Hong Kong’s Securities and Futures Commission (SFC). The first, the Type 1 license, facilitates HashKey to launch a virtual asset trading platform compliant with Hong Kong’s securities regulations. The subsequent Type 7 license further empowers the platform to offer automated trading solutions to a broad audience, encompassing institutional and individual traders.HashKey’s Chief Operating Officer, Livio Weng, has stated that the exchange will initially offer trading options for Bitcoin and Ethereum only, due to the volatility associated with altcoins. To diversify its reach and enhance accessibility, HashKey is collaborating with approximately 5 local Hong Kong brokerages, incorporating the exchange’s crypto trading services within these brokerage platforms.Users can link their bank accounts to the platform, facilitating deposits in both Hong Kong and U.S. dollars. However, in line with regional policies and the broader crypto stance, HashKey has decided to restrict users from mainland China from accessing its services.HashKey aims to expand its user base from 500,000 to 1 million by the end of the year, and if market conditions are favorable, HashKey could cater to 10 million users by 2025.

Information	Details
Geography	Asia
Countries	🇭🇰 🇨🇳 🇺🇸
Sentiment	positive
Relevance Score	9
People	Livio Weng, OSL, Securities and Futures Commission, Hong Kong, U.S.
Companies	HashKey, OSL, Securities and Futures Commission (SFC), virtual asset trading platform, Hong Kong brokerages
Currencies	Bitcoin, Ethereum
Securities	None