Hong Kong’s Hashkey Exchange Obtains First Crypto Trading License
Hong Kong Crypto
Hashkey Exchange received Hong Kong’s first cryptocurrency trading license as the region works to promote itself as a crypto industry-friendly hub. According to recent reports, the platform may now provide cryptocurrency services to retail investors.
Hashkey Exchange, a subsidiary of the Hashkey Group that provides crypto-related financial services, obtained the first license in the region by upgrading its prior type 1 and type 7 licenses. Hashkey was able to serve institutional investors because of these two certifications, earlier.
Eyeing Global Crypto Hub Status
Furthermore, Hashkey was also able to take advantage of the new licensing system on June 1 since it already has the necessary licenses in place. According to the Securities and Futures Commission, the cryptocurrency exchange “shall at all times be in compliance with the requirements” set out by the organization in regard to how crypto businesses must operate.
Moreover, Hashkey claims it will use the license to develop its company and meet rising demand in the city-state after a licensing regulation was passed to stimulate cryptocurrency activity and attract digital asset companies.
Hashkey received the first crypto license from regulators two months after they made it possible for operators to register. Despite a crypto prohibition in mainland China, Hong Kong authorities are pushing to bring the territory up to pace with its East Asian and Gulf competitors by enacting a policy that includes standards for Virtual Asset Service Providers.
Monetary authorities are also pushing for major financial institutions to begin accepting crypto firms as clients, including HSBC, Standard Chartered, and Bank of China.
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