HashKey Exchange, an Asia-based crypto financial services group, has become the first entity in Hong Kong to be licensed under the city's new licensing regime that allows crypto trading platforms to offer retail services.
HashKey Obtains First License to Offer Crypto Retail Trading in Hong Kong
HashKey, which previously opted to participate in a voluntary licensing program in the city, has upgraded its type 1 and type 7 licenses and is now allowed to serve retail investors in the city.
The approval of the license comes just two months after Hong Kong launched its new Virtual Asset Service Provider licensing regime on June 1 in an attempt to become a global hub for the crypto industry.
Hong Kong has opened the welcome mat for crypto firms this year, as neighboring China continues to enforce a mainland ban on crypto transactions as part of a wider crackdown that began in September 2021. He even went so far as to encourage banks to work with them.
In October, Hong Kong authorities released a series of policy statements on cryptocurrencies in an effort to strengthen its position as a global financial hub.
In December, the Hong Kong Legislative Council passed an amendment introducing a full licensing regime for virtual asset service providers.
Previously, HashKey and OSL were the only two licensed exchanges in the city as part of the authority's earlier volunteer program.
Under the new rules, crypto trading platforms are required to obtain a license to serve retail investors in the city.
*Not investment advice.
