Hong Kong's HashKey to Launch Bitcoin and Ether Trading Services for Retail Customers
Summary:
HashKey, an Asian cryptocurrency exchange, will begin offering Bitcoin and Ether crypto trading services to retail customers in Hong Kong starting on August 28. It is the first exchange in Hong Kong to receive regulatory clearance for retail crypto trading services. Investors will be limited to investing up to 30% of their net worth in cryptocurrencies. Hong Kong aims to establish itself as a crypto-friendly jurisdiction, attracting numerous crypto firms to set up operations. Several crypto platforms have now been approved to offer trading services to both retail and institutional clients.
Asian cryptocurrency exchange HashKey is preparing to launch its Bitcoin and Ether crypto trading services for retail customers in Hong Kong starting on August 28, as reported by local media. The platform will impose a maximum investment limit of 30% of net worth for investors looking to trade cryptocurrencies. HashKey became the first crypto exchange in Hong Kong to receive regulatory approval for retail crypto trading services after upgrading its Type 1 and Type 7 licenses issued by the country's Securities and Futures Commission (SFC). Another platform, OSL, was also granted regulatory clearance by the SFC to offer BTC and ETH retail trading services. This new licensing regime establishes Hong Kong as one of the select few jurisdictions allowing crypto retail trading services under legal supervision. Hong Kong has been prioritizing the development of a crypto-friendly environment in the country since the beginning of 2023, with the aim of fostering a thriving crypto and fintech ecosystem. Numerous prominent crypto firms have expressed interest in establishing a presence in Hong Kong, and in April, the Hong Kong Monetary Authority (HKMA) urged banks to offer services to cryptocurrency companies. By May, the HKMA had announced a licensing framework for crypto platforms, with a deadline set for June 1. Now, several crypto platforms have been approved to offer crypto trading services to both retail and institutional clients. HashKey believes that by only offering BTC and ETH to retail traders, they are providing sufficient options to meet the needs of this customer segment. At the time of press, HashKey had not responded to Cointelegraph's request for comments.
Published At
8/25/2023 10:49:11 AM
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