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The Hong Kong-based crypto exchange HashKey received approval licenses, marking the start of crypto trading in the city. 
According to Twitter statement, HashKey users can officially trade crypto assets while the exchange can “expand its business scope from serving professional investors to retail users.” 
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 🚀 Big news! HashKey Exchange, a licensed virtual asset exchange in Hong Kong, has upgraded its type 1 &amp; 7 licences to offer retail services. Now, all users can enjoy a safe and simple trading experience! <a href="https://t.co/DAFfq2ajoe" target="_blank" rel="noopener noreferrer nofollow">https://t.co/DAFfq2ajoe</a>— HashKey Exchange (@HashKeyExchange) <a href="https://twitter.com/HashKeyExchange/status/1686977519701164032?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 3, 2023</a> 
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The company <a href="https://crypto.news/crypto-exchange-hashkey-pro-applies-for-license-upgrade-in-hong-kong/" rel="noopener noreferrer nofollow">applied</a> for the license upgrade in July as the new trading licensing system emerged in the city. 
 You might also like: <a href="https://crypto.news/hong-kong-saudi-arabia-advance-token-and-payment-solutions/" rel="noopener noreferrer nofollow"> Hong Kong and Saudi Arabia to boost financial services integration </a> 
Moreover, the exchange can offer services to both individuals and companies that comply with Hong Kong’s new rules and with a secured license. 
According to <a href="https://www.bloomberg.com/news/articles/2023-08-03/hong-kong-s-new-crypto-regime-awards-first-license-to-hashkey" data-type="URL" data-id="https://www.bloomberg.com/news/articles/2023-08-03/hong-kong-s-new-crypto-regime-awards-first-license-to-hashkey" target="_blank" rel="noopener noreferrer nofollow">Bloomberg</a>, Hong Kong’s Securities and Futures Commission (SFC) has not yet confirmed the exchange’s statement.&nbsp; 
The news comes a month after the Hong Kong government <a href="https://crypto.news/hong-kong-government-establishes-web3-task-force/" rel="noopener noreferrer nofollow">announced</a> the development of a web3 taskforce. The department will be responsible for the ethical and sustainable growth of the decentralized industry within the region. 
Moreover, with the help of Standard Chartered Bank, HashKey users will also be able to deposit and withdraw fiat currency. In June, the Hong Kong Monetary Authority (HKMA) <a href="https://crypto.news/hong-kong-pushes-hsbc-and-standard-chartered-to-embrace-crypto-clients/" rel="noopener noreferrer nofollow">requested</a> HSBC and Standard Chartered to bring more crypto platforms to the city. 
Per the Bloomberg report, HashKey Group has been trying to raise between $100 million and $200 million at a $1 billion valuation since May. 
 Read more: <a href="https://crypto.news/hsbc-unveils-bitcoin-and-ethereum-etf-in-hong-kong/" rel="noopener noreferrer nofollow"> HSBC unveils bitcoin and ethereum ETF in Hong Kong </a>

Hong Kong starts crypto trading with HashKey exchange

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