Based

Standard

Status

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  Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions. 
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<p class="has-drop-cap">HashKey has become the first crypto exchange to <a aria-label="secure a license (opens in a new tab)" href="https://www.bloomberg.com/news/articles/2023-08-03/hong-kong-s-new-crypto-regime-awards-first-license-to-hashkey?in_source=embedded-checkout-banner" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">secure a license</a> to provide retail trading services in Hong Kong under the city’s newly-launched cryptocurrency regulations. Hong Kong’s efforts to regulate the industry have been well-received by industry players as the city seeks to be a top destination for web3 and crypto.</p> 
<h3 id="hashkey-taps-standard-chartered-to-offer-deposit-and-withdrawal-services">HashKey Taps Standard Chartered to Offer Deposit and Withdrawal Services</h3> 
<p>HashKey Exchange obtained the license to offer retail crypto trading services in Hong Kong, marking the first company to secure that permit under the city’s new crypto regulatory regime. According to a Thursday statement, the move will enable HashKey to “expand its business scope from serving professional investors to retail users” after acquiring an upgrade of its existing licenses.</p> 
<p>HashKey teamed up with Standard Chartered to enable currency deposits and withdrawals. In addition, HashKey also announced the rollout of its crypto over-the-counter trading service in Hong Kong.</p> 
<p>Based in Hong Kong, HashKey and rival exchange OSL were the only crypto trading platforms to obtain permits under the city’s previous voluntary licensing program. HashKey offers a variety of services to its clients, from venture funding to asset management and trading. Earlier this year, the group was engaged in early talks to <a aria-label="raise between $100 million and $200 million (opens in a new tab)" href="https://news.crunchbase.com/fintech-ecommerce/crypto-firm-hashkey-seeks-funds/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">raise between $100 million and $200 million</a> at a valuation of more than $1 billion.&nbsp;</p> 
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<h3 id="hong-kong-s-crypto-regulation-aimed-at-restoring-the-city-s-financial-hub-status">Hong Kong’s Crypto Regulation Aimed At Restoring the City’s Financial Hub Status</h3> 
<p>Hong Kong’s new crypto regulatory framework allows crypto exchanges to offer services to retail and institutional investors only after they secure and comply with the licensing regime developed to limit the risky practices highlighted in the 2022 market downturn, such as the <a href="https://tokenist.com/ftx-files-for-bankruptcy-sbf-to-step-down-as-ceo/" rel="noopener noreferrer nofollow" class="deco-link">FTX crash</a>.</p> 
<p>Hong Kong’s mandatory crypto framework was <a aria-label="officially launched in June (opens in a new tab)" href="https://www.centralbanking.com/central-banks/financial-stability/7958905/hong-kong-legalises-retail-crypto-trading" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">officially launched in June</a>, as China’s special administrative region strives to restore its financial hub status. The move spurred significant interest among crypto companies, mainly because it coincided with an <a href="https://tokenist.com/sec-sues-us-based-crypto-exchange-coinbase/" rel="noopener noreferrer nofollow" class="deco-link">intense crackdown on the industry in the US</a>.</p> 
<p>Last month, the Hong Kong government <a href="https://tokenist.com/hong-kong-launches-training-initiative-for-digital-asset-traders/" rel="noopener noreferrer nofollow" class="deco-link">introduced a new program</a> to train virtual asset traders. Moreover, the government also said it intends to launch separate training programs to attract major wealth management firms and facilitate plans to attract more family offices to the city.&nbsp;</p> 
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<p><em><strong>Assuming more prominent crypto firms foray into Hong Kong, do you think the city could become one of the leading crypto markets on a global scale? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/hashkey-acquires-license-to-offer-crypto-trading-in-hong-kong/">HashKey Acquires License to Offer Crypto Trading in Hong Kong</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

HashKey Acquires License to Offer Crypto Trading in Hong Kong

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