Bitcoin

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 HashKey, along with OSL, received a major license upgrade on Aug.3 clearing their way to offer crypto trading services to retail customers. 
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<div class="cointelegraph"> 
 Asian cryptocurrency exchange HashKey is set to start offering Bitcoin and Ether crypto trading services to retail customers in Hong Kong starting on August 28, according to a local media report. Investors will only be allowed to invest up to 30% of their net worth into cryptocurrencies when using the platform 
 HashKey became the first crypto exchange in Hong Kong to get regulatory clearance to offer crypto <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> services to <a rel="noopener noreferrer nofollow" title="retail" href="https://thebittimes.com/tag/retail.html">retail</a> traders after upgrading two major licenses issued by the country’s Securities and Futures Commission (SFC). The first license known as Type 1, made way for HashKey to <a rel="noopener noreferrer nofollow" title="start" href="https://thebittimes.com/tag/start.html">start</a> a virtual asset <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> platform under Hong Kong’s securities laws. The second license called Type 7, allows the crypto exchange to provide automated <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> services to both institutional as well as <a rel="noopener noreferrer nofollow" title="retail" href="https://thebittimes.com/tag/retail.html">retail</a> users. 
 Apart from HashKey, another crypto platform called OSL also received a regulatory nod from the SFC to offer BTC and ETH retail trading services. The new license regime has made way for Hong Kong to establish itself as one of the few countries that allow crypto retail trading services under the pureview of law. 
 Hong Kong started the year 2023 with a focus on building a crypto friendly environment in the country. Hong Kong’s Financial Secretary Paul Chan noted at the start of the year that the local government and regulators are looking forward to building a crypto and fintech ecosystem in 2023. 
 Related: Hong Kong and Saudi Arabia collaborate on tokens and payments 
 By March, more than 80 crypto firms expressed interest in opening their office in Hong Kong including several crypto heavy weights. In April, the Hong Kong Monetary Authority (HKMA) called on banks to provide services to cryptocurrency firms. By May of the same year, the HKMA announced a licensing regime for the crypto platforms with a deadline of June 1. By August a couple of crypto platforms have now been approved to offer crypto <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> services to <a rel="noopener noreferrer nofollow" title="retail" href="https://thebittimes.com/tag/retail.html">retail</a> as well as institutional clients. 
 The role of the regulatory framework that helps to protect investors is quite evident in the case of Hong Kong where <a rel="noopener noreferrer nofollow" title="retail" href="https://thebittimes.com/tag/retail.html">retail</a> traders will have access to only BTC and ETH, which the exchange believes is enough for the <a rel="noopener noreferrer nofollow" title="retail" href="https://thebittimes.com/tag/retail.html">retail</a> traders' need. 
 HashKey didn’t respond to Cointelegraph’s request for comments at press time. 
 Magazine: Hall of Flame: Wolf Of All Streets worries about a world where Bitcoin hits $1M 
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HashKey to start Bitcoin and Ether retail trading in Hong Kong from Aug. 28

TheBitTimes

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