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<p>Hong Kong-based cryptocurrency firm HashKey has unveiled the HashKey Exchange app, which has received the approval of the Securities and Futures Commission (SFC).</p><p>News of the app launch <a href="https://www.theblock.co/post/260140/hong-kong-crypto-exchange-hashkey-launches-app-targets-retail-users" rel="noopener noreferrer nofollow">emerged</a> following insights shared by HashKey’s Chief Operating Officer, Livio Weng, in an interview with The Block recently.</p><h2 id="header-0">Appealing to retail traders</h2><p>The HashKey Exchange app went live on Wednesday, having received regulatory clearance from Hong Kong’s securities regulator the previous Friday. This achievement allows the app to offer full mobile trading capabilities. Prior to this milestone, HashKey had been primarily catering to professional investors under a voluntary licensing scheme.</p><p>With the new app, Hongkongers can now conveniently purchase bitcoin and ether, utilizing either Hong Kong dollars or US dollars, directly from their local bank accounts. The app launch is significant as HashKey has become one of Hong Kong’s first fully compliant retail-facing crypto trading platforms. “We’ve recorded large trading volume since we began to serve retail users,” Weng stated. The move aligns with the Hong Kong government’s efforts to bolster the virtual asset sector, which was set in motion one year ago with various policy shifts.</p><p>These shifts included the introduction of a mandatory licensing scheme for cryptocurrency platforms, enabling them to offer tokens with large market capitalizations to retail traders. The new licensing regulations officially took effect in June, with a one-year grace period, though no new exchanges have been approved to date. HashKey and its rival, OSL, had their previous licenses upgraded in August.</p><h2 id="header-1">Developmental challenges</h2><p>Hong Kong has faced several challenges on this journey. While the new regulations are largely in line with international norms, the process has been <a href="https://medium.com/&#64;coinness.gl/hong-kong-web3-companies-invest-millions-in-vasp-licenses-7acb3139a9a" rel="noopener noreferrer nofollow">notably expensive</a>, particularly against the backdrop of a bearish crypto market.</p><p>The lingering fallout from the JPEX scandal, a cryptocurrency exchange allegedly involved in fraudulent activities, continues to impact Hong Kong’s virtual asset landscape. The SFC first raised concerns about JPEX in mid-September, and since then, it has moved to <a href="https://medium.com/&#64;coinness.gl/hong-kong-adapts-crypto-regulations-to-broaden-market-access-612e2044c302" rel="noopener noreferrer nofollow">tighten regulation</a> in response, having received thousands of complaints in relation to JPEX.</p><p>Despite these challenges, HashKey Group has reported significant activity on its retail platform since its launch in August, with a total trading volume exceeding US$600 million. On October 30, the 24-hour trading volume exceeded US$100 million.</p><h2 id="header-2">Planned token launch</h2><p>In a move designed to incentivize new users, HashKey Exchange has introduced its platform token, HSK, which is slated to be officially listed on the exchange next year. With a total supply of 1 billion HSK, the company has specified that these tokens will not be initially sold to retail investors, emphasizing its long-term vision for the project.</p><p>Established in Hong Kong in 2018, HashKey Group operates a digital asset brokerage and a venture capital arm. HashKey Exchange earned the distinction of becoming Hong Kong’s second licensed exchange in November of the previous year, following in the footsteps of OSL. Notably, five companies have applied for the new licensing scheme, according to the SFC, while several other exchanges have expressed their intent to pursue similar approval.</p>

Hong Kong’s HaskKey launches app following regulatory approval

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