The Securities and Futures Commission (SFC) of Hong Kong has granted HashKey and OSL with a license allowing them to provide retail crypto services.
The trading platform HashKey becomes the first crypto exchange to serve retail users in Hong Kong. HashKey will start providing retail trading of Bitcoin and Ether in Hong Kong starting on August 28th. The existing license of the crypto service provider is upgraded under the city’s new rules that aim for making Hong Kong a crypto hub.
HashKey Group, the parent company of HashKey Exchange, officially announced the news that its exchange has uplifted with Type 1 and Type 7 license.
OSL, another local crypto company in Hong Kong, also announced that it has received the uplift to its existing license which enables the firm to offer Bitcoin and Ether trading to retail users.
HashKey exchange was serving institutional investors till now. The successful license upgrade will allow it to expand its business for retail users with fulfilling the market demand of a licensed crypto platform.
“We are thrilled to become the first licensed trading platform in Hong Kong dedicated to serving retail users.” says Livio Weng, COO of HashKey Group, adding. “With the establishment of licensed trading platforms, the industry as a whole will witness increased transparency, leading to a significant boost in investor confidence.”
The announcement further states that safety remains top priority for HashKey Exchange. It clarifies that the exchange offers multi-layered protection of user assets with 98% funds stored in cold storage and only 2% in hot wallets.
To ensure a safe environment, retail investors will be subject to a limitation wherein they cannot allocate over 30% of their total assets. In case investors exceed this threshold by investing over 30% in virtual assets on the platform, a risk warning will be issued, and a review of their investment behavior will be conducted.
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“We are extremely proud of this achievement,” says the CEO of OSL, Hugh Madden. “This is a significant first-mover advantage, and a direct result of our strategy of putting regulation and compliance first.”
HashKey is a leading crypto industry player in HongKong which offers digital investment services. It was previously seeking to raise funds at a $1 billion valuation in order to move along with Hong Kong’s vision to become a hub for crypto
