Hong Kong, a global hub for the digital asset industry, is witnessing yet another milestone in the cryptocurrency market. According to Coingraph News, the Hong Kong Securities Regulatory Commission granted HashKey Exchange the type 1 and 7 licenses, making it the first crypto exchange in the city to offer retail trading services. This move not only highlights Hong Kong's commitment to advancing its position in the industry but also signifies the increasing demand for crypto trading among retail investors. Coingraph News previously wrote on their Telegram channel that Hashkey will upgrade the license and offer virtual asset services to retail investors.
HashKey Exchange, in collaboration with Standard Chartered Bank, is now equipped to provide users with fiat currency deposit and withdrawal services. In addition, the exchange has launched its virtual asset over-the-counter (OTC) trading service, allowing retail investors to engage in trading activities with top cryptocurrencies, including Bitcoin and Ethereum.
This development marks a significant expansion for HashKey, which primarily served professional investors until now. With an upgrade to its existing licenses, the exchange expressed its excitement about broadening its business scope to cater to retail users.
HashKey Group, which operates across various sectors such as venture funding, asset management, and trading, has also made headlines recently. The company revealed plans to raise a substantial amount ranging from $100 million to $200 million, positioning itself with a valuation surpassing $1 billion. These funds will undoubtedly contribute to further strengthening HashKey's position in the market and expanding its services.
It is worth noting that the crypto market in Hong Kong is experiencing notable growth and attracting attention from prominent players. Huobi, OKX, and Amber Group are also in the process of seeking licenses to operate in the region. With increasing regulatory scrutiny and crackdowns observed in several countries, Hong Kong has become an attractive destination for crypto-focused firms. Industry giants Binance and Coinbase have also set their sights on the Hong Kong market, undoubtedly enticed by the favorable environment it offers.
Hong Kong's commitment to the digital asset industry extends beyond domestic efforts. The authorities have recently signed agreements with countries such as the UAE and Saudi Arabia to enhance financial and crypto collaboration. Furthermore, Hong Kong is actively engaging in partnerships with Singapore and other nations to facilitate cross-border transactions and explore the potentials of Central Bank Digital Currencies (CBDC).
As the demand for crypto trading continues to grow, the collaboration between HashKey and Standard Chartered Bank marks a significant step forward in the development of Hong Kong's crypto market. With evolving regulatory frameworks and strong collaborations, Hong Kong is expected to solidify its position as a prominent player in the global cryptocurrency industry.
