Hong Kong’s First Licensed Platform HashKey Exchange Breaks Ground With BTC Trading

Key Points:

• HashKey Exchange launches BTC/USDT and ETH/USDT trading pairs debut for professional investors on August 10, 2023.

• HashKey secures pioneering license, setting the pace for crypto market expansion.

• HashKey‘s partnerships and insights reshape Hong Kong’s crypto landscape, offering potential while acknowledging challenges.

HashKey Exchange, a virtual asset exchange holding licenses from the Hong Kong Securities and Futures Commission (SFC), has made a groundbreaking announcement about its Type 1 and Type 7 license upgrade.

This move makes it the first licensed trading platform in Hong Kong to offer retail services in the

cryptocurrency

market. The license upgrade process was streamlined for the existing Type 1 and Type 7 license holders, HashKey Exchange, enabling it to extend its services from catering solely to professional investors to serving retail users.

It comes in response to the growing demand for a licensed platform that offers a secure and simplified process for purchasing and storing cryptocurrencies. Alongside the license upgrade, HashKey Exchange has unveiled a comprehensive brand revamp, which aims to provide both professional investors and retail users with enhanced security and convenience in their virtual asset trading experiences.

The HashKey Group had previously disclosed its plans to establish a regulated exchange in the second quarter, specifically tailored to serve retail customers. The company also sought to raise funds at a valuation of $1 billion, capitalizing on the re-emergence of Hong Kong as a potential crypto hub, buoyed by the citys new crypto regulations aimed at positioning it as a thriving crypto market.

To celebrate these momentous achievements, HashKey Exchange has officially commenced pre-registration, with registered users receiving HashKey EcoPoints (HSK) as rewards. The company plans to host a grand ceremony in August, bringing together its business partners to celebrate and unveil the first trading app for retail users.

Starting from 8:00 on August 10, 2023, traders will have access to BTC/USDT and ETH/USDT pairs.

Notably, HashKey Exchange holds the distinction of being the pioneer recipient of a Hong Kong license under the open crypto policy, implemented on June 1, 2023. This coveted license has since been granted to OSL as well, marking the second such achievement in the region.

The competitive landscape has been energized by Hong Kongs decision to permit individual investors to engage in cryptocurrency trading. Prominent exchanges like OKX, Huobi, and BitMEX have vied for licenses, but HashKey has emerged as a standout contender. It swiftly obtained class 1 and class 7 licenses, enabling the provision of trading services to individual investors. The company is inviting users to register and partake in the HSK token airdrop.

HashKey‘s rapid license acquisition – a mere two months following policy implementation – underscores the efficiency of the local government’s processes.

Supporting HashKey Exchange‘s operations is Standard Chartered Bank, which facilitates fiat deposits and withdrawals for users. This partnership follows HSBC’s pioneering initiative in enabling customers to trade Bitcoin and Ethereum ETFs.

While HashKey Exchanges advancement into the new trading pairs domain opens opportunities, it also acknowledges the potential challenges posed by decentralized and open-source systems. The risk of technological non-collaboration affecting network performance and the possibility of BTC and ETH being superseded by more efficient competitors are among the concerns being transparently communicated.