The Securities and Futures Commission (SFC) of Hong Kong has recently granted two prominent crypto players, HashKey and OSL, the license to offer retail crypto services. This marks a significant milestone for the crypto industry in Hong Kong as it moves towards becoming a crypto hub in the region. HashKey, in particular, becomes the first crypto exchange to serve retail users in Hong Kong, elevating its status in the market.
Hong Kong’s Crypto Hub Ambitions
Under the city’s new regulations, Hong Kong aims to solidify its position as a crypto hub and attract more crypto-related businesses. The granting of licenses to HashKey and OSL for retail crypto services is a testament to the government’s commitment to fostering a conducive environment for the crypto industry.
HashKey Exchange Uplifted with Type 1 and Type 7 License
HashKey Group, the parent company of HashKey Exchange, has officially announced that its exchange has been uplifted with Type 1 and Type 7 licenses. The upgrade of its existing license enables the platform to cater to retail users and meet the growing demand for licensed crypto services.
OSL’s License Uplift for Bitcoin and Ether Trading
Another local crypto company in Hong Kong, OSL, has also received an uplift to its existing license. This development allows the firm to provide retail users with access to Bitcoin and Ether trading. OSL’s CEO, Hugh Madden, highlights that this achievement is a significant first-mover advantage and a testament to the company’s commitment to prioritizing regulation and compliance.
Boosting Investor Confidence and Transparency
With the establishment of licensed trading platforms like HashKey and OSL, the entire industry is expected to witness increased transparency, leading to a boost in investor confidence. Livio Weng, COO of HashKey Group, expresses excitement about becoming the first licensed trading platform dedicated to serving retail users. The move towards regulation and compliance will likely attract more investors to the crypto market.
Safety as a Top Priority for HashKey Exchange
Safety remains a top priority for HashKey Exchange, and the platform emphasizes its commitment to protecting user assets. It employs a multi-layered approach to safeguard user funds, with 98% of the assets stored in cold storage and only 2% in hot wallets. This security measure is designed to minimize the risk of cyberattacks and theft.
HashKey’s Leading Role in Hong Kong’s Crypto Industry
HashKey has established itself as a leading player in Hong Kong’s crypto industry, offering digital investment services to its clients. The company had previously sought to raise funds at a valuation of $1 billion, aligning itself with Hong Kong’s vision of becoming a crypto hub in the region. The recent license upgrade is expected to further propel HashKey’s growth and influence in the market.
The granting of licenses to HashKey and OSL for retail crypto services in Hong Kong is a momentous achievement for both companies and the overall crypto industry in the region. As Hong Kong continues to embrace the crypto market, more businesses are expected to establish a presence in the city. The move towards increased regulation and compliance is a positive step towards enhancing transparency and investor confidence. With HashKey leading the way as the first licensed trading platform dedicated to serving retail users, Hong Kong’s aspirations of becoming a crypto hub are well within reach.