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Hong Kong’s Hashkey launches crypto trading app and new token

Hong Kong-based cryptocurrency firm HashKey Group has introduced its HashKey Exchange app, marking a significant move in the city’s digital asset sector.

The app gained approval from the Securities and Futures Commission (SFC), becoming the first licensed virtual asset exchange app in Hong Kong since the JPEX scandal. This development aligns with the Hong Kong government’s efforts to boost the virtual asset sector through policy shifts, including a mandatory licensing scheme.

HashKey Exchange serves users from 17 jurisdictions, including Hong Kong, Singapore, Malaysia, Israel, the U.K., and the U.S. The platform supports bank card linkage for fiat currency deposits in Hong Kong dollars and U.S. dollars.

The company received approval from the SFC to conduct virtual asset trading in February this year, and launched their trading platform in August. Since launch, Hashkey has reported that total trading volume has exceeded $600 million, and on October 30, 24-hour trading volume exceeded $100 million.

HashKey Exchange app offers full mobile trading capabilities and extends its services to retail investors. Users in Hong Kong can buy bitcoin and ether using Hong Kong dollars or US dollars directly from local bank accounts. The app is designed to provide a smooth and simple experience, contrary to the perception of licensed platforms being difficult to use. Notably, the app’s know-your-customer (KYC) process has reduced from 28 minutes to just eight minutes.

New users are rewarded with HashKey’s platform token, HSK, set to be officially listed next year. HashKey plans to mint 1 billion HSK tokens, with allocations for ecosystem growth, staff incentives, and the company’s insurance vault.

Despite the alignment with international norms, the regulatory process in Hong Kong has proven expensive, compounded by challenges in a bear crypto market. The launch also occurs amidst the aftermath of the JPEX scandal, contributing to public skepticism and a dent in trust in virtual assets. The Securities and Futures Commission (SFC) has enhanced its regulatory framework with additional investor protection measures following the JPEX incident.

HashKey is actively exploring real-world asset tokenization (RWA) and holds discussions with the SFC on significant RWA cases. Licensed to issue and trade security tokens in Hong Kong, HashKey aims to contribute to the emerging asset class.

The launch of the retail trading app aligns with HashKey’s broader strategy to expand its presence in the digital asset market.

HashKey Exchange is set to roll out its ERC-20 token, HSK, with plans for listing in mid-2024. The token is designed to incentivize contributors across HashKey’s ecosystem and enhance engagement.

The HashKey Exchange app was officially released on November 1, 2023, available on both the App Store and Google Play, supporting bank transfers from 17 countries and regions worldwide.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.