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Hong Kong Securities Regulatory Commission accredited sort 1 & 7 licenses for HashKey Exchange to supply retail buying and selling providers underneath the brand new crypto regime. HashKey Exchange turns into the primary crypto alternate to supply crypto retail buying and selling in Hong Kong as authorities look to make the town as a worldwide hub for the digital asset business.

HashKey Receives License to Offer Crypto Retail Trading

Hong Kong-based crypto alternate HashKey Exchange on August 3 said it has upgraded its sort 1 and seven licenses to supply crypto buying and selling providers to retail buyers. HashKey and OSL are the one two compliant exchanges in Hong Kong.

🚀 Big information! HashKey Exchange, a licensed digital asset alternate in Hong Kong, has upgraded its sort 1 & 7 licences to supply retail providers. Now, all customers can get pleasure from a protected and easy buying and selling expertise! https://t.co/DAFfq2ajoe

— HashKey Exchange (@HashKeyExchange) August 3, 2023

HashKey has partnered with Standard Chartered Bank to offer customers with fiat forex deposit and withdrawal providers. The alternate additionally introduced the launch of its digital asset over-the-counter buying and selling service. Retail buyers are restricted to buying and selling solely prime cryptocurrencies akin to Bitcoin and Ethereum.

“HashKey will be able to expand its business scope from serving professional investors to retail users” after receiving an improve of its present licenses.”

HashKey Group operates in a number of areas from enterprise funding to asset administration and buying and selling. It introduced plans to boost $100 million to $200 million at a valuation above $1 billion amid Hong Kong’s push to change into international crypto hub.

Also Read: Ripple CEO Garlinghouse And Deaton Condemn US SEC For Using XRP Report In Suit

Hong Kong Burgeoning Crypto Market

Crypto corporations akin to Huobi, OKX, and Amber Group have plans for receiving licenses and supply crypto providers in Hong Kong. Amid regulatory scrutiny and crackdown in a number of international locations, Hong Kong has change into a popular vacation spot for crypto-focused corporations, with Binance and Coinbase also looking on the market.

Meanwhile, Hong Kong has signed agreements with the UAE and Saudi Arabia to strengthen monetary and crypto collaboration. The Hong Kong authorities additionally working with Singapore and different international locations on cross-border transactions and CBDC.

Also Read: Binance Announces Zero-Fee Bitcoin And Ethereum Trading, Bullish For Crypto Market?

Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a know-how fanatic and analytical thinker, he has shared his information of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the big potential of those progressive future applied sciences. He is at present masking all the newest updates and developments within the crypto business.

The offered content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty to your private monetary loss.