HashKey to offer Bitcoin and Ethereum trading in Hong Kong
HaskKey, an Asian digital asset exchange, has received regulatory clearance to offer Bitcoin (BTC) and Ethereum (ETH) trading services in Hong Kong. This makes it the first exchange to have its previous licenses upgraded by the country’s Securities and Future Commission (SFC). The new service will start on August 28, with retail customers limited to trading 30% of their total digital asset portfolio on the platform. HaskKey’s Chief Operating Officer, Weng Xiaoqi, stated that BTC and ETH will be the only cryptocurrencies available initially, as they have the majority market share and high demand from investors. The company plans to expand its financial services, including fiat deposits and withdrawals, and collaborate with multiple banks.
- HaskKey is the first exchange to receive upgraded licenses from the SFC
- Bitcoin and Ethereum trading services will be available from August 28
- Retail customers can trade up to 30% of their digital asset portfolio
- HaskKey plans to expand its financial services and collaborate with banks
- Hong Kong aims to become a global crypto hub and has attracted requests from firms to set up their headquarters in the country
Hong Kong’s ambitions as a crypto hub
Hong Kong has become a crypto hub in Southeast Asia by embracing cryptocurrency firms and developers. The country’s financial secretary, Paul Chan, has announced plans to partner with global firms and become a web3 melting pot. Hong Kong passed a web3 licensing regime in December 2022 to tap into the growing adoption of cryptocurrencies. The country has received numerous requests from firms seeking to establish their global headquarters in Hong Kong. Over 80 companies have applied for licenses, and the Hong Kong Monetary Authority has called on banks to extend their financial services to licensed crypto firms.
Hot Take: Hong Kong’s position as a crypto hub is strengthening
HaskKey’s upgraded licenses and the expansion of cryptocurrency services in Hong Kong demonstrate the country’s commitment to becoming a global leader in the crypto industry. By embracing digital assets and implementing favorable regulations, Hong Kong is attracting firms and developers from around the world. With plans to collaborate with global partners, Hong Kong aims to create a thriving ecosystem for cryptocurrencies and blockchain technology. As the demand for cryptocurrencies continues to grow, Hong Kong is well-positioned to capitalize on this trend and solidify its reputation as a crypto hub in Southeast Asia.
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