[NEWS] HashKey Exchange obtains Hong Kong's first retail cryptocurrency exchange license

HashKey Exchange, a subsidiary of the HashKey Group, announced on the 3rd that it has been granted a license to operate a cryptocurrency (virtual currency) exchange for retail investors by the Hong Kong Securities and Futures Commission (SFC). This is the first time that a license for a retail cryptocurrency exchange has been granted in Hong Kong.

In Hong Kong, a bill was passed in December last year to introduce a new licensing system for cryptocurrency service providers (VASPs) such as cryptocurrency exchanges. The law then came into effect on June 1st this year.

This law places emphasis on protecting retail investors by regulating the governance and disclosure information of licensed businesses, as well as the approval criteria for tokens.

In particular, the conditions for token approval are stricter, including the requirement that the token has a high market capitalization and is indexed by at least two providers.

According to HashKey Exchange, the license obtained this time is a Type 1 (securities trading) and Type 7 (provision of automated trading services) license.

The following seven trading pairs will be offered.

• BTC/USDC
• BTC/USD
• ETH/USDC
• ETH/USD
• SPiCE/USDC
• USDT/USD
• USDT/USDC

Following this license acquisition, HashKey Exchange has integrated HashKey Pro, which has been operated as a digital asset exchange for institutional and professional investors.

Livio Weng, COO of HashKey Group, commented in the announcement, "We are pleased to be the first exchange licensed for retail users in Hong Kong." He continued, "The emergence of a licensed exchange in Hong Kong will further clarify the regulatory framework, which will increase transparency in the industry and greatly improve investor confidence."

HashKey Group, the parent company of the licensed HashKey Exchange, not only supports investment opportunities in digital assets for institutional investors, but also supports the use and introduction of blockchain technology for corporations.

Tokyo Hash, which has been granted a cryptocurrency exchange license by the Financial Services Agency in Japan, is also operating in Japan. In addition, a group company in Singapore has obtained a license from the Monetary Authority of Singapore (MAS).

Source:Announcement
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