August 5, 2023

Hong Kong Begins Offering Crypto Services To Individual Investors

Crypto in Hong Kong

Crypto in Hong Kong

Hong Kong started to expand its crypto trading coverage to individual investors in conjunction with allowing a crypto exchange to offer its services after obtaining the required licenses.

On August 3, HashKey, a digital asset company, announced that it has acquired all the necessary licenses to expand its services from catering to professional investors to also accepting retail users. This regulatory achievement was made possible by upgrading two major licenses issued by Hong Kong’s Securities and Futures Commission (SFC).

According to an announcement, HashKey has received two licenses in Hong Kong. The first one, Type 1, allows the company to run a virtual asset trading platform in accordance with the securities laws in Hong Kong. The second license, Type 7, permits HashKey to offer automated trading services to both institutional and retail customers.

HashKey has also recently launched its crypto over-the-counter (OTC) trading service, HashKey Brokerage. This platform complies with the local securities laws and makes HashKey one of the first licensed exchanges to offer retail crypto trading in Hong Kong. The OTC trading service has been developed in accordance with the new crypto regulatory framework introduced by the SFC.

In this regard, HashKey Group Chief Operating Officer Livio Weng said: “The [crypto] industry in [Hong Kong] as a whole will witness increased transparency, leading to a significant boost in investor confidence.”

It’s not just HashKey, there’s another crypto exchange called OSL that’s now legally able to offer crypto trading to retail users in Hong Kong. On August 3, OSL announced that it received an updated license from the SFC, which lets it provide Bitcoin and Ether trading to retail investors right away.

It is worth mentioning that Hong Kong’s biggest bank, the Hong Kong and Shanghai Banking Corporation (HSBC), announced it has launched its local cryptocurrency services in June.

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