Hong Kong Grants Crypto Trading Approval to HashKey

Hong Kong is increasing the availability of cryptocurrency trading to individual investors, with at least one exchange receiving regulatory approval to offer such services.

HashKey, a local digital asset company, has obtained all necessary licenses to expand its business from serving professional investors to retail customers.

The upgrade of two significant licenses issued by Hong Kong’s Securities and Futures Commission (SFC) has enabled HashKey to reach a new regulatory milestone.

The Type 1 license enables HashKey to operate a trading platform for virtual assets following Hong Kong’s securities laws.

The second one, Type 7, enables the company to offer automated trading services to both institutional and retail clients, according to the announcement.

In addition to being one of the first licensed exchanges to offer retail crypto trading in Hong Kong, HashKey has launched its crypto over-the-counter (OTC) trading service, HashKey Brokerage.

The OTC platform is reportedly compliant with local securities laws after the SFC adopted a new crypto regulatory framework.

Livio Weng, the chief operating officer of HashKey Group, expressed confidence in the establishment of licensed trading platforms and the further clarification of Hong Kong’s regulatory frameworks.

“The industry as a whole will witness increased transparency, leading to a significant boost in investor confidence.”

The news comes shortly after a Hang Seng Bank executive argued that crypto companies can only establish bank accounts after obtaining an approval-in-principle (AIP) license from the Hong Kong Securities and Futures Commission.

OSL and Hashkey were reportedly the only two exchanges to receive this sanction by early August.