This Hong Kong marketplace has been granted the first retail trade licence for crypto in the city

A crypto asset business based in Hong Kong has been given a retail trading licence by the city’s financial authority.

The company has been catering to institutional investors with its cryptocurrency trading services. It may now provide these services to individual investors as well, according to a newly acquired licence.

HashKey may operate a crypto asset trading platform in compliance with local securities legislation with the first licence, Type 1.

Hong Kong’s goal of becoming a worldwide centre for the crypto asset business is reflected in the fact that HashKey was the first cryptocurrency exchange to provide crypto retail trading in the city.

HashKey is now able to provide its customers with deposit and withdrawal services at Standard Chartered Bank using fiat currency. Only the largest cryptocurrencies like Bitcoin and Ethereum are accessible to retail investors.

HashKey also launched its OTC cryptocurrency trading business, HashKey Brokerage. The OTC platform is expected to comply with local securities legislation after the SFC approved a new crypto regulatory framework.

In June, Hong Kong launched its regulatory framework for cryptocurrency trading. The order is part of a larger push to make the city a major global financial hub. However, significant crypto investments have not materialised in the city as of yet.

Under Hong Kong’s previous voluntary licencing program, only HashKey and OSL were authorised to operate as cryptocurrency exchanges.

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