August 28 licensed SFC the HashKey platform has launched Bitcoin and Ethereum trading for retail clients.
According to COO Wang Xiaoqi’s company, the exchange is considering offering leveraged and derivative products if approved by the regulator.
In August, HashKey received a Type 7 license to provide trading services to institutional and retail clients.
The company is in talks with several major Hong Kong banks about the possibility of integrating fiat currencies, including HKD and USD.
Cooperation with a number of brokers is also being worked out to be included in their line of access to cryptocurrency trading.
HashKey plans to introduce an investor rating system to evaluate their experience. The initiative is aimed at limiting the risks of users who are taking their first steps in the digital asset market.
In addition to risk warnings, the platform will limit the trading activity of clients in case of exceeding 30% of the threshold from AUM investments in cryptocurrencies.
Registration on the stock exchange can be completed by residents of the special administrative region. This opportunity is not available to residents of China, Japan, Malaysia, as well as sub-sanctioned states and countries that have banned cryptocurrencies.
Earlier, Hong Kong Legislative Assembly member Johnny Ng Kit-chong proposed considering the idea of connecting licensed digital asset platforms to exchanges in Shanghai.
Before that, the parliamentarian invited Coinbase and other players to the jurisdiction.
In January 2023, the financial secretary of the Special Administrative Region, Paul Chan, announced Hong Kong’s readiness to accept cryptocurrency companies from around the world. The official noted that the authorities recently finalized a licensing regime for the industry.
In April, the Hong Kong High Court recognized digital assets as property. In the same month, local authorities called on banks to serve regulated cryptocurrency platforms.
Bitcoin exchanges Huobi and OKX have applied for a virtual asset service provider license from the SFC.
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