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Hong Kong debuts retail crypto buying and selling with HashKey and OSL


HashKey and OSL are among the many first licensed exchanges to supply cryptocurrency buying and selling for non-professional traders in Hong Kong.

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Hong Kong debuts retail crypto trading with HashKey and OSL

Hong Kong is increasing cryptocurrency buying and selling publicity to particular person traders, with a minimum of one change getting the regulatory inexperienced mild to supply the providers.

Native digital asset agency HashKey has efficiently obtained all essential licensing to broaden its enterprise from serving skilled traders to taking over retail customers, the agency introduced on Aug. 3.

HashKey’s new regulatory milestone has been enabled by upgrading two main licenses issued by Hong Kong’s Securities and Futures Fee (SFC).

The primary license, Sort 1, permits HashKey to function a digital asset buying and selling platform beneath Hong Kong’s securities legal guidelines. The second, Sort 7, formally permits the agency to supply automated buying and selling providers to each institutional and retail customers, the announcement notes.

Along with changing into one of many first licensed exchanges to supply retail crypto buying and selling in Hong Kong, HashKey has additionally formally launched its crypto over-the-counter (OTC) buying and selling service, HashKey Brokerage. The OTC platform is claimed to adjust to native securities legal guidelines following the adoption of a brand new crypto regulatory framework by the SFC.

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HashKey Group chief working officer Livio Weng expressed confidence within the institution of licensed buying and selling platforms and the additional readability of regulatory frameworks in Hong Kong. He added:

“The trade as a complete will witness elevated transparency, resulting in a big increase in investor confidence.”

HashKey is not the one crypto change that’s now absolutely prepared to supply crypto buying and selling to Hong Konh retail customers in authorized phrases. OSL, one other native crypto agency, on Aug. Three additionally introduced that it acquired an uplift to its current license from the SFC, permitting to supply Bitcoin (BTC) and Ether (ETH) buying and selling to retail traders instantly.

“We’ve got been absolutely regulated for digital asset buying and selling by the SFC since 2020,” OSL co-founder Dave Chapman instructed Cointelegraph. He pressured that the most recent licensing uplift permits OSL to facilitate entry to digital property for retail traders.

The information comes quickly after an govt on the Hong Kong-based Hold Seng Financial institution argued that crypto firms can solely open financial institution accounts after acquiring an approval-in-principle license from the SFC. By early August, OSL and Hashkey had been reportedly the one exchanges that acquired approval.

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