HashKey Exchange: Setting a New Standard
Hong Kong’s retail cryptocurrency enthusiasts now have a new hub. HashKey Exchange opened its doors for retail trading in the special administrative region on Aug. 28. A move that came after receiving the Type 1 and Type 7 licenses from the Hong Kong Securities and Futures Commission (SFC) on Aug. 3.
An Optimistic Web3 Horizon for Hong Kong
With the government and SFC backing the development of Web3 in Hong Kong, the region stands poised for an influx of capital and talent. HashKey aims to onboard up to one million users, both locally and internationally, by the end of 2023. Their representative also forecasts a potential cryptocurrency bull run between 2024 and 2025, which could significantly boost the region’s crypto user base.
The Importance of Regulatory Support
Livio Weng, HashKey’s COO, emphasized the significance of the Hong Kong government and the SFC’s positive regulatory framework. This atmosphere can potentially create a “virtuous cycle of development” for the Web3 industry and position Hong Kong as an attractive destination for global Web3 firms.
Hex Engine: The Power Behind HashKey
Driven by innovation, HashKey’s trading platform operates on the Hex Engine. This system boasts a capacity to process a staggering 5,000 transactions per second. Additionally, in adherence to Hong Kong’s stringent guidelines, HashKey has integrated extensive user screening processes, Anti-Money Laundering checks, and transaction monitoring across its platform. A robust custody policy is also in place, ensuring the safety of both institutional and retail client funds.
Global Attention and Rising Competition
Hong Kong’s progressive stance on crypto regulations has caught the eye of international giants like Binance. Moreover, OSL, a prominent brokerage, exchange, and custody provider, has also expanded its offerings for retail investors in the region, emphasizing the competitive and dynamic nature of Hong Kong’s crypto landscape.
