HashKey and OSL have secured licenses from local regulators to offer retail cryptocurrency services for Hong Kong crypto community. This move is set to revolutionize the landscape for retail traders in China’s special administrative region, giving them unprecedented access to homegrown exchanges.
HashKey and OSL Exchange Redefining the Game
Breaking away from its previous focus on serving professional and institutional investors, HashKey Exchange has now expanded its reach. On August 28, the company rolled out retail trading services exclusively for Hong Kong-based users.
This shift in strategy came after HashKey was granted Type 1 and Type 7 licenses by the Hong Kong Securities and Futures Commission on August 3. These licenses marked a turning point for HashKey. Further, they paved the way for it to become a fully licensed retail exchange within Hong Kong.
Not to be outdone, digital asset platform OSL also achieved a significant milestone on August 3. The Hong Kong Securities and Futures Commission granted the platform a license uplift. This uplift enabled OSL to bring its suite of brokerage, exchange, and custody services to retail customers in Hong Kong.
As Dave Chapman, OSL’s executive director revealed, the retail offering has been available since the moment the platform received its retail license uplift.
Diversification and Expansion Plans
Moreover, HashKey’s entry into the retail market isn’t just limited to Bitcoin and Ether trading pairs with the HK dollar. The exchange also has grand plans to broaden its offerings, including listing additional tokens following its retail launch. Notably, HashKey will now also support deposits and withdrawals in both USD and HKD, providing users with greater flexibility.
Notably, HashKey’s spokesperson expressed an optimistic outlook for Web3’s development in the region. Bolstered by government and SFC support, the exchange aims to onboard an impressive 500,000 to one million users by the close of 2023. This will encompass both local and international participants.
Furthermore, HashKey predicts the emergence of a new cryptocurrency bull market between 2024 and 2025. This is a period during which the crypto user base in Hong Kong is expected to skyrocket to 10–15 million.
Driving Growth through Regulatory Alignment
Livio Weng, Chief Operating Officer of HashKey, further underscored the role of regulatory compliance in shaping Hong Kong’s Web3 ecosystem. Weng highlighted how the convergence of favorable regulatory oversight from the government and SFC is driving growth, attracting talents and capital from around the world.
This environment positions Hong Kong as a potential hub for Web3 firms seeking a supportive regulatory framework.
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