HashKey, a cryptocurrency exchange that has secured licensing in Hong Kong, is poised to implement a framework. This framework will facilitate the participation of both individual and corporate market makers, enhancing liquidity on the platform.
With the announcement made on December 5th, eligible applicants, whether individuals or entities, now have the opportunity to apply for approval as market makers on HashKey. This approval is contingent upon their monthly cryptocurrency trading on the exchange amounting to at least $5 million.
Upon successful candidacy, applicants will undergo a thorough assessment of their business plans. Subsequently, those who pass this evaluation will receive an invitation to formalize an agreement with the exchange’s due diligence team. This agreement marks the initiation of trading activities, scheduled to commence on December 28th.
HashKey Exchange Introduces Commissions and Partnerships for Growth in Hong Kong
Market participants and entities, depending on their monthly rankings or trading volumes, will be entitled to earn commissions. These commissions will range from 0.005% to 0.015% of the transaction value.
Notably, participants must demonstrate a trading volume of at least $100 million per month to access the highest tier of commission revenue. Importantly, all market makers are exempt from commission fees on their trades.
Since the issuance of the initial licenses in August, regulated exchanges in Hong Kong have been expanding their service portfolios and forging strategic partnerships.
Notably, OSL, another Hong Kong licensed exchange, solidified a collaboration with Interactive Brokers on November 28th, enabling Hong Kong clients to acquire Bitcoin (BTC) at $44,057 and Ether (ETH) at $2,273 through Interactive Brokers’ investment accounts.
Hong Kong Crypto Exchanges: OSL’s Milestones, HashKey’s Expansion
On November 30th, OSL onboarded Victory Securities, marking a significant milestone. Victory Securities is the inaugural regulated broker in Hong Kong to secure approval for virtual asset transactions.
This move enhances crypto trading services on OSL’s platform. In another noteworthy development, OSL received a substantial $90 million investment from the blockchain entity BGX in November.
Concurrently, HashKey has been diversifying its offerings in alternative cryptocurrencies. However, this expansion is exclusively targeted at accredited investors. These investors must meet a portfolio threshold of $1 million.
On November 16th, the exchange took a significant step by introducing comprehensive insurance coverage. This coverage applies to both user and enterprise assets stored within its digital wallets. This move further strengthens its commitment to security and risk management.