HashKey and OSL, two prominent digital asset firms, become part of the first licensed exchanges to offer crypto trading services to non-professional investors. With this, Hong Kong is paving the way for individual investors to enter the world of cryptocurrency trading.
HashKey Obtains Type 1 and Type 7 Licenses for Retail Crypto Trading
HashKey, a local digital asset firm, has achieved a significant regulatory milestone. This is by obtaining all necessary licenses to expand its services from catering to professional investors to embracing retail users. This achievement comes as HashKey successfully upgrades two major licenses issued by Hong Kong’s Securities and Futures Commission (SFC).
With the first license, known as Type 1, HashKey is now authorized to operate a virtual asset trading platform in full compliance with Hong Kong’s securities laws. This license represents a crucial step forward in providing a safe and regulated environment for retail investors to engage in crypto trading.
Furthermore, the second license, Type 7, marks a significant development for HashKey. It officially allows the firm to offer automated trading services to both institutional and retail users. By obtaining this license, HashKey enhances its capabilities to cater to a broader range of investors. Additionally, provide them with innovative and efficient trading solutions.
HashKey Launches OTC Trading Service
Alongside its retail crypto trading offerings, HashKey has officially introduced its crypto over-the-counter (OTC) trading service, named HashKey Brokerage. This OTC platform is designed to operate in accordance with local securities laws. This is following the adoption of a new crypto regulatory framework by the SFC.
Furthermore, this ensures a secure and compliant environment for investors seeking to trade large volumes of cryptocurrencies.
In addition to HashKey’s milestone, another local crypto firm, OSL, has also received regulatory approval from the SFC. This will allow them offer Bitcoin and Ether trading services to retail investors. With this uplift to its existing license, OSL is now fully prepared to cater to individual investors interested in venturing into the crypto market.
Regulatory Clarity Boosts Investor Confidence
Also, HashKey Group’s chief operating officer, Livio Weng, expresses confidence in the establishment of licensed trading platforms and the enhanced clarity of regulatory frameworks in Hong Kong. The increased transparency resulting from these developments is expected to also significantly boost investor confidence in the cryptocurrency market.
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