Hong Kong Grants Crypto Exchange License to HashKey, OSL

HashKey Exchange and OSL Digital Securities Ltd. have been granted a crypto exchange license by the Hong Kong Securities and Futures Commission. This license now permits HashKey Exchange and OSL Digital Securities Ltd. to cater to retail customers within Hong Kong.

HashKey Exchange and OSL Digital Securities Ltd can now broaden their business scope to include retail users, in addition to the professional investors they have been catering to.

Crypto Exchange License to HashKey Exchange:

HashKey Exchange is a division of the digital asset financial services firm HashKey Group, located in Hong Kong. It stands as the pioneering cryptocurrency exchange in Hong Kong to obtain a license for serving retail clients under the jurisdiction’s recently established crypto regulations, aimed at establishing Hong Kong as a worldwide cryptocurrency hub. In addition to its existing Type 1 and Type 7 licenses, HashKey Exchange’s upgraded license will facilitate their expansion from professional investors to retail traders.

“As an existing Type 1 and Type 7 licenses holder, HashKey Exchange successfully underwent a simplified process to obtain the license upgrade … to expand its business scope from serving professional investors to retail users, fulfilling market demand for a licensed platform that offers users a safer and simpler process for buying and storing cryptocurrencies,” the exchange said to news reporter.

In the past, the HashKey Group revealed its intentions to launch a regulated exchange during the second quarter. This exchange aims to cater to retail customers. Additionally, the group expressed its strategy to secure funding at a valuation of $1 billion. This initiative is in response to Hong Kong’s renewed potential as a hub for cryptocurrency activities.

Also Read: Top White Label Crypto Exchange Providers in 2023

Crypto Exchange License to OSL Digital Securities Ltd.:

OSL, the world’s first SFC-licensed and insured digital asset platform, has announced that it has received an uplift to its existing license from the Securities and Futures Commission (SFC) of Hong Kong. Previously holding type 1, type 4, and type 9 licenses, this new addition allows them to onboard retail investors to their platform. The platform enables crypto trading with top cryptocurrencies such as Bitcoin and Ethereum.

“We are extremely proud of this achievement,” said Hugh Madden, CEO of OSL. “This is a significant first-mover advantage, and a direct result of our strategy of putting regulation and compliance first. It demonstrates how regulation is the foundation of future growth and mainstream acceptance in the digital asset space.”

This licensing uplift by the SFC of Hong Kong for HashKey Exchange and OSL will bring Hong Kong closer to becoming a global crypto hub. The forward-thinking approach will have a positive impact and make it more interesting for retail investors to participate in the fastest-growing crypto market.