HashKey\u2019s representative added that the exchange anticipates the advent of a new cryptocurrency bull market between 2024 and 2025. With retail investors now afforded an avenue to obtain and trade cryptocurrencies, the company predicts Hong Kong\u2019s crypto user base to increase to 10 to 15 million people over the next two years.<\/p>\n
A statement from HashKey Group COO Livio Weng highlighted the importance of favorable regulatory oversight from the Hong Kong government and SFC as a key driver of growth for the Web3 ecosystem:<\/p>\n
\u201cThe emergence of regulatory compliance in Hong Kong will attract Web3 talents and capital from around the world, thereby accelerating technological and business innovation.\u201d<\/p><\/blockquote>\n
Weng added that the environment being created in Hong Kong could spark a \u201cvirtuous cycle of development with the industry\u201d, with favorable regulatory parameters positioning the region as a potential alternative for Web3 firms to relocate to.<\/p>\n
HashKey\u2019s exchange operates on the HEX Engine, which it touts as a high-performance trading system capable of processing 5,000 transactions per second. <\/p>\n
The exchange has also adopted a number of regulatory requirements in line with Hong Kong\u2019s guidelines, including detailed user screening, AML inspections and transaction monitoring across its operations.<\/p>\n
HashKey is also licensed to hold custody of institutional and retail clients funds and notes that its policy enforces that 98% of cryptocurrencies under management are stored in cold wallets. <\/p>\n
Hong Kong’s adoption of favorable but regulated cryptocurrency ecosystem is also attracting attention of global players like Binance, which also took part in public discussions and policy-making processes as previously covered by Cointelegraph.<\/p>\n
OSL also announced uplift of its license from the SFC on Aug. 3, which enabled the brokerage, exchange, and custody provider to offer its services to retail customers in Hong Kong.\u00a0 Cointelegraph has reached out to the firm to ascertain whether it has onboarded retail users since the announcement.<\/p>\n
Magazine:\u00a0Deposit risk: What do crypto exchanges really do with your money?<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"Hong Kong retail cryptocurrency traders now have access to a locally based cryptocurrency exchange after HashKey took its retail trading services live to users\u00a0in China\u2019s special administrative region on\u00a0Aug. 28. The company was previously permitted to serve professional and institutional investors, before being granted Type 1 and Type 7 licenses by the Hong Kong Securities […]<\/p>\n","protected":false},"author":1,"featured_media":21705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-21704","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"\n
Hong Kong's first licensed retail crypto exchange HashKey eyes 2024 bull run | NFT & Crypto News<\/title>\n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n\t \n\t \n\t \n