Hong Kong cryptocurrency exchange HashKey Exchange has obtained a regulatory license to provide trading services to local retail investors. In order to expand its business space, its parent company HashKey Group is seeking to develop offshore operations.
Launching HashKey Global Platform
According to a report by Hong Kong Economic Times on August 8, HashKey Group’s Chief Operating Officer, Tony Wong, announced that the company has obtained the “Comprehensive License for Digital Asset Investor Protection System” in Bermuda, officially launching the HashKey Global trading platform.
Wong stated that HashKey Exchange has approximately 170,000 customers, with a potential customer base that is four times larger than its existing customer base, but cannot be tapped through its Hong Kong operations. Therefore, the HashKey Global platform has been established, and stablecoins such as USDT and USDC can be traded directly.
The new HashKey Global platform will initially offer more than 20 cryptocurrencies and will provide futures and pledge products in the future. Currently, HashKey’s asset management scale exceeds HKD 2 billion, and it is expected to increase fourfold to HKD 8 billion by the end of the year after the new platform is launched.
Different positioning of the two platforms
According to Wong, the two platforms under HashKey Group have different positioning:
HashKey Exchange, which has obtained the Hong Kong license, focuses on the Hong Kong and surrounding markets, as well as institutional clients.
HashKey Global serves retail investors who cannot access the Hong Kong market, but excludes countries such as Mainland China, Hong Kong, the United States, and countries that explicitly prohibit the operation of virtual asset platforms. It is expected that the main sources of customers will be overseas Chinese and users from Southeast Asian countries.
Wong stated that the Hong Kong platform adopts the highest standards of user protection, while the global platform can experiment with innovative features, with the hope of summarizing experience and promoting the development of Hong Kong in return.
Looking ahead, HashKey will continue to operate the exchange business in a licensed manner. Wong revealed that two additional licenses are currently under negotiation. In the next five years, the company will focus on Hong Kong and emphasize the Asia-Pacific region, aiming to obtain licenses in different regions around the world and establish interactive relationships by leveraging operational experience in various regions.