Cryptocurrencies have certainly taken the world by storm. Despite cutting off ties with the dark web, regulatory systems from across the globe continue to haunt the industry. Even though the entire crypto industry was started to steer away from the shackles of centralized systems, the crypto market, unfortunately, found its way into extreme scrutiny. While garnering approval from a regulatory entity has become a must in the current world, cryptocurrency exchanges were seen grappling.
Similar to an array of governments across the globe, Hong Kong decided to jump onto the regulatory train and scrutinize the crypto-verse. After making it mandatory for digital asset exchanges functioning in the region to have a proper license, several firms were seen bidding adieu. However, a few others stuck around and managed to garner a license.
A firm called HashKey Group made news after amassing a license as well as a prominent property in Asia’s financial hub.
Crypto continues to boom in Hong Kong
Hong Kong’s major property landlord, Hongkong Land revealed that it had entered a lease agreement with HashKey Group, a local digital asset firm. This move comes after the financial watchdogs of Hong Kong clarified regulations surrounding crypto in the region.
Hongkong Land has leased out a commercial office space for the digital asset firm. An entire floor will be used by the firm in the Three Exchange Square. The executive president at HashKey, Michel Lee noted that the Three Exchange Square was one among the “most prestigious office buildings” in the region. This deal has reportedly put the firm right at the “center of the business community.”
Speaking about the latest lease agreement, the director and head of office, commercial property at Hongkong Land, Neil Anderson said,
“The SFC’s recent decision to regulate digital asset exchanges in Hong Kong gives us confidence that this new asset class has a regulatory framework, and therefore a future within the finance industry,”