The landscape of finance in Hong Kong is changing again, this time with HashKey Group’s new venture, HashKey Global. Like the leading industry platform Coinbase, the new company has gotten a license from Bermuda as part of its strategic move to access global markets. In addition, the new company will offer more than 20 different coins and potentially start plans to introduce futures trading.
As reported by local media, Weng Xiaoqi, the Chief Operating Officer (COO) at HashKey Group, revealed what pushed for this ambitious move. The regulatory environment for virtual asset trading platforms in Hong Kong is becoming more stringent; hence, licensed operators are looking for offshore avenues to expand their operations. HashKey Global platform has set up Bermuda’s Comprehensive Digital Asset Investor Protection System License that focuses on serving a global audience, especially overseas Chinese and SouthEast Asian investors.
HashKey’s Diverse Platform Strategies
However, the exchange, based in Hong Kong, provides service to institutional customers and regional markets while HashKey Global serves retail investors who are not able to access the Hong Kong market. This does not include mainland China, Hong Kong (SAR), United States of America jurisdiction, where virtual asset platform operations are prohibited. Through trading directly using stable currencies such as USDT and USDC, Hashkey Global aims to target an estimated increase of four times for interested persons ineligible for participation.
Even though there is a strong attraction to international markets, the exchange has remained attached to its roots, Hong Kong. While leveraging global operations to pioneer innovative features, Weng Xiaoqi stresses the importance of maintaining the highest user protection standards. Therefore, by accumulating data and experience from the global platform, HashKey hopes to have a positive influence on regulatory developments in Hong Kong.
Moreover, Weng Xiaoqi is looking forward to a world where virtual asset platforms will be licensed around the world. With two more licenses being negotiated and plans for worldwide expansion over ten years, HashKey Group is in an excellent position to shape the industry’s trajectory. So, by prioritizing regulatory compliance and user protection, the exchange sets out a roadmap for sustainable growth in the ever-changing landscape of virtual asset trade.
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