HashKey Exchange, a prominent cryptocurrency exchange based in Asia, is poised to enter the retail trading arena beginning August 28th, according to an announcement from the company’s Chief Operating Officer, Livio Weng. In a recent interview, Weng disclosed that the exchange’s retail trading services would initially encompass the two largest crypto: Bitcoin and Ethereum.
This strategic move follows HashKey’s recent accomplishment of becoming the inaugural cryptocurrency platform in Hong Kong to secure a license under the city’s novel regulatory framework. The licensing regime, enacted earlier this month, allows crypto trading platforms to extend their services to retail investors.
Weng highlighted that HashKey and Hong Kong’s financial regulators are carefully approaching retail trading services, prioritizing caution. He explained that the exchange will concentrate on lower-risk options due to the higher risks of trading alternative cryptocurrencies, particularly during bear markets.
To expand its retail trading avenues, HashKey is in talks with around five local brokerage firms in Hong Kong. Weng shared that the goal is to partner with these platforms to facilitate direct crypto trading, potentially bringing in numerous Hong Kong stock market users.
For user convenience, HashKey has devised a system where fiat currency deposits can be made by linking bank cards. Weng confirmed that this method will support both Hong Kong and U.S. dollars.
However, he noted that users with Chinese mainland IP addresses are barred from registering on the platform, in line with the Chinese government’s prohibition of crypto transactions.
HashKey’s Ambitious Retail Goals
HashKey’s ambitions for its retail services are substantial. Weng outlined:
We hope to grow our registered user base to between 500,000 to 1 million by the end of this year. We’re also anticipating a more bullish market next year. If that’s the case, we would target to serve 10 million users by 2025.
Meanwhile, Xiao Feng, Chairman of HashKey Group, expressed optimism about the impending regulatory guidance on Security Token Offerings (STOs) from the Hong Kong Securities Regulatory Commission.
He believes this move would further align Hong Kong’s regulatory framework with the burgeoning digital finance landscape, allowing for more robust financial innovation and integration between virtual assets and the real economy.
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