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HashKey unveils first licensed crypto app for retail in Hong Kong

Hashkey

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TL;DR

  • Hong Kong’s HashKey debuts a licensed trading app, stepping into the retail sector.
  • The app has the nod from Hong Kong’s Securities and Futures Commission, serving retail and professional traders.
  • HashKey is the first to gain a license under Hong Kong’s new Virtual Asset Service Provider licensing framework.

Hong Kong’s renowned cryptocurrency exchange, HashKey, has officially expanded into the retail sector with the launch of its innovative trading app. This move marks the platform as the premier licensed virtual asset exchange app in Hong Kong.

Livio Weng, HashKey’s Chief Operating Officer, revealed in a recent interview that the app has garnered the green light from Hong Kong’s Securities and Futures Commission. This approval permits the app to cater to retail users and professional investors. Moreover, Weng pointed out the app’s immediate success, highlighting a staggering daily trading volume exceeding $100 million as of October 30.

Significantly, HashKey’s latest move is about more than just about innovation and compliance. The firm became the first to secure a license under the new Virtual Asset Service Provider licensing scheme introduced by Hong Kong. Following this, HashKey transitioned its earlier licenses, extending trading services to a broader retail audience.

Besides its primary trading functions, HashKey has broader ambitions. The exchange is set to roll out its utility token named HSK soon. Weng mentions that this ERC-20 token is designed to reward participants within HashKey’s vast ecosystem. According to official documents, HashKey plans to release 1 billion HSK tokens. The allocation strategy is such: 65% will fuel ecosystem growth, 30% is reserved for staff rewards, and the remaining 5% will strengthen the company’s insurance vault.

Additionally, the firm has a clear timeline for the HSK token’s listing on its platform. By mid-2024, traders can expect the HSK token to be actively traded. This decision complements HashKey’s overarching strategy of enhancing its retail trading offerings and facilitating a cohesive digital asset sphere, particularly in Asia.

However, HashKey’s foresight continues beyond there. As the global conversation shifts towards real-world asset (RWA) tokenization, HashKey recognizes the inherent potential. Weng stressed the importance of regulated platforms in this domain. Consequently, the company is actively collaborating with the SFC on several pivotal RWA cases that promise to reshape the market dynamics.

Users eager to experience HashKey’s offerings can find the app available as of November 1, 2023, at 3:11 AM (UTC) on both the App Store and Google Play. Additionally, the platform has incorporated bank transfers from 17 global regions and accepts deposits in both Hong Kong dollars (HKD) and U.S. dollars (USD).

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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