This is an important step in the city’s larger strategy to establish itself as a crypto hub.

HashKey’s goals are simple: they want to sign up 10 million retail customers by 2025.

Hong Kong, a major financial center on the world stage, has taken a major step forward in fortifying its crypto position. One of the first exchanges to get a license from the city’s SFC, HashKey Exchange, officially welcomed retail investors on Monday.

This is an important step in the city’s larger strategy to establish itself as a hub of the expanding crypto market. This move affects the city’s fintech scene in ways that go well beyond the immediate effects on retail traders.

In addition to allowing investors to buy crypto in USD directly, HashKey’s launch also paves the way for transactions in Hong Kong dollars, which are expected to be live “within a week or two,” as stated by HashKey Group COO Livio Weng.

HashKey’s goals are simple: they want to sign up 10 million retail customers throughout the world by 2025. This year, they want to sign up 500,000.

Setting High Benchmark

Strict licensing standards imposed by the SFC in areas including asset custody, cybersecurity, and corporate governance further demonstrate the SFC’s dedication to providing a safe trading setting to investors of all experience levels.

However, obstacles exist, as they do with any new financial paradigm. Recently, the SFC has issued warnings to platforms that make false promises of compliance. Traders should exercise caution by dealing only with authorized exchanges.

As a result, the world is keeping a close eye on Hong Kong’s crypto initiatives, and the region’s commitment to combining innovation with security. The establishment of the HashKey Exchange is a reflection of the city’s readiness to embrace the crypto and blockchain realm.

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Filed under: Bitcoin - @ August 28, 2023 7:11 pm