HashKey Gets Hong Kong’s SFC License for OTC Crypto Trading
“A regulated exchange can make a difference in the OTC market in Hong Kong to provide a safer and more transparent environment for investors to trade digital assets, compared to the often opaque and unregulated nature of the OTC business.”
HashKey has received approval from the Securities and Futures Commission in Hong Kong to operate an off-platform business of trading virtual assets.
HashKey will now be able to offer over-the-counter (OTC) virtual asset trading with HBL as an intermediary to facilitate trading between two parties, even if they want to trade tokens that are not listed in the exchange’s order book.
HashKey has licenses in Hong Kong and Japan, exemption in Singapore
The approval highlights HashKey’s commitment to providing a safe and secure trading environment for its clients, as the SFC ensures that companies operating under its jurisdiction adhere to high standards of transparency, security and integrity.
The SFC’s approval is an important milestone for HashKey, which is committed to providing regulatory digital asset products to its clients.
HashKey Group holds several virtual asset licenses, including OTC licenses, from the Hong Kong SFC and the Financial Services Agency of Japan. The Company has also been exempted from holding a license under the Payment Services Act (“PS Act”) to provide digital payment token (DPT) services for a specified period, from the Monetary Authority of Singapore.
HashKey Group has previously received approval from the SFC to operate a virtual asset trading platform under a Type 1 license (trading securities) and a Type 7 license (offering automated trading services) for professional investors, through its subsidiary HBL.
Regulated OTC trading makes a difference in Hong Kong
Michel Lee, CEO of HashKey Group, said: “We are delighted to receive the approval from the SFC. Our experience in the OTC business has been valuable and this approval now gives customers an opportunity to meet an entity licensed in Hong Kong. As we continue to prepare for the launch of HashKey PRO – our regulatory virtual asset exchange, we are excited to offer more products in the pipeline.”
Colin Zhong, CEO of HBL, commented: “A regulated exchange can make a difference in the OTC market in Hong Kong to provide a safer and more transparent environment for investors to trade digital assets, compared to the often opaque and unregulated nature of OTC . business. HashKey PRO is committed to promoting greater trust and confidence among investors. This in turn can help attract a wider base of participants to the market and facilitate the mainstream adoption of digital assets.”
