HashKey Wins First Hong Kong Crypto License
HashKey becomes the first exchange to receive a crypto license in Hong Kong, marking a significant milestone in the city's new regulatory regime.
In a significant development in the crypto world, HashKey has become the first exchange to receive a crypto license in Hong Kong. This milestone marks the beginning of a new regulatory era in Hong Kong, with HashKey leading the way.
HashKey, a crypto exchange, has made history by becoming the first company to receive a crypto license under Hong Kong's new regulatory regime. With this license, HashKey can now offer crypto trading services to retail customers.
Previously, HashKey had already joined a standalone licensing program to operate in the city through a preferential channel with regulatory authorities. Now, it is authorized to operate in the territory in line with the new regulation.
The approval comes just two months after the launch of the new Virtual Asset Service Provider regulation, introduced on June 1, 2023. This marks Hong Kong's first step towards becoming a globally significant hub in the crypto industry.
Hong Kong's Crypto Ambitions
While China continues to impose an absolute ban on crypto transactions (the crackdown began in September 2021), semi-autonomous regions like Hong Kong are opening up to crypto companies. They are even encouraging the world's largest banks to work with them, a stance diametrically opposed to that of the central government.
Hong Kong began issuing a series of statements in favor of an open crypto business policy from October 2022, aiming to strengthen its position as a globally significant financial center.
In December, Hong Kong's Legislative Council approved an amendment to introduce the new licensing regime, which is now fully available to virtual asset service providers.