HashKey debuts global trading in 20 currencies

The major advancement on the global scene for HashKey Group, which has ranked itself among the major players in the virtual asset trading platform sector, is that it just bought the “comprehensive digital asset investor protection system license” from Bermudan authorities. This marks the milestone for HashKey, which will launch the HashKey Global trading platform featured by the workable opening of over 20 currencies in its initial stage, and then continue to launch financial products like futures, etc., within the next quarter. 

The COO of HashKey Group, Weng Xiaoqi, articulated her hope that the regulatory process could potentially see the contributions of the production data and experience produced by these products as a reminder to the Hong Kong Securities and Futures Commission in what direction to approve them and thereby ultimately guide the shaping of a more digitalized and advanced regulatory landscape in Hong Kong.

The international platform of HashKey, HashKey Global, was set up expressly to solve the issue arising from Hong Kong’s current regulatory regulations, which require a retail investor to open a bank account in a designated region to participate. As the HashKey Exchange Hong Kong platform has about 170,000 users, Weng expects that the global platform will open up a huge market for those that cannot pass the strict requirements of the Hong Kong platform and will enable direct stablecoin transactions like USDC and USDT.

Meanwhile, the HashKey exchange was set aside to serve more institutional customers from restricted regions like mainland China, Hong Kong, the United States, and other places. While virtual asset platforms are controlled by law in those regions, Hashkey Global intends to reach retail investors in other areas.

In spite of the current absence of Bitcoin and Ethereum for retail investors in Hong Kong, Weng disclosed the possibility of expanding the currency and also exploring derivative trading on the new trading platform. With HashKey’s existing scale of asset management now over HK$2 billion, the commencement of HashKey Global is anticipated to quadruple it to HK$8 billion by the end of the year.

Weng believes that the innovations tested on the international platform may provide data that can be extremely valuable for improving Hong Kong’s regulatory mechanisms for futures trading. As one tactic, he proposes making available the data and experiences of the platform’s global operations, which could cause the Security and Futures Commission to reconsider its position, bringing progress in terms of regulation.

On the horizon, HashKey sets off to the next stage: conducting business through the framework of authorized licenses, which includes negotiations for the additional licenses already in progress. Its vision is to establish an entity in the Asia Pacific region to begin the licensing process in other jurisdictions. In the process, it learns about the legal provisions from the different areas of virtual assets to guide its business practices in the future.

The point is that Weng uses as an example of the sustainable business model that is licensing before business development, as opposed to the unsustainable practices the business had before. Through HashKey’s acquisition of the Bermuda license, which is facilitated by its track record of proven success and fast process in close collaboration with the Hong Kong regulatory authorities, the strategic advantage of being based in Hong Kong and the prospect of the industry’s future are reaffirmed.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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