Cryptocurrency

HashKey Submits License Agreement to Hong Kong SFC for Virtual Asset Trading Platform

Having established itself as a renowned institutional-grade trading platform, HashKey Pro has announced that it has submitted a license application to the Hong Kong Securities and Futures Commission (SFC). The application has been filed to get a nod from the regulatory authority for setting up a cryptocurrency trading platform in Hong Kong.

On November 6, Mr. Ashley Ian Alder, the CEO of SFC, made an official announcement regarding the new licensing code for “virtual asset trading platforms” while addressing the attendees during Hong Kong FinTech Week. The SFC released a position paper concerning the virtual assets trading platform. The document stated that the trading solutions that will comply with the necessary requirements could apply for a license for initiating Types 1 and Types 7 regulated activities aimed at the cryptocurrency trading business. Types 1 activities deal with securities while Type 7 activities are related to automated trading services.

This critical step is likely to play an important role in advancing the Asian digital assets arena as it facilitates an efficient regulatory module for crypto trading platforms, thereby allowing them to flourish their business. After getting the license, the regulated virtual assets trading platforms will get the opportunity to lend trading support to compliant security tokens. These digital currencies serve to bring the advantages of blockchain-oriented issuance and settlement to traditional along with other alternative financial products.

The reputed Executive President of HashKey Group, Mr. Michel Lee, stated that,

“The SFC’s framework focuses on protecting investors, ensuring safe asset custody and market integrity, all of which will play an extremely important role for FinTech, blockchain and digital asset industries in Hong Kong and Asia. HashKey Group and its digital asset trading platform, HashKey Pro, are excited by the new opportunities ahead.”

HashKey Group has been an active platform, which is working to cater to the requirements of professional investors as well as imparting the necessary knowledge to them about the new-age technology.

Earlier in March this year, the leading entity channelized Hong Kong’s first institutional-grade and professional investors committed HashKey International Digital Asset Summit. The firm also organized a series of Digital Asset Intelligence education seminars in collaboration with the FinTech Association of Hong Kong, the entity which serves as the country’s leading professional FinTech conglomerate. Apart from this, HashKey Pro was elected by Blockstack to be its crucial partner in increasing its investor base. The collaboration aimed to take advantage of HashKey’s excellence in blockchain and its approach amongst the market participants including the high net-worth groups, institutional and professional investors, small and medium-size funds, etc.

HashKey pro is the brainchild of HashKey Group, which offers the best blockchain products and services aimed towards innovation, entrepreneurial promotion, and strategic contribution to the blockchain space.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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