HashKey obtains Hong Kong’s SFC license for OTC crypto trading

Rick Steves

“A regulated exchange can make a difference in the OTC market in Hong Kong to provide a more secure and transparent environment for investors to trade digital assets, compared to the often opaque and unregulated nature of the OTC business.”

HashKey has obtained approval from the Securities and Futures Commission of Hong Kong to carry on an off-platform virtual asset trading business.

HashKey will now be able to offer over-the-counter (OTC) virtual asset trading with HBL acting as the intermediary to facilitate trades between two parties, even if they wish to trade tokens that are not listed on the exchange’s order book.

HashKey holds 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 with its jurisdiction adhere to high standards of transparency, security, and integrity.

The SFC’s approval is a major milestone for HashKey, which is determined to provide regulatory compliant digital asset products to its clients.

HashKey Group holds several virtual asset licences, including OTC licences, from the Hong Kong SFC and the Financial Services Agency of Japan. The company has also been granted an exemption from holding a licence under the Payment Services Act (“PS Act”) to provide digital payment token (DPT) services for a specified period, from the Monetary Authority of Singapore.

The HashKey Group has previously received approval from the SFC to operate a virtual asset trading platform under a Type 1 (dealing in securities) licence and a Type 7 (providing automated trading services) licence for professional investors, through its subsidiary HBL.

Regulated OTC trading makes a difference in Hong Kong

Michel Lee, Executive President of HashKey Group, said: “We are thrilled to receive the approval from the SFC. Our experience with the OTC business has been valuable, and this approval now provides clients with an option to face an entity that is licensed in Hong Kong. As we continue to prepare for the launch of HashKey PRO – our regulatory compliant virtual assets exchange, we are excited to be able 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 more secure and transparent environment for investors to trade digital assets, compared to the often opaque and unregulated nature of the OTC business. HashKey PRO is committed to fostering greater trust and confidence among investors. This, in turn, can help attract a broader base of participants to the market and facilitate the mainstream adoption of digital assets.”

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