2023-08-28 14:14:17
Hong Kong’s first licensed retail exchange, HashKey Exchange, was licensed by the Hong Kong Securities Regulatory Commission this month, approving the provision of virtual asset platform services to retail investors. Today (28th) the “Hashkey Exchange Launching Ceremony” was held at the Hong Kong Maritime Museum to announce the details of the new platform and products, the details of launching fiat currency deposit and withdrawal services with top banks, and hold an insurance company insurance ceremony aimed at protecting the rights and interests of retail users .
After the Hong Kong Securities Regulatory Commission launched the licensing system in June this year, the Hong Kong HashKey Exchange announced on August 3 that it had obtained the upgrade of the No. 1 (securities trading) and No. 7 (providing automated trading services) licenses. Retail investors provide services. HashKey Exchange also stated that today (28th) it will open retail trading platform applications, and open retail investors to open BTC/USD, ETH/USD, BTC/HKD and ETH/HKD trading pairs, and can freely withdraw and store value.
Weng Xiaoqi, chief operating officer of Hashkey Group, said that a grading system will be established for retail investors. HashKey will evaluate investors’ investment experience and risk-taking ability through the KYC (Know Your Customer) process. HashKey will also use questionnaires to determine whether investors understand virtual asset investment. Weng Xiaoqi revealed that the first batch of retail investors can only trade BTC and ETH, and nearly 80% of the current market transactions are in these two currencies, so it is believed that HashKey can meet most of the needs. Weng Xiaoqi added: “Currently, the China Securities Regulatory Commission has not approved the provision of “margin” and “derivative” instruments. In the future, when the supervision permits, it will also classify related products and launch various products to different types of users. “
The HashKey platform will cooperate with a number of note-issuing commercial banks to provide users with fiat currency deposit and withdrawal services. At this stage, HashKey has not yet supported Hong Kong dollar transactions, only USD transactions. In addition, HashKey only accepts bank card transactions for the time being, and does not yet support credit cards. HashKey currently does not support user registration in China, Japan, Malaysia and other jurisdictions that restrict virtual assets and other sanctioned countries/regions.
HashKey also stated that the company adopts hot and cold wallet separation technology, and the platform also stores 98% of virtual assets in an independent cold wallet system, and only keeps 2% of assets in hot wallets to protect user assets.
Weng Xiaoqi said that currently HashKey will launch discounts, all transactions will not charge fees, and has already insured platform users to protect 50% of the assets in the user’s cold wallet and 98% of the assets in the hot wallet. The insurance scale of the entire platform is 500 million US dollars (approximately HK$3.923 billion).
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