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HashKey Exchange Becomes First Licensed Retail Crypto Trading Platform in Hong Kong

Hong Kong, 3 August 2023 – HashKey Exchange has announced the official upgrade of its Type 1 and Type 7 licences, becoming the first licensed virtual asset exchange for retail users in Hong Kong. This significant milestone marks a new era in the region’s cryptocurrency landscape.

License Upgrade and Expansion

Previously holding Type 1 and Type 7 licences, HashKey Exchange underwent a simplified process to obtain the licence upgrade. This allows the platform to expand its services from professional investors to retail users, addressing the market’s need for a licensed platform that offers a secure and straightforward process for buying and storing cryptocurrencies.

The COO of HashKey Group, Livio Weng, stated: “With the establishment of licensed trading platforms and the further clarity of regulatory frameworks in Hong Kong, the industry as a whole will witness increased transparency, leading to a significant boost in investor confidence.”

Security Measures

Security remains a paramount concern for HashKey Exchange. The platform has implemented multi-layered protection of user assets, with 98% of funds kept in cold storage and 2% in hot wallets. Regular audits and compliance inspections are conducted by the Big 4 auditing firms, reinforcing its reputation as one of the most secure exchanges globally.

New Services and Partnerships

In addition to supporting fiat currency deposits and withdrawals, HashKey Exchange has launched its virtual asset over-the-counter (OTC) trading service, HashKey Brokerage, the first compliant OTC trading platform in Hong Kong. The platform has also partnered with Standard Chartered Bank to enhance fiat currency deposit and withdrawal services.

Team Expansion and Pre-Registration

Recently, HashKey Exchange has onboarded over ten senior professionals to collaborate with top financial experts in Hong Kong, ensuring exceptional product quality and user experience. The exchange has also opened pre-registration, offering rewards with HashKey EcoPoints (HSK) and planning a grand ceremony in August to celebrate this milestone.

About HashKey Exchange

HashKey Exchange is a Hong Kong Securities and Futures Commission (SFC) licensed virtual asset exchange operating under Hash Blockchain Limited in Hong Kong. With ISO 27001 and ISO 27701 certifications, the exchange aims to set the standard for virtual asset exchanges in compliance, safety, and security.

HashKey Exchange and Animoca Brands Unite to Boost Web3 in Asia

Hong Kong-based HashKey Exchange, a licensed virtual asset exchange, has entered a strategic partnership with Animoca Brands, a pioneer in digital property rights and gaming for the metaverse, according to Press Release shared with Blockchain.News by HashKey. This collaboration, announced on January 23, 2024, represents a significant step forward in the evolution of the Web3 and digital entertainment ecosystem in Asia.

HashKey Exchange, part of HashKey Group, aims to be a foundational player in the Asian Web3 digital entertainment landscape, contributing to network security and operational efficiency. The exchange has recently made headlines with its nearly $100 million Series A fundraising, propelling it to unicorn status with a valuation exceeding $1.2 billion. This financial milestone underscores the exchange’s rising influence in the virtual asset sector and highlights its capacity for substantial industry impact.

On the other side, Animoca Brands is renowned for leveraging blockchain technology in digital gaming and the metaverse, asserting digital property rights for consumers globally. Its portfolio includes high-profile projects like The Sandbox (SAND), PHANTOM GALAXIES, and partnerships involving major intellectual properties. Animoca Brands’ commitment to the open metaverse and its extensive involvement in the Web3 space make it a key player in the industry.

The Memorandum of Understanding (MoU) between these two entities outlines several cooperative initiatives. These include public education about Web3, potential listing of virtual assets on HashKey Exchange, and leveraging technologies like smart contracts and zero-knowledge proofs. This partnership also involves Animoca Brands opening an account with HashKey Exchange, emphasizing a joint dedication to compliant virtual asset trading.

Livio Weng, COO of HashKey Group and CEO of HashKey Exchange, expressed enthusiasm about partnering with Animoca Brands, recognizing the collaboration as a commitment to innovative offerings for users and a catalyst for the growth of digital entertainment. Similarly, Yat Siu, co-founder and executive chairman of Animoca Brands, emphasized the alignment of this partnership with their mission to democratize blockchain technology and digital ownership.

This strategic union marks a significant moment in the Web3 sphere, particularly in Asia. It represents a convergence of expertise in digital asset trading and blockchain-based digital entertainment, poised to influence the market significantly. By combining HashKey Exchange’s robust platform and financial prowess with Animoca Brands’ innovative approach to digital rights and gaming, this partnership is set to catalyze the growth and evolution of the digital entertainment industry in the region.

Hong Kong Sets 50% Insurance Mandate for Crypto Exchanges

Hong Kong’s Securities and Futures Commission (SFC) has recently introduced a new regulation mandating that all licensed crypto exchanges in Hong Kong must insure at least 50% of their customers’ assets. This move aims to enhance the security and trustworthiness of these platforms, particularly in the event of a security breach or insolvency. OSL Exchange and HashKey Exchange, two prominent licensed virtual asset trading platforms in Hong Kong, have responded proactively to this mandate.

OSL Exchange has entered into a two-year partnership with Canopius, a syndicate of underwriter Lloyds of London, to secure an insurance policy that covers a remarkable 95% of its users’ assets. This level of coverage significantly surpasses the minimum requirement set by the SFC. Similarly, HashKey Exchange has signed an agreement with OneInfinity to provide insurance coverage of up to $400 million worth of users’ assets. This coverage may potentially be expanded in the future to include incidents such as server downtime and data back-up issues.

These measures are part of Hong Kong’s broader efforts to regulate the cryptocurrency industry. Since the opening of crypto trading to retail investors in the region last August, OSL and HashKey have been the only exchanges to receive virtual asset trading licenses. Currently, thirteen entities are in the process of applying for such licenses. These licenses require applicants to pass comprehensive due diligence checks, including traditional financial audits that are broader in scope than mere proof-of-reserves.

This insurance mandate not only serves to protect investors but also significantly raises operational standards among crypto exchanges. It could potentially influence other global financial centers to adopt similar protective measures, thereby elevating the safety standards of the global cryptocurrency market.