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HashKey Group Secures Bermuda License, Launches Global Platform

HashKey Group has recently unveiled its latest global trading platform, featuring a diverse selection of more than 20 cryptocurrencies. This platform is specifically designed to cater to international users who were previously underserved by HashKey Hong Kong.

As reported by the Hong Kong Economic Journal, Livio Weng, the COO of HashKey, announced that the new platform has obtained a digital asset business license in Bermuda. This allows the platform to offer fully compliant trading services, effective immediately.

HashKey Targets 4x International Users

Through HashKey Global, individual investors now have access to trade more than 20 cryptocurrencies alongside stablecoins like Tether (USDT) and USD Coin (USDC). Additionally, the platform has plans to introduce futures trading within the first quarter following its launch.

Weng noted that, due to the prevailing regulatory framework in Hong Kong, only retail investors with designated banking accounts and institutional investors are permitted to trade on HashKey.

Despite already amassing around 170,000 users, Weng estimated that the potential user base interested in trading, but lacking access to the regional platform, is approximately four times the current user count.

In order to capitalize on this potential and broaden its market reach, the new global platform is strategically aimed at international users, with the exception of Mainland China, Hong Kong, the United States, and other jurisdictions where crypto trading is prohibited.

Global Platform to Advance Regulation

Presently, individual investors in Hong Kong are limited to trading only Bitcoin (BTC) and Ethereum (ETH). Despite the Group’s submission of an application to the Securities and Futures Commission (SFC) in 2023 for four additional assets, no approval has been granted thus far.

Weng anticipates that HashKey Global will primarily attract Chinese customers residing overseas and the Southeast Asian market. While the exchange currently manages total assets of HK$2 billion, Weng projects that this figure could quadruple by year’s end.

The global platform serves as a sandbox for the company to experiment with new products and features. The operational insights gained may ultimately inform regulatory developments in Hong Kong.

Weng acknowledges the SFC’s reluctance to approve futures trading due to its inherent risks. However, he suggests that after undergoing testing on the global platform for six months to a year, with cautious features such as low leverage (e.g., two or three times leverage for Bitcoin and Ethereum), it may prompt the authority to reconsider its stance.

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