HashKey Group, the parent company of Hong Kong cryptocurrency exchange HashKey Exchange, has announced its expansion into overseas markets with the launch of HashKey Global trading platform. The company has obtained a comprehensive license from the Bermuda Digital Asset Investor Protection System, allowing it to provide services to retail investors who are unable to access the Hong Kong market.
HashKey Exchange, which has obtained regulatory licensing, is now able to offer trading services to local retail investors. In order to expand its business, HashKey Group is seeking to venture into offshore operations.
According to a report by Hong Kong Economic Times, HashKey Group’s Chief Operating Officer, Tony Wong, stated that the company has obtained the comprehensive license from Bermuda’s Digital Asset Investor Protection System and officially launched the HashKey Global trading platform.
Wong mentioned that HashKey Exchange has around 170,000 customers, with an estimated potential customer base four times larger than its existing customer base. However, due to regulatory constraints, this potential cannot be fully realized through its Hong Kong operations. Therefore, HashKey Group has established the HashKey Global platform, which allows direct trading with stablecoins such as USDT and USDC.
The initial phase of the new platform, HashKey Global, will support over 20 cryptocurrencies and will eventually offer futures and collateralized products. Currently, HashKey’s asset management scale exceeds HK$2 billion, and it is expected to quadruple to HK$8 billion by the end of the year after the new platform is launched.
Wong explained that the two platforms under HashKey Group have different focuses: HashKey Exchange, with its Hong Kong license, targets the Hong Kong and surrounding markets, as well as institutional clients. HashKey Global, on the other hand, serves retail investors who are unable to access the Hong Kong market, excluding countries such as China, Hong Kong, the United States, and countries that explicitly prohibit operating virtual asset platforms. The main customer sources are expected to be overseas Chinese and users from Southeast Asian countries.
Wong emphasized that the Hong Kong platform adopts the highest standards in user protection, while the global platform can experiment with innovative features, hoping to summarize the experience and promote Hong Kong’s development.
Regarding future plans, HashKey will continue to operate its exchange business in a licensed manner. Wong revealed that two additional licenses are currently under discussion. Over the next five years, the company will focus on Hong Kong and the Asia-Pacific region, aiming to obtain licenses in different regions globally and establish interactive relationships by accumulating operational experience.
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