HashKey becomes the first licensed cryptocurrency exchange to serve retail customers in Hong Kong.
A spokesperson from the company told Cointelegraph that HashKey holds an optimistic outlook for the development of Web3 in the region, which has been driven by support from the government and SFC. The exchange aims to onboard 500,000 to 1 million users by the end of 2023 both locally and abroad.
A statement from HashKey Group COO Livio Weng highlighted the importance of favorable regulatory oversight from the Hong Kong government and SFC as a key driver of growth for the Web3 ecosystem: Weng added that the environment being created in Hong Kong could spark a “virtuous cycle of development with the industry”, with favorable regulatory parameters positioning the region as a potential alternative for Web3 firms to relocate to.
The exchange has also adopted a number of regulatory requirements in line with Hong Kong’s guidelines, including detailed user screening, AML inspections and transaction monitoring across its operations.
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