• Hong Kong-based crypto exchange HashKey has received approval licenses from the Securities and Futures Commission.
• The license upgrade allows retail users to enjoy a safe and simple trading experience.
• Moreover, customers can deposit and withdraw fiat currency with the help of Standard Chartered Bank.

HashKey Exchange Licenses Approved

Hong Kong-based crypto exchange HashKey has received approval licenses from the Securities and Futures Commission (SFC). This marks the start of crypto trading in the city, as users can officially trade digital assets while the exchange can expand its business scope for both professional investors and retail users.

License Upgrade

The company applied for the license upgrade in July as it emerged in the city. With this new licensing system, HashKey can offer services to both individuals and companies that comply with Hong Kong’s new rules and with a secured license.

Standard Chartered Bank & Fiat Currency

Moreover, with the help of Standard Chartered Bank, HashKey users will also be able to deposit and withdraw fiat currency. In June, the Hong Kong Monetary Authority (HKMA) requested HSBC and Standard Chartered to bring more crypto platforms to the city.

Fundraising Efforts

Per Bloomberg report, HashKey Group has been trying to raise between $100 million and $200 million at a $1 billion valuation since May.

Web3 Taskforce & Ethical Growth

The news comes a month after Hong Kong government announced development of web3 taskforce which will be responsible for ethical growth of decentralized industry within region.