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HashKey Group, offering over 20 cryptocurrencies, has officially launched a new global trading platform targeting international users not served by HashKey Hong Kong. HashKey COO Livio Weng announced that the new platform has obtained a crypto asset business license in Bermuda to provide compliant trading services starting today.
HashKey Targets International Users
The crypto world is reshaping with the new move by HashKey Global. Individual investors will now be able to trade cryptocurrencies with stablecoins such as Tether (USDT) and USD Coin (USDC). Additionally, HashKey platform announced plans to initiate futures trading in the coming periods.
The existing regulatory framework in Hong Kong limits HashKey’s operations to specific banking accounts. Therefore, individual and institutional investors will only be able to transact on the platform if they have designated accounts.
Aiming for Fourfold Growth
The exchange, currently with 170,000 users, aims to target four times as many potential users without regional restrictions, according to CEO Kevin Weng. To tap into this growth potential and expand service areas, the new global platform is focusing on markets like Mainland China, Hong Kong, the United States, and other regions without crypto bans.
For now, individual investors in Hong Kong can only trade with Bitcoin (BTC) and Ethereum (ETH). However, HashKey Global has applied to the Securities and Futures Commission (SFC) for four additional assets in 2023. Yet, it is stated that these applications have not been approved.
According to Weng, the primary goal of the cryptocurrency exchange HashKey Global is to attract Chinese customers abroad and the Southeast Asian market. The exchange, currently managing assets worth 2 billion Hong Kong dollars, aims to quadruple this figure by the end of the year.
Could Make a Significant Contribution to Legal Regulations
The global platform could also serve as a sandbox for the company to test new products and features, which could contribute to regulatory developments in Hong Kong in the long run.
However, according to Weng, the SFC is hesitant about greenlighting futures trading due to concerns about risks. Weng believes that successful long-term tests on the global platform could alleviate these hesitations and prompt the authority to reassess.
