Hong Kong has emerged as a crypto powerhouse with the licensed launch of the HashKey crypto exchange. The exchange first included the leading crypto Bitcoin and the leading altcoin Erhereum on its list. Shortly after that, he gave the good news for 3 altcoins.
Good news for these 3 altcoins from HashKey!
As a global financial hub, Hong Kong has taken an important step to strengthen its crypto position. The city’s Securities and Futures Commission (SFC) has granted HashKey the first license in crypto. After that, HashKey opened its virtual doors to individual investors on Monday. The cryptocurrency exchange first included Bitcoin and Ethereum on its list. It also included USDT on its list as a stablecoin. Shortly after this news, HashKey also gave good news for two leading altcoins such as Polygon (MATIC) and Avalanche (AVAX). Crypto reporter Wu Blockchain announced the development as follows:
Hong Kong compatible exchange will open Hashkey, MATIC/USD and AVAX/USD trading pairs to professionals. Ordinary individual investors can trade BTC ETH USDT and USDC. Previously, the US SEC had listed numerous L1 tokens as securities, such as MATIC, AVAX, SOL.
Just In: Hong Kong compliant exchange Hashkey will open MATIC/USD and AVAX/USD trading pairs to professionals. Ordinary retail investors can trade BTC ETH USDT and USDC. Previously, the US SEC had listed a large number of L1 tokens such as MATIC AVAX SOL as securities.… pic.twitter.com/NReqzPd2t0
— Wu Blockchain (@WuBlockchain) August 28, 2023
Ambitious goals amid fintech evolution
Hong Kong’s Hashkey move follows a large-scale strategic move. Authorities are working to make the city a central node in the evolving universe of digital assets. This decision has immediate implications for individual investors, as well as deeper implications for the city’s fintech landscape. According to Livio Weng, COO of HashKey Group, the launch of HashKey will not only allow investors to trade Bitcoin and the leading altcoin Ethereum directly using the US dollar, but a rollout for transactions in Hong Kong dollars is also on the horizon. Accordingly, it plans to start operations “within a week or two”.
Moreover, the goals of HashKey are also quite clear. Because by the end of the year, they aim to add 500,000 to 1 million global individual users. It also has targets to reach 10 million by 2025. In addition, the strict licensing requirements set by the SFC, covering aspects such as asset custody, cybersecurity and corporate governance, underline its commitment to providing a safe trading environment for new and experienced investors.
Hong Kong’s challenges
However, as with every financial revolution, there are challenges. The SFC has recently issued warnings against platforms making unsubstantiated compatibility claims. As a result, investors need to be careful and make sure they only work with licensed platforms.
cryptocoin.com Investors are at risk of potential losses from unregulated exchanges due to security vulnerabilities such as altcoin hacks or asset misuse. So, as the world watches Hong Kong’s crypto initiatives, the region’s determination to combine innovation with security is also evident. The launch of the HashKey Exchange demonstrates the city’s ability and foresight to adapt to the digital future of finance.
