Wednesday, February 28, 2024

HashKey PRO Moves to Expand Retail Services in Hong Kong with New License Application

HashKey PRO, a Hong Kong Securities and Futures Commission (SFC)-licensed virtual asset trading platform, has taken a major step towards broadening its services in the region. The firm announced that it has submitted an application to provide retail services in Hong Kong under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap 615). This move signifies HashKey PRO’s increased focus on regulatory compliance and its mission to establish a reliable trading platform for retail investors.

Michel Lee, the Executive President at HashKey Group, underlined the platform’s commitment to meeting retail investors’ needs and safeguarding their interests. He stated, “Our proactive application for the required license showcases our dedication to regulatory compliance, crafting a platform that is specifically tailored to the retail user experience, and meeting the rapidly evolving demands of the industry.”

As per the latest Consultation Conclusions on the Proposed Regulatory Requirements for Virtual Asset Trading Platform Operators, licensed platforms are expected to comply with specific Guidelines. These include licensing and conduct requirements. Recognizing the crucial importance of robust investor protection measures, HashKey PRO commits to conducting suitability assessments, setting up a token admission and review committee, and adhering to rigorous due diligence and admission criteria for virtual assets offered to retail users.

Colin Zhong, CEO of HashKey PRO, expressed his excitement about the growth potential of the virtual asset industry and the opportunity to expand and deepen this market in Hong Kong. He emphasized the platform’s focus on compliance and client fund safety, stating, “Our operational model is built around these principles. We are confident that our value proposition will significantly differentiate us from the competition and establish us as a trusted platform.”

The submission of the license application is a significant milestone for HashKey PRO as it sets its sights on becoming a fully licensed platform catering to retail investors in Hong Kong. The firm anticipates closely cooperating with the SFC and relevant authorities to provide retail investors with a secure, compliant, and user-centric trading experience.

HashKey PRO is a virtual asset trading platform licensed by the SFC. Operating under Hash Blockchain Limited in Hong Kong, it has been approved to operate a virtual asset trading platform under a Type 1 (Dealing in securities) license and a Type 7 (Providing automated trading services) license. It offers fiat trading pairs and on/off-ramp support and is ISO 27001 and ISO 27701 certified.

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