Hash Blockchain Limited (HBL), a member of the HashKey Group (HashKey), a blockchain asset financial services group in Asia, announced today that it has received approval from the Hong Kong Securities and Futures Commission (SFC) to operate a virtual asset trading platform, under a Type 1 (securities trading) license and type 7 (automated trading services ATS license) for professional investors.
With the SFC licenses, HashKey Group has now become the world’s leading digital asset group with virtual asset licenses from the SFC of Hong Kong, the Financial Services Agency of Japan, and an exemption from operating under of the Monetary Authority of Singapore Payment Services Act.
Trading with HashKey
HashKey PRO is the name of HBL’s institutional-grade crypto asset trading platform. HashKey PRO will provide professional investors with automated trading services for cryptocurrencies such as bitcoin and ether, as well as stablecoins, security tokens, etc.
Unlike other unregulated crypto trading platforms, HashKey PRO is designed to ensure a high level of client asset protection. Client assets are segregated and held by HashKey Custody Services Limited, which holds a trust service provider or company license in Hong Kong.
HBL’s licensing issuances come after an October 31, 2022 statement from the City’s Financial Services and Treasury Bureau, which outlined its vision and approach to making Hong Kong an international center for virtual assets.
“The recent policy statement demonstrates the Hong Kong government’s dedication and commitment to enhancing the city’s status as a leader and leader in blockchain and asset regulation and innovation. virtual. We are delighted to have received the licenses in the context of this positive announcement. This enables us to provide regulated and compliant virtual asset trading services while continuing to help build the financial, technology and service infrastructure to facilitate and contribute to the rapid growth and long-term development of the ecosystem. .
– Michel Lee, Executive Chairman of HashKey Group
In 2022, the Hong Kong government and regulators established new guidelines and a licensing framework to regulate virtual asset trading activities in the interests of consumer and investor protection.
A joint circular announcement was issued by the SFC and the Hong Kong Monetary Authority on January 28, 2022 stating that registered institutions and licensed companies are required to partner only with SFC-licensed TVAPs in order to provide trading virtual assets to their clients.
During Hong Kong FinTech Week 2022, the SFC also issued a circular on virtual asset futures exchange-traded funds, indicating that the SFC will begin accepting applications for authorization from such funds. The SFC has begun reviewing the “professional investor only” requirement applicable to investment of virtual asset products and is preparing a circular to establish a modified security token regime to treat tokenized assets in line with traditional assets on a “same activity, same risk and approach “the same rules”.