HashKey Exchange, a Hong Kong Securities and Futures Commission (SFC) licensed virtual asset exchange, has officially announced the upgrade of Type 1 and Type 7 licenses, marking the first licensed trading platform in Hong Kong to offer retail services.

HashKey Exchange said in a statement on Thursday that as an existing Type 1 and Type 7 licences holder, the firm successfully underwent a simplified process to obtain the license upgrade.

The successful license upgrade allows HashKey Exchange to expand its business scope from serving professional investors to retail users, fulfilling market demand for a licensed platform that offers users a safer and simpler process for buying and storing cryptocurrencies.

HashKey Exchange also announced a brand revamp, now providing both professional investors and retail users with more secure and convenient virtual asset trading experiences.

“We are thrilled to become the first licenced trading platform in Hong Kong dedicated to serving retail users,

“With the establishment of licensed trading platforms and the further clarity of regulatory frameworks in Hong Kong, the industry as a whole will witness increased transparency, leading to a significant boost in investor confidence. As an industry leader, we will continue to fulfill our commitments in compliance, safety and security, ensuring our user benefits are fully protected and creating a trading platform tailored to retail users,” said Livio Weng, Chief Operating Officer of HashKey Group.

It is noted that safety remains a top priority for HashKey Exchange.

The platform was designed and developed from the outset in accordance with regulatory requirements to achieve native compliance, with a focus on multi-layered protection of user assets.

User funds are kept under segregated accounts, separated from platform operations, with 98 percent in cold storage and 2 percent in hot wallets.

In addition, the platform strictly adheres to regulatory requirements and undergoes regular audits and compliance inspections conducted by the Big 4 auditing firms, establishing itself as one of the most secure exchanges globally.

In addition to supporting fiat currency deposits and withdrawals, HashKey Exchange will establish more partnerships with top tier banks to provide convenient fiat currency funding and withdrawal services for users.

Furthermore, the platform has opened the only compliant off-platform trading (OPT) services in the Asia-Pacific region, offering users more trading options.

Simultaneously, HashKey Exchange has officially launched HashKey Brokerage.

This is the first compliant OPT services in Hong Kong following the implementation of the new virtual asset exchange regulatory framework by the Securities and Futures Commission in June.

The platform offers high liquidity bulk trading for investors and high-net-worth clients, providing a secure and reliable channel for fund circulation.

In addition to supporting fiat on-and-off ramps, HashKey Exchange has also partnered up with commercial banks including note issuing banks in Hong Kong to provide users with convenient fiat currency deposit and withdrawal services.

At the same time, the firm also offers compliant OPT services, expanding users’ trading options.

Recently, HashKey Exchange has been actively expanding its team, onboarding over ten senior professionals with extensive experience in exchange operations.

They will collaborate with top financial experts in Hong Kong to form the core team of HashKey Exchange, ensuring exceptional product quality and user experience.

HashKey Exchange has officially opened pre-registration, and registered users will be rewarded with HashKey EcoPoints (HSK).

To commemorate this milestone, a grand ceremony will be held in August, bringing together all business partners to celebrate and unveil the first trading APP for retail users.

HashKey Exchange has received approval from the Securities and Futures Commission of Hong Kong to operate a virtual asset trading platform under a Type 1 (dealing in securities) license and a Type 7 (providing automated trading services) license to provide trading services to both institutional and retail users.

The firm operates under Hash Blockchain Limited in Hong Kong.

Hong Kong’s Hashkey expands digital asset services with OTC upgrade and HashKey Wealth launch