Hong Kong Asset Manager HashKey Launches First Exchange App for Retail Investors

HashKey Group, a Hong Kong-based digital asset management business, has made a significant move by launching its first trading application specific to retail crypto investors.

Local publishing firm South China Morning Post (SCMP) captured this development in a report today, November 1. According to the report, HashKey Group unveiled a retail-focused platform dubbed HashKey Exchange app.

HashKey Retail Exchange App

Also, the report noted that the exchange app launched after it received approval from the Hong Kong Securities and Futures Commission (SFC). Besides, it highlighted that the launching marked a crucial milestone after the scandal that had disrupted the local cryptocurrency industry.

Officially, the HashKey Exchange app became public today, following its regulatory greenlight last week. According to the company, the app offers “full mobile trading capabilities,” making it a noteworthy addition to the crypto landscape in Hong Kong.

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Furthermore, the report noted that under the HashKey application, retail investors based in Hong Kong can own Bitcoin and Ethereum. It also highlighted that Hongkongers are at liberty to buy crypto using local currencies or US dollars.

Notably, the move from the crypto asset manager represents a significant expansion, as HashKey had previously focused on serving professional investors under its initial licensing permit. 

Moreover, SCMP stated that the launch of the HashKey Exchange app coincides with a series of policy shifts the Hong Kong government initiated. The changes aimed to foster growth in the cryptocurrency sector by including an obligatory licensing scheme for virtual asset managers, enabling them to offer projects with significant market valuation to retail traders. 

Notably, the new licensing regulation took effect in June. Interestingly, SCMP mentioned that no new crypto exchange has received approval since then. Meanwhile, Hong Kong’s SFC upgraded the regulatory permit of HashKey and its contender, OSL, in August.

As of Wednesday, HashKey disclosed that the trading volume on its platform surpassed $600 million in total since the license upgrade. Furthermore, on October 30, the platform saw a remarkable 24-hour trading volume that exceeded $100 million.