Hong-Kong based HashKey Obtains Bermuda License, Launches Global Platform

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Key Takeaways

  • HashKey Global will soon launch futures trading alongside its current spot trading for 21 digital assets, including BTC, ETH
  • HashKey MD sees an opportunity for HashKey Global to blend Binance’s user experience and product features with Coinbase’s regulatory and safety standards

HashKey Group has officially launched its new global trading platform, HashKey Global, providing access to over 20 cryptocurrencies and targeting international users not served by HashKey Hong Kong. According to a recent report by the Hong Kong Economic Journal, HashKey COO Livio Weng revealed that the new platform has secured a digital asset business license in Bermuda to offer compliant trading services.

Operating with a Digital Asset Business license issued in Bermuda, HashKey Global is now accessible globally. However, HashKey Group COO Livio Weng mentioned that regulatory reasons prevent certain markets like the US, mainland China, and Hong Kong from using it, as stated in an interview during the Hong Kong Web3 Festival.

Established in Hong Kong in 2018, HashKey Exchange operates locally and was approved by the city’s securities regulator last August. Currently, the exchange offers bitcoin and ether for retail trading and boasts over 170,000 registered users.

Despite HashKey Exchange’s relatively low trading volume compared to larger exchanges like Binance and OKX, HashKey Group hopes that HashKey Global will enhance its market position. Livio Weng expressed the company’s intention to surpass the trading volume of Coinbase across all HashKey Group platforms by 2029.

HashKey Global’s compliant platform and smooth user experience give it an edge in the face of intense competition from existing crypto exchanges worldwide, according to Weng. He noted that most major exchanges are either easy to use but not compliant or compliant but hard to use.

HashKey Group, with its businesses including HashKey Capital and an asset-management arm, is among various cryptocurrency companies banking on Hong Kong’s embrace of the virtual asset industry.

HashKey Global managing director Ben El-Baz explained that after observing Coinbase’s success with a Bermuda license, they deemed it a suitable regulatory regime for expansion. The HashKey Group, headquartered in Hong Kong with operations in Singapore and Tokyo, aims to establish one of the world’s largest clusters of licensed exchanges within the next 5 years.

Currently, HashKey Global offers spot trading services for 21 digital assets, including bitcoin, ether, Tether’s USDT, and Circle’s USDC, with plans to introduce futures trading services soon.

Unlike its Hong Kong-based counterpart, HashKey Global won’t serve Hong Kong, China, the US, and other regions. The launch of HashKey Global marks a significant milestone for HashKey Group, which achieved unicorn status earlier this year following a successful fundraising round

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Saniya Raahath
Saniya Raahath

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