Hong Kong’s first licensed retail crypto exchange HashKey eyes 2024 bull run
Hong Kong retail cryptocurrency traders now have access to a locally based cryptocurrency exchange, with HashKey Exchange launching retail trading services to users in China’s special administrative region on Aug. 28.
The company was previously permitted to serve professional and institutional investors before being granted Type 1 and Type 7 licenses by the Hong Kong Securities and Futures Commission (SFC) on Aug. 3. This paved the way to becoming the first licensed retail exchange in Hong Kong.
As Cointelegraph previously reported, the exchange now offers Bitcoin (BTC) and Ether (ETH) trading pairs with the Hong Kong dollar, and it plans to list further tokens following its launch for retail users. HashKey also announced support for both United States dollar and Hong Kong dollar deposits and withdrawals.
A spokesperson from the company told Cointelegraph that HashKey holds an optimistic outlook for the development of Web3 in the region, which has been driven by support from the government and the SFC. The exchange aims to onboard 500,000 to one million users by the end of 2023 — both locally and abroad.
Related: Hong Kong’s regulatory lead sets it up to be major crypto hub
HashKey’s representative added that the exchange anticipates the advent of a new cryptocurrency bull market between 2024 and 2025. With retail investors now allowed to obtain and trade cryptocurrencies, the company predicts Hong Kong’s crypto user base will increase to 10–15 million over the next two years.
A statement from HashKey’s chief operating officer, Livio Weng, highlighted the importance of favorable regulatory oversight from the Hong Kong government and the SFC as a key driver of growth for the Web3 ecosystem:
“The emergence of regulatory compliance in Hong Kong will attract Web3 talents and capital from around the world, thereby accelerating technological and business innovation.”
Weng added that the environment emerging in Hong Kong could spark a “virtuous cycle of development with the industry,” with favorable regulatory parameters positioning the region as a potential alternative for Web3 firms to relocate to.
HashKey’s exchange operates on the Hex Engine, which it touts as a high-performance trading system capable of processing 5,000 transactions per second.
The exchange has also adopted a number of regulatory requirements in line with Hong Kong’s guidelines, including detailed user screening, Anti-Money Laundering inspections and transaction monitoring across its operations.
HashKey is also licensed to hold custody of institutional and retail client funds, and its policy stipulates that 98% of cryptocurrencies under management are stored in cold wallets.
Hong Kong’s adoption of a favorable but regulated cryptocurrency ecosystem is also attracting the attention of global players like Binance, which also took part in public discussions and policy-making processes, as previously reported by Cointelegraph.
Digital asset platform OSL also announced its SFC license uplift on Aug. 3, which enabled the brokerage, exchange, and custody provider to offer its services to retail customers in Hong Kong. OSL executive director Dave Chapman told Cointelegraph that its Hong Kong offering has been available for retail investors since the firm received the retail license uplift.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
Coinbase CEO Brian Armstrong said onchain fundraising could make capital formation “more efficient, fair, and transparent.”
Lucy Powell has been elected as the deputy leader of the Labour Party.
But who is she and what does she stand for?
Powell began her career in politics working for Labour MPs Glenda Jackson and Beverley Hughes.
She then worked for a pro-EU campaign group.
After that, she ran Ed Miliband’s successful Labour leadership campaign and was his deputy chief of staff until she was elected as the MP for Manchester Central in 2012.
She has been at the forefront of Labour politics for over a decade, serving under Ed Miliband, Jeremy Corbyn and Keir Starmer.
After Labour won the last general election, she was appointed as the leader of the House of Commons in Starmer’s cabinet.
But last month she was sacked in the cabinet reshuffle and came to be seen as the anti-Starmer candidate.
During the deputy leadership campaign, Powell promised to “provide a stronger, more independent voice” for members of the Labour Party.
And in her acceptance speech, she said the government hadn’t been bold enough, and that it needed to step up.
So how much of a problem is she going to be for Keir Starmer?
Her new role – and being outside the cabinet – means she will be free to criticise the government, which could make life more difficult for the prime minister.
Read More:
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Powell has been outspoken about her desire for the government to lift the two child benefit cap – and also called for the country to work for the many and not the few – a Corbyn-era slogan – and that Labour must stop handing the megaphone over to Reform and letting them run away with it.
Starmer will be conscious that an MP he sacked not long ago is now in a powerful role able to speak freely and attack his decisions.
But Powell is not free from her own controversies.
In May, Lucy Powell called grooming gangs a dog whistle issue – something she later had to clarify after it caused outrage among campaigners and opposition parties.
She also vocally defended Labour’s unpopular cut to winter fuel allowance while in cabinet, before the government then U-turned on the policy – she then criticised the proposed welfare cuts after she was sacked from government.
Powell insists she wants to help Keir Starmer, providing constructive criticism and a voice for Labour members.
But will Keir Starmer see it that way?
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