The Hong Kong Securities Regulatory Fee (SFC) has blessed compliant exchanges to expand their businesses to retail traders in a ground-breaking development. This is a first for Hong Kong and represents a significant turning point in the fintech regulatory landscape of the region.
Only HashKey Professional and OSL exchanges currently hold this compliance status. This development provides retail dealers with an exciting, albeit constrained, selection of digital property. The only cryptocurrencies they will currently participate in are spot transactions involving Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC).
OSL and HashKey Professional: Crossing Boundaries
HashKey Professional and OSL have established themselves as market leaders in Hong Kong’s developing digital property sector by adhering to the territory’s legislative standards. This adherence displays their commitment to openness, security, and customer safety—values that both professional and ordinary investors share.
An “approval-in-principle” for the license functions for Kind 1 (trading in securities) and Kind 7 (automatic buying and selling service, or ATS) has been given to OSL, a cryptocurrency division of BC Group. With this certification, OSL is recognised as a market leader in Hong Kong’s developing crypto landscape and demonstrates its commitment to cryptocurrencies and digital property.
Similarly, HashKey Group, a provider of financial services for digital assets, is getting ready to introduce HashKey PRO, a regulated exchange, in the second quarter of this year. Plans are in motion to expand its services to retail traders in the months that will follow, while they were initially only available to experienced traders.
The Consequences: Empowering Retail Customers
The addition of compliant exchanges signals increased accessibility and security for retail traders on the cryptocurrency market. They have the opportunity to diversify their portfolios through this initiative, participate in the development of the cryptocurrency industry, and almost certainly make significant profits.
Furthermore, the strict guidelines and shopper safety standards established by the SFC ensure that these compliant trades. Retail dealers can now interact with the market for digital property with greater assurance and peace of mind.
As HashKey Professional and OSL pave the way, other exchanges are likely to follow suit. The variety of available digital property may increase as a result, giving retail traders more market options and choices.
This turning point in Hong Kong’s financial history ushers in a new age where regular investors can freely participate in the cryptocurrency market. Hong Kong is developing a more robust, tightly regulated, and inclusive market for digital property through this audacious transfer.