HashKey, a cryptocurrency exchange based in Asia, will be launching trading services for Bitcoin and Ether on its platform for retail customers in Hong Kong from August 28. Following necessary regulatory approvals, the exchange plans to offer more trading options. This development was reported by the local news outlet, Investing.
“During this phase, general investors can only trade Bitcoin (BTC) and Ethereum (ETH) as these two cryptocurrencies currently dominate the majority of the market’s trading volume.”
During a recent media briefing, Weng Xiaoqi, the Chief Operating Officer of HashKey Group, provided insights into the company’s upcoming strategies and direction.
Central to HashKey’s approach is the implementation of an investor grading system. This will utilize KYC processes and additional questionnaires to create personalized investment experiences. This strategy aims to safeguard new entrants by placing restrictions on their initial trading activities.
Additionally, as a part of their security measures, HashKey plans to keep a close watch on users’ digital asset investments.
“If general investors allocate over 30% of their total assets to virtual assets on the HashKey Exchange platform, they will receive risk warnings, and the platform will limit their investment activities.”
During the initial stage, the exchange will exclusively support trading for Bitcoin and Ethereum due to their dominant position in the market. The platform also plans to introduce “margin” and “derivative” trading, awaiting regulatory green lights.
Concurrently, the exchange is collaborating with major commercial banks to enable USD-based transactions. Discussions regarding the integration of HKD transactions are ongoing, as noted in the report.
“The platform currently accepts only bank cards for transactions and doesn’t support credit card usage. Furthermore, users from regions with virtual asset restrictions, such as China, Japan, Malaysia, and other sanctioned areas, are not permitted to register.”