HashKey Exchange, the first retail virtual asset exchange (crypto exchange) in the city with a licence, officially started operations on August 28, 2023. Leading banks, insurance companies, and officials from the Big 4 auditing firms were present at the official launch, which was held at the Maritime Museum Central.
The site, which offers direct bank transfers in both USD and HKD, provided the first fiat trading pairs, including BTC/USD, ETH/USD, and USDT/USD. In addition to Norman Chan Tak-lam, GBS, JP, Chairman of the Hong Kong Web3 Association, Joseph Chan Ho-lim, JP, Undersecretary for Financial Services and the Treasury, was among the important speakers who provided insight into the changing Web3 market in Hong Kong.
The HEX Engine is a powerful system built to handle up to 5,000 transactions per second (TPS), and Livio Weng, COO of HashKey Group, showcased its potential. HashKey Exchange places a strong emphasis on compliance and adheres to the severe rules established by the Hong Kong Securities and Futures Commission.
This entails stringent user admittance guidelines, anti-money laundering precautions, and regular transaction monitoring. By keeping 98% of its digital assets in cold wallets, the company has strengthened its security precautions. The Big 4 accounting firms perform routine audits to guarantee openness and compliance with legal requirements.
In honour of its debut, HashKey Exchange is temporarily waiving trading costs and launching the “HashKey Grand Launch Festival,” giving its new user base additional advantages.
With approval from the Securities and Futures Commission (SFC) for retail users to trade virtual assets, HashKey Exchange, a division of HashKey Group, is recognised as a pioneer in Hong Kong. With operations in Hong Kong, Singapore, and Japan, HashKey Group, a well-known provider of financial services for digital assets in Asia, offers a full range of services, from trading to Web3 infrastructure.