HashKey announced that it has obtained approval from SFC to carry on an off-platform virtual asset trading business out of (“OTC”) for Hash Blockchain Limited (“HBL”).

HashKey Group (“HashKey”), a leading digital asset financial services provider in Asia, is proud to announce that it has obtained approval from the Securities and Futures Commission of Hong Kong (“SFC”) to carry on an off-platform virtual asset trading business out of (“OTC”) for Hash Blockchain Limited (“HBL”).

On Monday, the Hong Kong Securities and Futures Commission (SFC) published draft rules for virtual asset trading platforms and sought public feedback. As part of the new licensing regime set to take effect in June, the SFC plans to require cryptocurrency exchanges to apply for licenses that would allow retail investors to trade certain large-capitalization tokens. Just last month, the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, said in a consultation document that it plans to introduce a mandatory licensing regime for stablecoin issuers as early as this year, and will not allow algorithmic stablecoins. (forkast)

Gate Group will launch Gate HK, a new platform designed for the Hong Kong market.

Tencent Cloud announces to actively support Web3 developments and contribute to the sustainable development of the global Web3 community.

Gate Group, the world-leading exchange, is committed to expanding its presence in the Hong Kong market by applying for a new crypto license which will allow them to launch Gate HK, a new platform designed for the Hong Kong market. Following on from Gate Group's Hong Kong-based company, Hippo Financial Services Limited (Hippo FS), obtaining its Trust or Company Service Provider (TCSP) Licence last August.

Hong Kong is allocating HK$50 million (US$6.37 million) to develop its Web3 sector, the special administrative region’s Financial Secretary Paul Chan announced Wednesday during his annual budget speech at the Legislative Council.

According to a report by Bloomberg published on 21 February, representatives from China’s Liaison Office, along with other officials, have attended Hong Kong’s crypto gatherings in the past few months. The meetings have been friendly, with officials checking on developments, asking for reports, and in some cases, making follow-up calls. The Liaison Office happens to be the top mainland body in the island city.

The Hong Kong Securities and Futures Commission (SFC) has taken a “regulate to protect” approach to cryptocurrencies, contrasting with recent action in the U.S. of regulation by enforcement, Bernstein said in a research report Monday.

Hong Kong is planning to fully open its doors to crypto asset trading and investment. However, reading the fine print of its crypto regulations proposals reveals a lot of restrictions and hidden catches.