Hong Kong Fuels Fintech Rise with HashKey Exchange Debut

Significantly, this move follows a broader strategic push by the city to become a central node in the burgeoning digital asset universe. Besides the immediate implications for retail traders, this decision has more profound ramifications for the city’s fintech landscape. 

advertisement

HashKey’s opening not only allows investors to trade Bitcoin and Ether using US dollars directly, but a roll-out for transactions in Hong Kong dollars is also on the horizon, with plans to be operational “within a week or two,” according to HashKey Group COO Livio Weng.

Ambitious Targets Amid Fintech Evolution

Moreover, HashKey’s ambitions are straightforward since they aim to onboard between 500,000 to 1 million global retail users by year’s end and set their sights on 10 million by 2025.

Additionally, the tight licensing requirements set by the SFC, covering aspects such as asset custody, cybersecurity, and corporate governance, underscore the commitment to ensuring a secure trading environment for new and seasoned investors.

Hong Kong’s Challenges Ahead

However, as with every financial revolution, there are challenges. The SFC has recently issued warnings against platforms making unfounded compliance claims. Consequently, traders are urged to be vigilant, ensuring they only engage with licensed platforms. 

Investors are at risk of potential losses from unregulated exchanges due to vulnerabilities like hacks or asset misappropriation.

Hence, as the world watches Hong Kong’s crypto endeavors, the region’s dedication to melding innovation with security remains evident. The launch of the HashKey Exchange signifies the city’s adaptability and foresight into the digital future of finance.

Comments

Post a Comment

Popular posts from this blog

Saudi Arabia Boosts Aramco Venture With Additional $4 Billion in Funds

Image
Saudi Arabia’s leading oil refinery company Aramco doubled its venture capital funds to a tilt reaching $4 billion on Wednesday. The Saudi Aramco Venture Capital now boasts of funds worth $7 billion and plans to diversify its investments. Early January this year, the Saudi Aramco Venture’s funds stood at $3 billion and the new additional injection of $4 billion takes it to a threshold of $7 billion. The allocation of new funds moved its investing strength from $3 billion to $7 billion in 2024. Also Read: Gold & Oil Prices Continue To Fall as US Dollar Grows Stronger “Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life,” read a statement from the leading oil giant. Saudi Arabia’s Aramco Venture Now Boasts $7 Billion in Funds in 2024 Source: (Bandar Aljaloud / Saudi Royal Palace via AP) The funding provides Saudi Aramco VC to explore diverse opportunities other than oil and gas. The decision to double th
Read more

Is The Bitcoin Price Correction Over? Here’s The Support Level To Watch

Image
The Bitcoin price suffered significant bearish pressure over the past week, dragging down alongside it a large portion of the general crypto market. The premier cryptocurrency tumbled as low as $59,500 at some point in the week — its lowest in nearly two months. While investors will be hoping that the worst is over, it is difficult to determine whether BTC is ready to resume its bullish run. In any case, a prominent crypto intelligence firm has identified a price level critical to the future trajectory of the Bitcoin price. $56,000 The Ultimate Support Level For Bitcoin: CryptoQuant In a recent report, the blockchain analytics platform CryptoQuant put forward an interesting prognosis for the price of Bitcoin over the coming days. According to the firm, the $56,000 price level is an important level to the future performance of the premier cryptocurrency.
Read more

Crypto Analyst Predicts MATIC/BTC and SOL/BTC May Fade Into Lower Regions

Benjamin Cowen has identified a weakness between MATIC to Bitcoin and SOL to Bitcoin. MATICBTC traded within a specific range throughout Bitcoin’s bear market. With SOLBTC, people get sucked in on each pump, then the price fades into new lows. Benjamin Cowen, the founder of ITC Crypto, has identified a weakness between MATIC to Bitcoin and SOL to Bitcoin. The renowned analyst independently compared both altcoins’ recent history with Bitcoin, indicating potential weaknesses over the past two years. Using the MATICBTC weekly chart on TradingView, Cowen showed that MATICBTC traded within a specific range throughout Bitcoin’s bear market. He noted the crypto pair is fading toward the lower part of the range, with the current market situation, with MATIC showing more weakness. #MATIC / #BTC fading to the lower part of the range. Below 1700 sats, there is not much support for a while. pic.twitter.com/USxsE94Qdr — Benjamin Cowen (@intocryptoverse) June 28, 2023
Read more