HashKey Group, an Asian entity offering financial services for digital assets, has recently declared obtaining authorization in Hong Kong. The Securities and Futures Commission (SFC) of the country has permitted the company to establish a business for the trading of virtual assets. The project is based on Hash Blockchain Limited (or HBL).

Hong Kong-based Regulator Authorizes HashKey Group to Offer OTC Services

The authorization permits HBL to play the role of a mediator to assist trades between a couple of entities, even if their intention is related to trading tokens excluded from the order book of the exchange. What’s more, the approval indicates the commitment of HashKey to offer a secure and safe environment for the customers to trade. In this respect, the regulator SFC guarantees that the entities operating across the jurisdiction comply with high standards including integrity, security, and transparency.

HashKey’s executive president named Michel Lee remarked on this development. He said that the platform’s experience with the business of off-platform trading of virtual assets (or OTC) has been remarkable. He added that the latest authorization offers an option to the customers, letting them access an entity licensed within the jurisdiction. Moreover, the firm will keep on preparing for the release of HashKey PRO.

Trending Now: IMF Executive Board Approves Framework for Crypto Policy

HashKey PRO is its regulatory-compliant exchange for virtual assets. Lee asserted that the firm is enthusiastic to provide additional products planned for the coming time. HBL’s CEO “Colin Zhong” stated that a regulated exchange platform can bring about a revolution in Hong Kong’s OTC market to offer a more transparent and secure environment.

As per the executive, the users of a regulated exchange entity can be better benefited in comparison with often unregulated and opaque OTC businesses. Furthermore, the executive added that HashKey PRO pledges to foster enhanced confidence and trust among the investors. According to him, this can grasp the attention of a wider range of people to enter the market along with elevating the digital assets’ adoption in the mainstream.

The Platform Also Possesses Type 1 and Type 7 Licenses under the SFC

Subsequently, the approval from the SFC will enable HashKey to keep on maintaining its leading role in the market by offering regulatory-compliant and finest products covering digital assets. Formerly, the SFC authorized HashKey Group to run a firm for offering trading services for virtual assets with a Type 1 license as well as a Type 7 license (dealing with automated trading services).