Hong Kong cryptocurrency company HashKey Group has launched the first cryptocurrency trading app approved by Hong Kong’s securities regulator since the JPEX fraud case damaged trust in the local crypto industry.
The HashKey Exchange app went live on Wednesday after receiving approval last week from the Securities and Futures Commission (SFC). This allows HashKey to offer full mobile trading to retail investors, when previously it could only serve professional investors.
Users can now buy bitcoin and ether through the app using Hong Kong or US dollars from local bank accounts. This is the first fully SFC-approved crypto trading app in Hong Kong.
The launch comes a year after Hong Kong announced new regulations requiring crypto platforms to get licenses to sell tokens to retail investors. HashKey and competitor OSL had their previous licenses upgraded in August.
The app’s uptake will indicate Hong Kong’s success in growing the crypto sector after the JPEX scandal, in which a fraudulent exchange lost investors over HK$1.5 billion. This dented public trust in crypto.
HashKey said its retail platform has seen over $600 million in trading volume since launch in August. It aims to provide a smooth and simple experience, unlike the stereotype of licensed platforms being difficult to use.
HashKey, founded in 2018, also operates a brokerage and venture capital arm. It became Hong Kong’s second licensed exchange in 2021 after OSL got its license. So far, 5 companies have applied for the new license.
To attract users, HashKey is rewarding new users of its app with its new HSK token. The token will be officially listed on its exchange next year.
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