HashKey Group Receives HK Nod for OTC Trades

HashKey Group, an asset manager investing in blockchain technology and digital assets, has officially obtained approval from the Securities and Futures Commission (SFC) of Hong Kong, to carry out OTC virtual asset trading for its exchange. This approval allows HashKey to offer off-platform virtual asset trading.

Hash Blockchain Limited (HBL), its subsidiary, can act as the intermediary to facilitate trades between two parties. HBL operates the HashKey PRO exchange, one of only two licensed virtual asset exchanges in Hong Kong to provide services to professional investors.

More secure OTC market

This approval showcases HashKey's commitment to ensuring a safe and secure trading environment for its clients, the company said in an announcement.

"A regulated exchange can make a difference in the OTC market in Hong Kong to provide a more secure and transparent environment for investors to trade digital assets, compared to the often opaque and unregulated nature of the OTC business," Colin Zhong, CEO of HBL, said.

HashKey Group has previously received approval from the SFC to operate a virtual asset trading platform under a Type 1 (dealing in securities) licence and a Type 7 (providing automated trading services) licence for professional investors, through HBL. HashKey also holds a license in Japan, and currently operates in Singapore under an exemption from the MAS.

The world of Web3 can be quite a whirlwind. Here at Blockhead, we understand how busy crypto is keeping you, so we kindly send out two newsletters each week: BlockBeat for a wrap-up of the week’s news and Blockhead Brief for weekend happenings as well as what to look forward to in the week ahead. To avoid FOMO and access member-only features, click here to subscribe.