HashKey and OSL receive Hong Kong’s first approvals to operate crypto exchanges for retail investors

Local cryptocurrency firms HashKey Group and OSL have received approval from regulators to operate Hong Kong’s first licensed cryptocurrency exchanges for retail investors, as the government continues to burnish its credentials as a global crypto hub.

HashKey and OSL were already the only two local exchanges licensed by the Securities Futures Commission (SFC) to provide certain digital asset trading services to professional investors. On Thursday, they both announced that their existing licences had been upgraded to allow them to offer their services to retail investors.

“This is a monumental moment not only for OSL but for the broader crypto market,” said Gary Tiu, head of regulatory affairs at OSL, in a Thursday statement. He said that the move showed that digital asset markets can be “regulated and safe”.

OSL added that “effective immediately”, it would offer retail investors the “ability to register on its platform and buy/sell digital asset products, starting with the popular cryptocurrencies bitcoin and ethereum”. A spokeswoman added that the company is currently working on a new app for retail investors.

During a press briefing on Thursday, Livio Weng, HashKey Group COO, said his company was also working on its own HashKey Exchange mobile app that will be available to retail investors and released in a few weeks, offering trading in bitcoin and ether, to begin with. The company said it was rebranding itself from HashKey Group to HashKey Exchange.

The company is hoping to sign up one million retail users by the end of this year, he added. Users can already register on the HashKey Exchange website.