- HashKey Group has received approval from the Hong Kong SFC to conduct OTC trading.
- The firm will be able to carry out off-platform virtual asset trading business for Hash Blockchain.
- HashKey’s investment arm raised $500 million last month for its third crypto-focused fund.
HashKey Group, the Hong Kong-based digital asset financial services provider, has received approval from the Securities and Futures Commission (SFC) of Hong Kong to go ahead with an off-platform virtual asset trading business for Hash Blockchain Ltd (HBL).
According to a press release by the HashKey Group, the regulator’s nod will allow the financial services firm to provide OTC trading for Hash Blockchain, which can act as an intermediary between two parties to facilitate the trading of tokens that are not listed on the exchange.
“We are thrilled to receive the approval from the SFC. Our experience with the OTC business has been valuable, and this approval now provides clients with an option to face an entity that is licensed in Hong Kong,” said Michel Lee, Executive President of HashKey Group.
Speaking on the SFC approval, HBL CEO Colin Zhong stated that Hong Kong’s OTC market will become more secure and transparent for investors that wish to trade digital assets. Zhong is counting on the regulator’s support to attract more investors to Hong Kong’s OTC market and mainstream adoption of digital assets.
The HashKey Group has made inroads with multiple government agencies in Asia for virtual asset licenses. The firm previously received similar approvals from the Financial Services Agency (FSA) of Japan. In November last year, the Monetary Authority of Singapore (MAS) granted an in-principle license to HashKey’s local arm to conduct asset management services in the island nation.
HashKey Group’s bid for mass adoption of crypto was reinforced last month when its investment arm, HashKey Capital, raised a whopping $500 million for its third crypto-focused fund. The HashKey FinTech Investment Fund III stated at the time that it would invest in blockchain infrastructure, tools, and applications.
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