Hong Kong Grants First-Ever Crypto Exchange Licenses to Retail-Focused Exchanges

Two Hong Kong-based crypto exchanges have obtained licenses to operate in the territory under new regulations. HashKey Exchange and OSL Digital Securities are the first to receive licenses that permit them to work with retail clients, in addition to professional investors.

Both exchanges had previously held Type 1 and Type 7 licenses from Hong Kong's opt-in licensing system for crypto asset service providers. Now, they can expand their services to include trading pairs for Bitcoin (BTC) and Ethereum (ETH).

The HashKey Group stated it intended to raise funds at a $1 billion valuation to take advantage of Hong Kong's resurgence as a potential crypto hub. The company aims to launch a regulated exchange serving retail clients in the second quarter.