As a seasoned researcher with a penchant for the dynamic world of cryptocurrencies, I find myself intrigued by HashKey’s strategic expansion in Hong Kong. Living in this vibrant city, I’ve witnessed firsthand its ambition to regain its position as a global virtual asset hub.
HashKey, a cryptocurrency exchange based in Hong Kong, has revealed plans to broaden the range of assets available to local investors. Previously limited to Bitcoin and Ether, the platform is now offering trades in Avalanche (AVAX) and Chainlink (LINK), with transactions possible in both Hong Kong Dollars and US Dollars.
HashKey’s latest action is viewed as a tactical maneuver aimed at leveraging Hong Kong’s increasing traction within the Web3 sector. In a recent conversation with the South China Morning Post, Livio Weng, CEO of HashKey Exchange, highlighted the significance of this progression.
Weng pointed out that although AVAX and LINK might not be as well-known as some other cryptocurrencies, it was a shrewd choice to include them. The decision to list them was likely influenced by the fact that many larger market-cap tokens are currently embroiled in legal issues across multiple regions.
Instead of focusing on the less secure options at the top, investors seeking portfolio diversity might find AVAX and LINK, two cryptocurrencies within the top 20 by market cap, to be safer choices.
At present, AVAX‘s market value stands approximately at $9.5 billion. Similarly, LINK holds a market capitalization of about $6.7 billion as of this writing. Although there has been a drop in their prices during the last 24 hours due to a general crypto market slump, both tokens have managed impressive growth over the past year, effectively doubling in worth for their investors.
Additionally, Weng subtly suggested that HashKey might soon add more digital tokens to its platform, as approvals for new cryptocurrencies could be forthcoming in a matter of weeks. It’s worth mentioning that HashKey is one of the few regulated crypto exchanges operating within the city.
As a researcher, I’m observing that the continuous growth of our accessible resources is an integral part of Hong Kong’s broader plan to regain its dominant role in the global virtual asset market. Lately, this position has been tested by the increasingly crypto-friendly climate in the United States, particularly with the political declarations from former President Donald Trump.
Crypto Exchanges Struggling in Hong Kong
In the early part of this year, aspirations for Hong Kong to emerge as a leading global platform for virtual assets encountered challenges as various foreign cryptocurrency companies decided to withdraw their applications for essential operating licenses necessary to operate within the city.
It’s been challenging for numerous crypto exchanges in Hong Kong to secure full operational licenses, as evidenced by a recent Bloomberg report. This report brought to light that over 11 crypto exchanges were flagged by the Securities and Futures Commission (SFC), the city’s primary financial regulatory body, for non-compliant behaviors during on-site inspections. Remarkably, the regulator is making efforts to keep a public record of both registered and unregistered exchanges as part of their strategy to minimize risks associated with fraud and scams.
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2024-08-28 12:39