HashKey Group receives regulatory approval for OTC trading

02/24/2023 06:50 • Tech Ticker • 144 views

On February 24, the digital asset financial service provider HashKey Group (“HashKey”) announced that it had obtained the approval of the Hong Kong Securities and Futures Commission (“SFC”), and its Hash Blockchain Limited (“HBL”) could carry out the over-the-counter trading (OTC) business outside the virtual asset platform.

HashKey Group is approved by the Hong Kong Securities Regulatory Commission to carry out virtual asset over-the-counter trading (OTC)

Interpret the above information:

In a recent announcement, the HashKey Group has received regulatory approval from the Hong Kong Securities and Futures Commission (SFC) for its Hash Blockchain Limited (HBL). Following the approval, HBL can now carry out over-the-counter (OTC) trading business outside the virtual asset platform.

This news is significant for the digital asset financial service provider, as it allows the company to extend its services beyond just virtual asset platform trading. OTC trading refers to transactions that occur between two parties outside of an exchange platform. This is an increasingly popular way of trading digital assets, as it allows for more flexibility and can typically offer better prices than exchange platforms.

The approval of the SFC is also noteworthy, as it signifies a growing trend of regulatory bodies embracing digital assets. In recent years, we have seen several countries implement regulations for virtual assets, and it appears that this trend will continue. The regulatory approval from the SFC is likely to lend credibility to HashKey Group’s services and signal that the company is compliant with industry regulations.

Overall, this news is a positive development for the digital asset industry as a whole. As more regulatory bodies approve these types of services, it increases the legitimacy of digital assets and encourages more mainstream adoption. It’s likely that we will continue to see more companies receive regulatory approval in the coming years, as the industry matures and regulatory bodies become more comfortable with digital assets.

In conclusion, the approval of HashKey Group’s HBL to carry out OTC trading outside of the virtual asset platform is a positive development for the company and the digital asset industry at large. This news signals a growing trend of regulatory bodies embracing digital assets and lends credibility to HashKey Group’s services. It’s likely that we will see more companies receive regulatory approval in the coming years, which will further drive mainstream adoption of digital assets.

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