HashKey Exchange, a Hong Kong-based digital asset financial services firm, has added Avalanche (AVAX) and Chainlink (LINK) trading pairs to its listings for retail investors. Previously, these trading pairs were available only to professional investors.
Historic Event for Retail Investors
Trading went live for the AVAX/USD and LINK/USD pairs in the early morning hours of Wednesday. Users could make deposits and withdrawals for AVAX through the Avalanche C-Chain network and LINK using the Ethereum network. This marks a significant development for AVAX and LINK, both of which became the first crypto assets to gain regulatory approval for retail investors in Hong Kong. Until now, only Bitcoin and Ether were available to retail investors as approved by Hong Kong’s Securities and Futures Commission (SFC).
Hong Kong’s Regulatory Reinvention
Coincidentally, HashKey Exchange received its first regulatory license two months after it unveiled its crypto retail service in Hong Kong. According to crypto analysts, 2023 marked the turning point for Hong Kong as it sought to reemerge from the chaos that characterized the ecosystem. For instance, in 2023, two of the largest crypto exchanges, Hounax and JPEX, collapsed after investors suffered losses of $18.9 million and $180 million in an alleged Ponzi scheme scam. The SFC has been applauded for restoring investors’ confidence in the region as it pushes for regional dominance in crypto assets.
Advantages for HashKey
Hong Kong’s regulatory landscape greatly differs from neighboring China, which has maintained a strict ban on crypto transactions since 2021. Hong Kong has stated its desire to establish itself as a regional crypto hub and seems poised to achieve that label, as it has encouraged traditional financial institutions to collaborate with crypto firms. HashKey has capitalized on the favorable regulatory climate, as users can link their bank cards and deposit fiat currency with the exchange. The exchange also launched a spot Bitcoin and Ethereum ETF with $102.4 million and $14.4 million, respectively, in assets under management.
The addition of AVAX and LINK trading pairs to HashKey Exchange’s listings for retail investors symbolizes an important step in the development of the crypto market in Hong Kong. This event opens up new opportunities for retail investors, solidifying Hong Kong’s position as a major player on the global digital asset market.
Comments