Hong Kong’s first licensed retail crypto exchange HashKey eyes 2024 bull run

With retail financiers now paid for an opportunity to acquire and trade cryptocurrencies, the company forecasts Hong Kongs crypto user base to increase to 10 to 15 million people over the next two years.A declaration from HashKey Group COO Livio Weng highlighted the value of beneficial regulative oversight from the Hong Kong government and SFC as an essential motorist of development for the Web3 community:”The development of regulatory compliance in Hong Kong will bring in Web3 talents and capital from around the world, thus speeding up technological and service innovation.”Weng included that the environment being created in Hong Kong might stimulate a “virtuous cycle of advancement with the market”, with beneficial regulatory criteria positioning the area as a prospective alternative for Web3 companies to transfer to.HashKeys exchange runs on the HEX Engine, which it promotes as a high-performance trading system capable of processing 5,000 deals per second. The exchange has also adopted a number of regulatory requirements in line with Hong Kongs standards, including in-depth user screening, AML evaluations and transaction tracking across its operations.HashKey is also accredited to hold custody of institutional and retail customers funds and notes that its policy enforces that 98% of cryptocurrencies under management are stored in cold wallets.