- HashKey Exchange becomes the first licensed exchange in Hong Kong to offer AVAX and LINK for retail trading beyond BTC and ETH.
- AVAX and LINK’s listing reflects Hong Kong’s strategic push in virtual assets, amid global legal challenges for major cryptocurrencies.
- Hong Kong’s evolving crypto regulations boost market offerings, with HashKey eyeing more token listings despite stringent oversight.
HashKey Exchange, a Hong Kong-licensed cryptocurrency exchange, has been approved to launch retail offerings of Avalanche (AVAX) and Chainlink (LINK), allowing retail investors to trade Bitcoin and Ethereum. This extends to first-time-licensed exchanges offering a token besides BTC and ETH for retail trading.
The decision to list AVAX and LINK came after reflecting on the legal challenges currently confronting many more prominent cryptocurrencies worldwide. AVAX has a market capitalization of about $10.7 billion, whereas LINK is valued at around $7 billion—both are top 20 cryptocurrencies.
“These tokens provide a much safer option for retail investors as long as there are continued legal uncertainties around other major cryptocurrencies,” said Livio Weng, CEO of HashKey.
Hong Kong’s Strategic Move into Virtual Asset Sector
Hong Kong is gaining popularity in the virtual asset industry as regulators establish a new licensing structure for bitcoin exchanges. This move follows the rise in token offerings by HashKey, a key player in the market. The regime began a year ago and permits retail investors to trade in BTC and ETH.
Hong Kong has allowed the trading of exchange-traded funds that invest directly in crypto tokens. It is also in the process of developing stablecoins regulation. Weng said that development in Hong Kong’s regulatory front has been fast-moving, possibly allowing retail trading of more tokens into the city soon.
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Hong Kong Cryptocurrency Market Challenges and Prospects
However, behind the progress, there has been a bumpy ride in Hong Kong’s journey toward becoming a virtual asset hub. This year, several overseas cryptocurrency exchanges have withdrawn their applications for operating licenses because the regulatory regime is too draconian. At the same time, SFC enforcement picked up by identifying no less than 11 non-compliant exchanges in on-site inspections.
These trends have signaled questions about the sustainability of this strategy for Hong Kong to be a serious player in the virtual asset industry. However, Weng seems more optimistic about the crypto market’s development in Hong Kong. He revealed that the approval for AVAX and LINK could mark the first in a series of other new listings on the HashKey Exchange. The possibility of approving other tokens over the following weeks will cement Hong Kong’s status as an international powerhouse in the crypto space.
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