Best Crypto to Buy Now 3 August – Flex Coin, XDC Network, Hedera
Hong Kong has taken a major step today in embracing cryptocurrency by granting a retail trading license to HashKey, making it the first platform in the country to receive such authorization.
This development signals Hong Kong's intent to become a crypto hub in Asia, providing easy access to digital assets for retail investors.
In light of this macroeconomic development, what are the best cryptos to buy now?
HashKey, which previously catered primarily to professional traders, has now expanded its services to include retail clients.
Leading audit firms KPMG and EY will ensure transparency in operations, while investor funds will be held in separate accounts.
The city's regulator, Securities and Futures Commission (SFC), announced the framework for licensing in June. Other platforms operating in Hong Kong earlier now have until March to apply for licenses.
The SFC is giving exchanges flexibility in choosing cryptocurrencies for retail investors, as long as they are established and liquid.
HashKey plans to introduce Bitcoin and Ethereum initially. By the end of 2023, Weng expects the user base to cross into seven figures.
The exchange is also collaborating with Standard Chartered Bank for fiat-crypto conversions. Local bank ZA Bank announced similar partnerships in May.
Hong Kong addressed money laundering concerns through industry dialogues between regulators, banks, and crypto players.
CFO Eric Zhu acknowledged the sector's cautious stance given recent crypto downturns. Since last August, Standard Chartered and HashKey have been working together for fiat backing.
OSL remains the only other SFC-licensed platform serving professional traders. While not seeking an exchange license currently, DBS Hong Kong seeks to tap its Singapore
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