Exploring the Possibilities of Crypto and Web 3.0 in 2024

Cryptocurrency and Web 3.0

Retail cryptocurrency traders in Hong Kong now have access to a local exchange, with HashKey Exchange launching its services on Aug. 28. The company had earlier received Type 1 and Type 7 licenses from the Hong Kong Securities and Futures Commission (SFC), becoming the first licensed retail exchange in the region.

As reported by Cointelegraph, the exchange offers Bitcoin (BTC) and Ether (ETH) trading pairs with the Hong Kong dollar. It also plans to list more tokens for retail users and supports deposits and withdrawals in both US dollars and Hong Kong dollars.

A spokesperson from the company told Cointelegraph that there is optimism for the development of Web 3.0 in Hong Kong, with the government and SFC providing support. HashKey is aiming to onboard 500,000 to one million users by the end of 2023, both locally and overseas.

Cryptocurrency and Web 3.0

HashKey’s representative stated that the exchange is expecting a new bull market of cryptocurrency between 2024 and 2025 due to the ability of retail investors to purchase and trade cryptocurrencies. The company foresees that the crypto user base in Hong Kong could grow to 10–15 million within the next two years.

Livio Weng, the chief operating officer of HashKey, accentuated the role of the Hong Kong government and the SFC in providing a favorable regulatory environment for the Web3 ecosystem:

Weng further mentioned that the environment in Hong Kong could lead to a “virtuous cycle of development with the industry,” which could make the region a desirable destination for Web3 firms to move to.

HashKey’s exchange runs on the Hex Engine, a high-speed trading system that can handle 5,000 transactions per second.

Cryptocurrency and Web 3.0 in Hong Kong

The exchange in Hong Kong has adopted a number of regulations in line with the country’s guidelines, such as detailed user screening, Anti-Money Laundering inspections and transaction monitoring. HashKey is also licensed to provide custody services to institutional and retail clients, and it is required to store 98% of its cryptocurrencies in cold wallets.

The favorable yet regulated cryptocurrency environment of Hong Kong has also attracted the attention of global players like Binance, which has taken part in public discussions and policy-making processes, as previously reported by Cointelegraph.

On Aug. 3, digital asset platform OSL also announced its SFC license uplift, which enabled the brokerage, exchange, and custody provider to offer its services to retail customers in Hong Kong. OSL executive director Dave Chapman told Cointelegraph that its Hong Kong offering has been available for retail investors since the firm received the retail license uplift.

These developments have made Hong Kong a hub for cryptocurrency and Web 3.0, offering a variety of services and platforms for retail and institutional investors.