According to the Hong Kong Economic Journal, HashKey will launch a retail trading platform application targeting individual investors on the 28th (next Monday). Initially, retail investors can invest in Bitcoin and Ethereum, with the restriction that investments in virtual assets cannot exceed 30% of total assets.
A tiered system will be established for retail investors, which will assess investors' past experience and risk tolerance through the Know Your Customer (KYC) process, as well as questionnaire-based evaluations of their understanding of virtual assets. Novice investors' participation will be relatively limited. Additionally, the Securities and Futures Commission has not yet provided permission for margin trading and derivative tools. In the future, if regulatory approval is granted, the platform will also introduce various products tailored to different types of users.
The platform has partnered with several commercial banks, including HKD issuing banks, to provide users with fiat currency deposit and withdrawal services. It will initially support USD transactions and not yet support HKD; only bank card transactions are accepted for now, and credit cards are not supported. If retail investors' investments in virtual assets on the platform exceed 30% of their total assets, a risk warning will be issued, and investment will be restricted. However, the platform cannot verify users' total assets, relying only on users' self-provided information.
Related: HashKey Exchange Becomes First Licensed Crypto Exchange in Hong Kong to Offer Retail Services
Stay updated with the most important cryptocurrency news and valuable insights, conveniently delivered to your email every day. Subscribe to the TokenInsight mailing list now!
Prefer social media? Follow us on Twitter, or subscribe to our Telegram channel!
If you have news reports or announcements that you want to reach a wider audience, feel free to email us at news@tokeninsight.com
Exchanges
