Hong Kong investors will have the opportunity to access two new crypto currencies, Chainlink and Avalanche. This is because one of Special Administrative Region (SAR), licensed cryptocurrency exchanges, has expanded its offering.
Avax and Link have been listed for retail investors by HashKey Exchange, one of two cryptocurrency exchanges licensed in the city under the Securities and Futures Commission.
Until now, traders had only two options for cryptoassets, namely Bitcoin (BTC), and Ethereum (ETH).
Retail investors can diversify
The exchange initially offered its services only to professionals and institutions, which also had access to more cryptocurrencies.
The exchange began retail trading on 28 August last year after it received Type 1 and Type 7 SFC licenses.
The exchange announced its intention to increase its retail offering back in 2012. It is making progress now with Avalanche & Chainlink being listed on the platform after SFC approval.
Livio Weng is the CEO of this exchange. He said that Hong Kong regulators want to “speed” up Web3 development.
AVAX, the native cryptocurrency of the Avalanche Blockchain (a platform powered by smart contracts) allows for custom blockchain networks to be created.
This cryptocurrency is currently the 14th most popular cryptocurrency and has a current market capitalization of more than $9.5 billion.
LINK, the native crypto currency of Chainlink is a network decentralized oracle that allows smart contract to have access to real-world events, data and payment systems.
LINK is the 18th biggest cryptocurrency with a market capitalization of a bit less than $6,8 billion.
Weng said that HashKey chose these assets because they ranked among the 20 top cryptocurrencies in terms of market capitalisation. This is an important metric to Hong Kong regulators.
Weng also added that other crypto assets, with larger market capitalizations, were being scrutinized by various countries around the world.
Hong Kong’s regulators demand that crypto assets meet strict standards including clarity in the law, market liquidity and transparency, as well as technological resilience.
Weng added that crypto promises by current US Presidential Candidates have also led Hong Kong regulators into a rapid-tracking of crypto regulations.
The SEC in the US prohibits staking in spot ether ETFs. He expects Hong Kong will allow it in 2024.
HashKey expands its efforts
HashKey Group (the firm that runs the exchange) secured a $100m Series A round of funding in January. The money was to be used for product diversification on the crypto trading platform.
To boost its crypto presence, the financial services provider also has partnered up with several players in the industry.
Haskey Group and the TON Foundation, which supports the development of Telegram’s blockchain-based system, have partnered to improve virtual asset services for the Asia Pacific Region.
HashKey Group, a provider of node-validation services, joined the Neo Council last year. Platform contributes to NEO’s security and scaleability.
The post AVAX & LINK Now Available for Retail Traders in Hong Kong could be updated as new information becomes available
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