HaskKey Opens Global Exchange in Bermuda After Securing License
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On April 8, the HashKey Group, a Hong Kong-based digital asset services firm, launched the HashKey Global exchange after securing a license in Bermuda to offer registered digital asset trading services.
HashKey Global Exchange Targets 5 Years Plans to Surpass Competitors
The Hashkey Group announced its Bermuda license acquisition and the launch of the Hashkey Global exchange in an X post while highlighting the offering of “trading services to cryptocurrency enthusiasts across the globe.”
https://twitter.com/HashKey_Global/status/1777184536889278506
Livio Weng, the Chief Operating Officer (COO) of the HashKey Group, expressed that the Hong Kong company is honored to be granted a license from the Bermuda Monetary Authority (BMA).
He stated that the company aims to establish one of the world’s largest registered exchanges within the next five years and surpass all currently regulated exchanges.
“The Bermuda license marks another license obtained by HashKey Group following those in Japan, Hong Kong, and Singapore, issued by regulatory authorities in yet another jurisdiction, demonstrating global recognition of our past efforts,” the COO added.
HashKey Global exchange is required to comply with know-your-customer (KYC) requirements to continue offering trading and product services to local markets and institutional investors.
The new exchange will offer spot trading services for 21 digital assets, including BTC, ETH, USDT, and USDC, while perpetual futures is expected to launch soon.
Hong Kong's licensed exchange HashKey Group follows Coinbase and announced the launch of the HashKey Global using a Bermuda license, offering more than 20 coins, and is expected to launch futures. The main customers are expected to be overseas Chinese and Southeast Asian…
— Wu Blockchain (@WuBlockchain) April 8, 2024
However, the global platform will not be available for residents in Hong Kong, the United States, China, Egypt, Algeria, and a host of other regions but remain committed to rival Coinbase International, a US-based trading platform that is also licensed in Bermuda.
During an exclusive interview on April 8 with “Bloomberg: The China Show,” Ben El-Baz, the managing director of HashKey Global, revealed that the firm carefully evaluated its options after Coinbase secured a Bermuda license for its international exchange operations in the region.
El-Baz emphasized that Bermuda was selected as the preferred location due to its favorable regulatory environment, making it a suitable choice for expanding HashKey Global’s services.
The Hashkey Global boss further added that the universal goal of the exchange is to scale past the trading volume of other competitors in the region. This ambition follows Coinbase International’s impressive report of a 24-hour derivatives trading volume of $539.4 million.
HashKey Group Latest Growth Trajectory Peaks
The HashKey Group has obtained standard registrations and licenses in Japan, Hong Kong, and Singapore, which was before this recent Bermuda license acquisition.
On June 25, 2021, HasKey’s Tokyo Hash Co., Ltd announced it had completed its registration as a crypto asset service provider based on the Payment Services Act in Japan.
The Hashkey Global exchange had also become the first trading platform in Hong Kong to obtain a license under the country’s new licensing regime, which permits crypto trading service providers to offer services.
The approval of this license came a few months after Hong Kong launched a new Virtual Asset Service Provider (VASP) licensing regime to become a global hub for the fast-paced crypto industry.
In February 2024, the HashKey over-the-counter (OTC) arm of HashKey Group announced it had received in-principle approval from the Monetary Authority of Singapore (MAS) for a payment institution license to provide regulated digital payment token services for residents. This was earlier before the MAS introduced new regulations for digital payment token service providers to impose user protection.
🎉 Congratulations to @HashKeyOTC on receiving in-principle approval for a major payment institution license in Singapore! 🎉 @HashKey_Capital
This significant milestone underscores @HashKeyGroup 's unwavering commitment to providing our clients with regulated and innovative… https://t.co/hmXmN4QHB5
— HashKey Group (@HashKeyGroup) February 29, 2024
In his comment on securing the license in Bermuda and HashKey’s expansions, Livio Weng stated that the Asian company eyes more growth in Europe.
“With a foundation in Hong Kong and a global licensing approach, HashKey Group aims to continue to advance its global licensed exchange matrix. Following HashKey Global, we look forward to the possibility of expanding our operations to cover regions including the Middle East and Europe.”
Meanwhile, the firm announced it nearly raised $100M in its Series A financing round at a pre-money valuation above $1.2 billion.
The company noted it aims to use the raised capital to develop its Web3 ecosystem and expand its product offerings for licensed businesses in Hong Kong.