HashKey will release a retail trading platform on August 28th, which will restrict investment amount to less than 30% of total assets. This will promote derivative regulation.
2023-08-21 02:47
Odaily News: HashKey has announced that it will launch a trading platform for retail investors on Monday, the 28th. Livio Weng, the Chief Operating Officer of HashKey Group, stated in an interview that initially, retail investors will be able to purchase BTC and ETH, with a restriction that investments in virtual assets cannot exceed 30% of their total assets.
Weng mentioned that a tiered system will be established for retail investors. Through the KYC process, their investment experience and risk tolerance will be evaluated, and a questionnaire will be used to assess their understanding of virtual assets. Novice investors will have limited investment options, and the first batch of retail investors will only be able to purchase BTC and ETH. Currently, the China Securities Regulatory Commission has not approved the provision of margin and derivative products. Once regulatory approval is obtained, different types of products will be introduced to various user categories.
HashKey will collaborate with multiple commercial banks to provide fiat currency deposit and withdrawal services for users. Initially, only USD trading will be supported, and HKD will not be available. Only bank card transactions will be accepted, while credit card transactions will not be supported. If retail investors exceed the 30% investment limit in virtual assets on the platform, risk warnings will be issued, and their investments will also be restricted. However, the platform cannot independently verify users' total assets and can only rely on self-reported information.
Weng stated that they will actively communicate with regulatory authorities to promote the regulation of stablecoins and explore the possibility of approving certain levels of contract trading and pledge products. The launch of derivative products is expected to face some challenges. (source: Oriental Daily News)
Weng mentioned that a tiered system will be established for retail investors. Through the KYC process, their investment experience and risk tolerance will be evaluated, and a questionnaire will be used to assess their understanding of virtual assets. Novice investors will have limited investment options, and the first batch of retail investors will only be able to purchase BTC and ETH. Currently, the China Securities Regulatory Commission has not approved the provision of margin and derivative products. Once regulatory approval is obtained, different types of products will be introduced to various user categories.
HashKey will collaborate with multiple commercial banks to provide fiat currency deposit and withdrawal services for users. Initially, only USD trading will be supported, and HKD will not be available. Only bank card transactions will be accepted, while credit card transactions will not be supported. If retail investors exceed the 30% investment limit in virtual assets on the platform, risk warnings will be issued, and their investments will also be restricted. However, the platform cannot independently verify users' total assets and can only rely on self-reported information.
Weng stated that they will actively communicate with regulatory authorities to promote the regulation of stablecoins and explore the possibility of approving certain levels of contract trading and pledge products. The launch of derivative products is expected to face some challenges. (source: Oriental Daily News)
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