Caixin: Hashkey Exchange allows mainland users with Hong Kong ID cards to open accounts, but monitors IP addresses and other information.
2023-08-29 05:05
Odaily News: As one of the licensed virtual asset exchanges in Hong Kong, HashKey Exchange officially opened its services to retail investors on August 28, 2023. According to regulatory requirements, the exchange does not provide services to residents of mainland China. However, overseas Chinese with Hong Kong residency permits, commonly known as "Hong Kong drifters," and residents of regions where virtual asset trading is allowed can participate in trading after passing compliance qualification checks.
Similar to professional investors, retail investors who can trade on HashKey Exchange must come from countries or regions where virtual asset trading is permitted. The platform will detect users' IP addresses and VPNs, and closely monitor any usage of the services in jurisdictions where virtual asset trading is prohibited. For example, if a compliant user with a Hong Kong permanent residency card engages in trading while in mainland China, the user will be flagged and subsequently monitored based on actual trading activities.
"Hong Kong drifters" from mainland China, even without a Hong Kong permanent residency status, are eligible to open accounts on HashKey Exchange as long as they hold a Hong Kong residency card, can provide proof of a fixed address in Hong Kong, and have a Hong Kong bank account.
HashKey Exchange defines retail investors as individuals with total assets of less than $1 million USD. Those with assets exceeding $1 million USD are required to open a professional investor account. Livio Weng, Chief Operating Officer of HashKey Group, stated that in addition to reviewing potential users' personal identity information through Know Your Customer (KYC) procedures, the exchange also assesses their investment experience and risk tolerance. One quantitative requirement is that the total amount of virtual assets held by retail investors should not exceed 30% of their personal assets.
Weng revealed that the platform will actively target local users in Hong Kong this year. The exchange aims to reach a registered user base of 500,000 to 1 million people by the end of 2023, including both local and overseas users. Meanwhile, Weng predicts that a new bull market in the cryptocurrency market will begin in 2024 or 2025, with a large influx of retail investors. The goal is to reach a user base of 10 to 15 million people by the end of 2025.
98% of digital assets on the platform are stored in independent cold wallet systems, with only 2% stored in hot wallets. HashKey Exchange undergoes external independent audits by KPMG, internal audits by PwC, and code audits by EY.
The exchange has partnered with AON Insurance to provide insurance coverage for user assets. 50% of cold wallet assets and 100% of hot wallet assets will be protected. The initial insurance coverage amount is around $500 million USD. (Caixin)
Similar to professional investors, retail investors who can trade on HashKey Exchange must come from countries or regions where virtual asset trading is permitted. The platform will detect users' IP addresses and VPNs, and closely monitor any usage of the services in jurisdictions where virtual asset trading is prohibited. For example, if a compliant user with a Hong Kong permanent residency card engages in trading while in mainland China, the user will be flagged and subsequently monitored based on actual trading activities.
"Hong Kong drifters" from mainland China, even without a Hong Kong permanent residency status, are eligible to open accounts on HashKey Exchange as long as they hold a Hong Kong residency card, can provide proof of a fixed address in Hong Kong, and have a Hong Kong bank account.
HashKey Exchange defines retail investors as individuals with total assets of less than $1 million USD. Those with assets exceeding $1 million USD are required to open a professional investor account. Livio Weng, Chief Operating Officer of HashKey Group, stated that in addition to reviewing potential users' personal identity information through Know Your Customer (KYC) procedures, the exchange also assesses their investment experience and risk tolerance. One quantitative requirement is that the total amount of virtual assets held by retail investors should not exceed 30% of their personal assets.
Weng revealed that the platform will actively target local users in Hong Kong this year. The exchange aims to reach a registered user base of 500,000 to 1 million people by the end of 2023, including both local and overseas users. Meanwhile, Weng predicts that a new bull market in the cryptocurrency market will begin in 2024 or 2025, with a large influx of retail investors. The goal is to reach a user base of 10 to 15 million people by the end of 2025.
98% of digital assets on the platform are stored in independent cold wallet systems, with only 2% stored in hot wallets. HashKey Exchange undergoes external independent audits by KPMG, internal audits by PwC, and code audits by EY.
The exchange has partnered with AON Insurance to provide insurance coverage for user assets. 50% of cold wallet assets and 100% of hot wallet assets will be protected. The initial insurance coverage amount is around $500 million USD. (Caixin)
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