HashKey Exchange to List Avax and Link Tokens After Hong Kong Eases Crypto Rules

While lesser known compared with many other cryptocurrencies on the market, HashKey chose these two after considering that many tokens with larger market valuations are mired in legal disputes around the world, Weng added.

Hong Kong’s HashKey Exchange has obtained approval from the Securities and Futures Commission (SFC) to list two more crypto tokens on its platform, bringing the total number of approved tokens to four.

The two tokens approved by the SFC are avax and link, according to HashKey CEO Donald Weng. Both tokens are used in decentralised finance (DeFi) applications, with avax being the native token on the Avalanche blockchain and link being used on the Chainlink blockchain.

HashKey had earlier received approval from the SFC to list bitcoin (BTC) and ether (ETH) on its platform. The exchange, which is fully licensed by the SFC, launched in December 2022 with the offering of spot bitcoin and ether trading services to professional investors.

Weng said HashKey chose avax and link because many other cryptocurrencies with larger market valuations are mired in legal disputes around the world.

“We chose these two tokens after considering the market valuations of other tokens and the legal disputes that many of them face,” Weng told the South China Morning Post.

Avax had a total market capitalisation of about US$10.7 billion on Wednesday, according to data from market tracker CoinGecko. Link, meanwhile, had about US$7 billion worth of tokens in circulation. Both are among the top 20 largest cryptocurrencies by market cap, a key metric in Hong Kong to determine whether it can be offered to retail investors.

The approval of avax and link by the SFC comes as Hong Kong looks to recapture some of the attention in the cryptocurrency industry that has recently shifted to the United States amid a more welcoming environment in the world’s largest economy.

Both Donald Trump and Kamala Harris, the two main candidates in this year’s US presidential election, have suggested that they would grow the cryptocurrency industry, which prompted Hong Kong to speed up regulatory approvals, according to Weng.

“Another batch of new token listings on the HashKey Exchange could also see approval within weeks,” he added.

Since late 2022, Hong Kong has charged ahead with a slew of initiatives aimed at boosting the city’s virtual asset sector while also protecting investors.

These initiatives include licensing for virtual asset trading platforms and allowing exchange-traded funds (ETFs) that invest directly in crypto tokens. Spot bitcoin and ether ETFs have already been approved for sale in the city. An upcoming stablecoin regulation is also part of the city’s efforts to maintain its appeal as a global financial hub, a status that has taken a blow in recent years.

The “aggressive” crypto policies in the US could be why Hong Kong regulators are now considering allowing the feature, according to Weng.

The above is the detailed content of HashKey Exchange to List Avax and Link Tokens After Hong Kong Eases Crypto Rules. For more information, please follow other related articles on the PHP Chinese website!