Hong Kong’s HashKey Exchange has officially announced the addition of AVAX/USD and LINK/USD trading pairs to its platform, marking a significant step for retail investors. Starting at 18:00 on August 28, 2024 (UTC+8), retail and professional investors will be able to trade these new pairs on the HashKey Exchange.
As part of the announcement, HashKey clarified that deposits and withdrawals of AVAX will be supported via the Avalanche network, while LINK transactions will be available through the ERC20 network.
Clients can begin registering and depositing their assets ahead of the trading launch. For more details on how to place orders for these new pairs, users are encouraged to review the “Trading Rules on Order Placing” section on the platform.
Hashkey Sets Out Voting Rights for Virtual Assets
HashKey Exchange highlighted its voting rights management mechanism for virtual assets traded on its platform in addition to announcing new trading pairs. The exchange claims that it does not exercise any voting powers related to the virtual assets that users own.
Users must remove their respective assets from the exchange to take part in the governance of such assets. HashKey Exchange simply offers consumers a trading platform; it plays no part in asset governance.
After receiving a license in Bermuda, HashKey Group established its cryptocurrency exchange in April 2024. HashKey Exchange is a component of HashKey Global, the company’s worldwide division. More than 40 cryptocurrency trading pairs are currently available for trade on the site, with significant additions like LINK and AVAX.
Apart from Bitcoin and Ethereum, these two tokens are the first assets that Hong Kong regulators have authorised for retail trade. This action was taken more than a year after a new licensing system for cryptocurrency exchanges was implemented in June 2023 by the Securities and Futures Commission of the area.
Hashkey Continues to Expand Furthur
HashKey Exchange became the first platform in Hong Kong to receive this license in August 2023, enabling it to offer retail investors cryptocurrency trading services.
The launch of the AVAX and LINK trading pairs is a noteworthy turning point in Hong Kong’s cryptocurrency trading history, indicating the increasing acceptance of retail cryptocurrency investments in the area.
HashKey CEO Livio Weng, in an interview with the South China Morning Post on August 22, 2024, highlighted the importance of this development for the future of Web3 in Hong Kong. “This implies that Hong Kong will speed up in the area of Web3,” Weng said.Â
He pointed to several factors driving this acceleration, with one possible catalyst being former U.S. President Donald Trump’s intention to promote Web3 development in the United States. Weng suggested that Hong Kong’s regulatory advancements may be partially in response to global trends in Web3 technology.
The introduction of the AVAX and LINK trading pairs highlights Hong Kong’s goal to become a major centre for Web3 and cryptocurrency development, as HashKey Exchange keeps growing its services and offers.
Hong Kong is now positioned as a major player in the global digital asset market thanks to the regulatory clearance of these new assets, which represents a larger trend of regulatory clarity and openness in the area.
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