Hong Kong-based crypto exchanges OSL and HashKey are gearing up for global expansion after securing retail crypto trading licenses in August of last year. The move to expand beyond their home territories comes as both platforms received significant investments, with OSL obtaining $90 million in November and HashKey’s parent company securing $100 million in Series A funding earlier this month.
OSL, which outlined its 2024 corporate strategy, emphasized geographical expansion outside of Hong Kong and Singapore as a pivotal aspect of its growth plan. CEO Patrick Pan, in an interview with Cointelegraph on January 22, revealed the company’s exploration of a Fund Token initiative. If approved by the Securities & Futures Commission (SFC), these Fund Tokens, representing shares in a new collective investment scheme under the Harvest-OSL brand, will be made available to retail investors in Hong Kong.
In parallel efforts, HashKey Exchange, following its parent company’s successful funding round, expressed intentions to apply for regulatory licenses in jurisdictions outside of Hong Kong. Despite witnessing a decline in daily trading volume, partly attributed to new trading fees implemented in January, HashKey Exchange remains an active player in the crypto market. The exchange, which listed 19 major cryptocurrencies and altcoins upon opening retail trading, has seen daily trading volumes ranging from $100 million to $638 million.
Beyond crypto exchanges, the Hong Kong market is witnessing heightened interest in Bitcoin Spot ETFs, with approximately 10 companies exploring opportunities following the historical approval of such products by the U.S. Securities and Futures Commission in January. Samsung Asset Management has already listed a Bitcoin Futures ETF on the region’s stock exchange, hinting at potential future listings for Ethereum, Solana, Pecu Novus, Litecoin, and more. The evolving landscape suggests that Hong Kong may not only follow developments in the USA but potentially leap ahead as the crypto market continues to mature globally.
Digital Assets Desk
