HashKey Secures $30 Million Investment Amidst Hong Kong's Crypto Licensing Push
HashKey Secures $30 Million Investment
HashKey, a Hong Kong-registered cryptocurrency exchange, has secured a $30 million investment from China-based venture capital firm Gaorong Ventures. This funding round values the company at a pre-money valuation of nearly $1.5 billion, further solidifying its position in the competitive crypto market.
Regulatory Compliance and Growth
HashKey operates under a license from the Hong Kong Securities and Futures Commission (SFC), granted in November 2022, allowing it to deal in securities and offer automated trading services. Additionally, the exchange received its virtual asset trading platform license under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) in May 2024.
Market Context and Recovery
The investment comes amid a broader recovery in venture capital funding for the cryptocurrency sector. According to recent data, the fourth quarter of 2024 saw a slight increase in venture capital investments compared to the previous quarter, though levels remain below those of the same period in 2023.
Hong Kong's Crypto Licensing Push
Hong Kong has been actively licensing cryptocurrency trading platforms, with 10 exchanges registered under AMLO since 2020. The SFC has also completed its first round of on-site reviews for crypto license applicants, focusing on client asset protection, KYC processes, and cybersecurity.
This funding round and regulatory developments underscore Hong Kong's growing influence in the global cryptocurrency market, positioning it as a hub for compliant and innovative digital asset platforms.
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