Hong Kong Exchange OSL Greenlights Solana (SOL) Trading for Retail
Hong Kong Opens Solana (SOL) Trading to Retail Investors
Hong Kong continues its push to become a major cryptocurrency hub, with OSL Exchange, the city's first licensed crypto platform, now authorized to offer Solana (SOL) trading to retail investors. This approval from the Securities and Futures Commission (SFC) marks a significant expansion of accessible crypto assets for the general public.
SOL joins Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), and Chainlink (LINK) as the fifth cryptocurrency available for retail trading on licensed platforms in Hong Kong.
HashKey and OSL Pioneer Retail Crypto Services
Previously, only professional investors could trade on these licensed platforms. However, a recent SFC announcement permitted retail trading under new regulations. OSL and HashKey Exchange are among the first to receive licenses to serve the broader population, signaling Hong Kong's commitment to embracing crypto despite lingering global concerns.
HashKey Exchange, accessible to retail investors, plans to launch Bitcoin and Ethereum trading within weeks. OSL has already declared its readiness to onboard retail clients for buying and selling digital assets, starting with Bitcoin and Ethereum.
HashKey emphasizes trust and transparency, employing auditing firms like KPMG and EY and segregating investor funds to enhance security, especially for new users.
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Bank Partnerships Strengthen Crypto Access
Key partnerships are further facilitating crypto access. HashKey collaborates with Standard Chartered Bank to enable fiat-to-crypto exchange and withdrawals. ZA Bank, a local online lender, also provides banking services to crypto platforms.
While not all banks currently offer these services, the banking regulator is actively engaging with financial institutions and crypto firms to address concerns, particularly regarding anti-money laundering. Eric Zhu, CFO of HashKey Group, acknowledges the banks' cautious approach following recent crypto sector failures.
DBS Bank Hong Kong is also exploring digital asset services for clients, coordinating with the SFC. While not seeking a local exchange license, DBS may offer its Singapore-based crypto exchange facilities to Hong Kong customers.
Exchanges operating before the new regulations on June 1 have until the end of March to apply for licenses to continue operating in Hong Kong. These moves signal Hong Kong’s steady progress toward regulated and safe cryptocurrency trading for the general public.