"Why Do 90% of Brokerages Use HashKey?"

(This article is an AI response)

1. What Licenses Are Available in Hong Kong?

Hong Kong's virtual asset regulatory framework is based on the principles of similar business, similar risk, and similar regulation. To engage in virtual asset-related businesses in Hong Kong, the following types of licenses are primarily required:

Licenses under the Securities and Futures Ordinance (SFO):

• Type 1 (Securities Trading): Can provide virtual asset trading distribution services
• Type 4 (Advising on Securities): Provides virtual asset investment consulting services
• Type 7 (Providing Automated Trading Services): Operates trading platforms in conjunction with VASP licenses
• Type 9 (Asset Management): Manages investment portfolios where virtual assets account for more than 10%

Licenses under the Anti-Money Laundering Ordinance (AMLO):

• VASP License (Virtual Asset Service Provider): Operates virtual asset trading platforms, providing non-securities token trading services.

2. HashKey Group's License Layout

Achieved full license coverage for virtual asset businesses:

• HashKey Exchange:

• Type 1 License (Securities Trading)

• Type 7 License (Providing Automated Trading Services)

• VASP License (Operating a virtual asset trading platform)

• HashKey Capital:

• Type 1 License (Securities Trading)

• Type 4 License (Investment Consulting)

• Type 9 License (Asset Management)

• HBS (Hong Kong) Limited:

• Type 1 License (Securities Trading)

• Type 4 License (Investment Consulting)

This full license layout enables HashKey to provide comprehensive virtual asset services ranging from trading, custody, asset management to investment consulting.

3. Current Status of Brokerage Virtual Asset Licenses

As of the end of June 2025, several brokerages in Hong Kong have upgraded their virtual asset-related licenses. Guotai Junan International became the first Chinese-funded brokerage to obtain a virtual asset trading license, allowing it to directly provide clients with trading services for virtual assets such as Bitcoin and Ethereum.

Additionally, several local Hong Kong brokerages, such as Victory Securities and Aide Securities, have also completed the upgrade of their Type 1 licenses. In the internet brokerage sector, Futu Securities' Cheetah Trading and Tiger Brokers' YAX have also obtained VASP licenses.

4. Why Brokerages Still Rely on HashKey Services

Despite obtaining virtual asset trading licenses, most brokerages still choose to use HashKey's services for several main reasons:

1. Differences in Business Models

The licenses obtained by brokerages are primarily of a "distribution" nature, rather than operating their own trading exchanges. They provide clients with virtual asset trading channels by establishing omnibus accounts within licensed exchanges, rather than building their own trading platforms.

2. Advantages of HashKey's Omnibus Services

HashKey Exchange's omnibus account service covers 90% of licensed brokerages in Hong Kong, providing a package of services including virtual asset trading, custody, and settlement for over 30 institutions. The cumulative trading volume has exceeded HKD 30 billion, with trading volume in the past six months increasing nearly fivefold compared to the previous period.

3. Considerations of Technology and Compliance Costs

Building a self-operated virtual asset trading system requires significant technological investment and compliance costs. As the largest licensed virtual asset exchange in Hong Kong, HashKey has established a mature technological infrastructure, liquidity support, and compliance system, allowing brokerages to quickly enter the market without redundant investments.

5. HashKey's Competitive Advantages and Prospects

1. Market Leadership

HashKey Exchange maintains its position as the largest licensed virtual asset exchange in Hong Kong. As of November 2024, its asset management scale has surpassed HKD 10 billion, with a cumulative trading volume of HKD 580 billion. It ranks 7th in the Coingecko global exchange rankings, the highest-ranked licensed virtual asset exchange in Hong Kong.

2. Global Strategic Layout

HashKey has completed its licensing layout in three major global markets: Hong Kong (Asia-Pacific market), Bermuda (offshore financial center), Dubai (Middle East market), and Ireland (EU market). This diversified layout lays a solid foundation for its global expansion.

3. Comprehensive Ecological Advantages

HashKey Group has built a complete ecosystem from trading, asset management, OTC, cloud services to tokenization, creating significant synergies and competitive barriers.

4. Leading Technology and Compliance

As a native compliant trading platform, HashKey has a first-mover advantage in security, compliance, and technological architecture, having obtained ISO 27001 and ISO 27701 certifications.

6. Future Development Trends

Brokerages Building In-House vs. Continued Cooperation

In the long term, large brokerages may consider building their own virtual asset trading systems, but this requires consideration of the following factors:

• Cost-Benefit Analysis: Building a system requires significant technological investment, talent costs, and compliance costs.
• Market Scale: Only when the virtual asset business reaches a sufficient scale does building become economically viable.
• Regulatory Requirements: Hong Kong's strict regulatory requirements make the threshold for building very high.
• Competitive Landscape: HashKey's first-mover advantage and ecological barriers make it difficult for newcomers to easily surpass.

7. HashKey's Sustainable Advantages

HashKey aims to surpass Coinbase within five years to become the largest licensed exchange cluster globally. Its competitive advantages are primarily reflected in:

• Deep Engagement in the Asian Market: Compared to Coinbase's focus on the U.S. market, HashKey is more focused on the rapidly growing Asian market.
• Compliance First-Mover Advantage: In the context of tightening global regulations, licensed compliance has become a core competitive strength.
• Ecological Synergy Effects: The full license and comprehensive business ecological layout create significant competitive barriers.
• Technological Innovation Capability: Continuous product innovation and technological iteration maintain market leadership.

Overall, while more brokerages obtaining virtual asset licenses increases market competition, HashKey, with its full license layout, technological advantages, compliance experience, and ecological synergy effects, is still expected to maintain its leadership position in the Hong Kong virtual asset market. For investors holding HSK, HashKey's diversified advantages and global strategy provide strong support for its long-term development.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。