HashKey Weekly Round-Up | 9 December 2022

I. HashKey Group partners with SEBA Bank to accelerate institutional adoption of digital assets

HashKey Group is pleased to announce a new strategic partnership with SEBA Bank AG, a leading crypto bank in Switzerland. Both companies will endeavour to bring to market reliable and differentiated solutions for institutional investors in Hong Kong and Switzerland who are seeking to gain exposure to the digital asset ecosystem.

The partnership will see HashKey become SEBA Bank's preferred digital asset trading and market development partner in Hong Kong, while SEBA Bank will be the banking partner of choice for HashKey in Switzerland.

II. HashKey Capital co-hosting Web3Port Acceleration

Web3Port Acceleration is a programme where selected universities including Columbia and Harvard University can interact with start-ups and help them scale faster and acquire more users, and HashKey Capital is one of the co-hosts of the event, along with the likes of BNB Chain. 

Web3Port Acceleration will be held four times a year, featuring around 20 projects for each batch. Participating start-ups can expect to have direct conversations with VCs to get potential investment channels and opportunities, in addition to marketing and community access.



III. HashKey passes AML/ CFT Amendment Bill, requiring all VA exchanges to apply for a licence with the SFC


What happened?
On December 7, Hong Kong's Legislative Council passed the amendment to the Anti-Money Laundering and Counter-Terrorist Financing Bill 2022. The amended bill requires all virtual asset service providers (VASPs) in Hong Kong to obtain a licence from the Securities and Futures Commission (SFC) of Hong Kong. Licensed exchanges and subsidiaries will have to regularly provide audited accounts and financial information to the SFC in accordance with the Ordinance requirements. The SFC is expected to carry out a further consultation on the detailed regulatory requirements of the regime. 

According to the government's press release, the regime for VASPs will come into effect on 1 June 2023. The transition period in between is provided to "give industries concerned sufficient time to apply for a licence or undergo registration in accordance with the regulatory regimes."

HashKey Group: A regulatory-first approach
Since our inception, HashKey Group has always committed to embracing and operating within the regulatory frameworks of each jurisdiction and market with the highest applicable compliance standards. In Hong Kong, HashKey Group is one of only two companies to receive the full licences from the SFC to operate a virtual asset trading platform. The company, through its subsidiary Hash Blockchain Limited (HBL) was granted official approval from the city's regulator in November 2022 to carry out Type 1 (dealing in securities) and Type 7 (providing automated trading services) activities for professional investors.

HashKey Group is also licensed in Japan and is currently operating under an exemption from holding a licence under the Payment Services Act ("PS Act") to provide digital payment token (DPT) services for a specified period in Singapore.



IV. HashKey Making Waves

Michel Lee, HashKey Group's Executive President, was invited by Finoverse to speak on its podcast: Waves in the Finoverse. Michel highlighted the importance of enhancing disclosures and transparency around the traditional finance space, and he also shared his thoughts on Hong Kong's future as a virtual asset hub and the latest developments at HashKey in the decentralised space.

"Instead of waiting for companies' quarterly or semi-annual reports, with blockchain you can build tools that monitor and analyse their data in real-time, and that is something HashKey is working on." Michel said.




HashKey DID has now more than 900,000 registered users!

Since its inception in early 2022, HashKey DID has grown immensely over the past months to become one of the most prominent applications in the crypto space when it comes to decentralised identifiers. Don't have an account yet? Connect your Metamask and create your account at www.hashkey.id



VI. Key Weekly Data

Market Data (as of 8 December 2022)

Total market value: US$842 billion (Source: CoinMarketCap)

Total exchange volume of Bitcoin and Ethereum (7DMA): Bitcoin - US$7.58 billion; Ether - US$1.68 billion (Source: The Block Research)
DEX 7-day growth: -35% compared to last week (US$6 billion) (Source: Dune Analytics)