HashKey Exchange and OSL have received license uplifts from local regulators in Hong Kong, allowing them to serve retail cryptocurrency users in the region. Previously, both companies were only permitted to serve professional and institutional investors. HashKey Exchange plans to onboard 500,000 to one million users by the end of 2023, while OSL expects Hong Kong’s crypto user base to increase to 10-15 million over the next two years. The favorable regulatory environment in Hong Kong is attracting global players like Binance, positioning the region as a potential alternative for Web3 firms to relocate to.
