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No civil protection for crypto in China, $300K to list coins in Hong Kong? Asia Express – Cointelegraph Magazine

Hong Kong

Our weekly roundup of news from East Asia curates the industry’s most important developments.

Hot week for Hong Kong exchanges 

Hashkey Exchange — one of the first regulated crypto exchanges in Hong Kong — has announced insurance coverage for clients assets stored in its hot and cold wallets. accounts. The policy will cover 50% of Hashkey’s digital assets in cold wallets and 100% of digital assets in hot wallets and pay out anywhere between $50 million to $400 million in the event of a claim.

Hashkey’s partnership with fintech OneDegree will also see the pair co-develop novel crypto security solutions for the exchange to manage server downtime, data back-up, and load control. “Getting insurance cover from OneInfinity by OneDegree not only fulfills the Securities and Futures Commission requirements, we believe the collaboration can also enhance our financial, technical, and service infrastructure to provide our customers with comprehensive protection,” said Livio Wang, COO of Hashkey Group.

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Wang also disclosed that the exchange plans to submit four major altcoins for listing approval to the Hong Kong Securities & Futures Commission. Since its license was approved in August, Hashkey has grown to over 120,000 customers with a cumulative trading volume surpassing $10 billion.

Hong Kong cityscape (Pexels)

BC Technology Group, the owner of another licensed exchange called OSL, has announced a $91 million strategic investment from BGX crypto group. BGX CEO Patrick Pan called the investment “a strategic move that reflects our belief in the immense potential of the digital asset market.” Last month, Bloomberg reported that BC Technology Group was seeking to spin off the OSL exchange for $128 million, whcih the company denied at the time.

While Hong Kong crypto exchanges are gaining traction, the barrier to entry for users and token developers alike appears to be high. In an announcement on November 15, Hashkey stated that…

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