Hong Kong’s first license to a cryptocurrency exchange to serve retail customers has gone to Hashkey Exchange under the city’s new crypto rules that aim to make the region a crypto hub.

Hashkey Exchange, a virtual asset exchange based in Hong Kong which is part of Hashkey Group, a digital asset financial services group, announced the development saying it can now expand its business scope from serving professional investors to retail users.

“As an existing Type 1 and Type 7 licenses holder, HashKey Exchange successfully underwent a simplified process to obtain the licence upgrade … to expand its business scope from serving professional investors to retail users, fulfilling market demand for a licensed platform that offers users a safer and simpler process for buying and storing cryptocurrencies.” the exchange said.

Earlier, the Hashkey Group had announced plans to introduce a regulated exchange in the second quarter to service retail customers and plans to raise funds at a $1 billion valuation to capitalize on Hong Kong’s re-emergence as a potential crypto hub.

The Securities and Futures Commission of Hong Kong did not immediately respond to CoinDesk’s request for comment and confirmation.

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