HashKey will release a virtual asset platform APP for retail investors on August 28, limiting investment to no more than 30% of total assets, and will promote the supervision of derivatives

Odaily Planet Daily News HashKey announced that it will release a trading platform APP for retail investors on the 28th (next Monday). Livio Weng, Chief Operating Officer of HashKey Group, said in an interview that retail investors can initially purchase BTC and ETH, and will limit investment in virtual assets to no more than 30% of total assets. Weng Xiaoqi said that a grading system will be established for retail investors. The KYC procedure will be used to evaluate investors’ past experience and risk-taking ability, and a questionnaire will be set up to judge whether they have a correct understanding of virtual assets. Novice participation in investment is relatively limited. The first batch of retail investors can only buy BTC and ETH; currently, the China Securities Regulatory Commission does not allow the provision of margins and derivatives. In the future, when the supervision permits, it will also classify related products and launch various products to different types of users. The platform cooperates with a number of commercial banks to provide users with legal currency deposit and withdrawal services. It will first support US dollar transactions, and temporarily does not support Hong Kong dollars. For the time being, only bank card transactions are accepted, credit cards are not supported. If retail investors invest more than 30% of their total assets in virtual assets on the platform, a risk warning will appear and investment will be restricted. However, the platform cannot really verify the total assets of users, and only reliable users can provide it themselves. Weng Xiaoqi said that he will actively communicate with regulators to promote the supervision of stablecoins, and explore whether a certain degree of contract transactions and pledge products can be approved. It is expected that the launch of derivatives will be more tortuous. (Letter)