Saturday, May 21, 2022

Hongkong Land Lease Out Commercial Space To HashKey Group

A crypto-asset firm HashKey Group has reportedly rented a commercial office space from Hongkong Land, a property landlord in Hong Kong. 

While leasing out the space to the local firm, Hongkong Land made clarity around the crypto regulation. 

Neil Anderson, the director of Hongkong Land, the decision of leasing out a space to crypto businesses was totally based on the crypto regulations framed by the Securities and Futures Commission (SFC).

He mentioned, “The SFC’s recent decision to regulate digital asset exchanges in Hong Kong gives us confidence that this new asset class has a regulatory framework, and therefore a future within the finance industry.”

As per the rule set by Hong Kong regulators, the businesses related to the cryptos should be licensed locally and they should offer their services only to the professional investors in the country.

After the imposition of the rule, mixed feelings brewed among the local investors. But, Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, defended the recent proposal to ban retail crypto trading.

He further mentioned, “A regulatory framework that bans retail crypto activity help against market manipulation, money laundering and terrorist financing.”

Hongkong Land recently told that it has leased out an entire floor in the Three Exchange Square building in central Hong Kong to HashKey Group.

Notably, a part of the Three Exchange Square Building is owned by the Hong Kong government.

As per the report, after the outbreak of COVID-19, the demand for commercial spaces from traditional banks is declining in the country. 

Presently, HashKey Group has been operating from the business park, but soon it will shift to a space, which earlier was leased by Australia and New Zealand Banking Group.

A report published by Bloomberg informed that many fintech giants like Standard Chartered and BNP Paribas, have reduced their office space.   

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