Hong Kong landlords lease office space to HashKey
A property landlord, Hongkong Land, based in the city, has recently leased out commercial space to a local cryptocurrency firm HashKey Group, following the clarity of cryptocurrency regulations by the government.
Director of the Hong Kong-based property landlords, Neil Anderson, shared that the decision to lease out the office space was pending mainly due to reliance on the framework set by the Securities and Futures Commission (SFC). The new set of regulations drafted by the SFC have ensured that the newly emerging crypto class has a “future within the finance industry,” he stated.
As per a report from Hongkong Land, HashKey Group has presently rented out one full floor in the Three Exchange Square building premises located in central Hong Kong. The property is partially owned by the Hong Kong government.
Regulators in Hong Kong require their crypto businesses to obtain licenses locally and offer products and services only to professional investors.
The current regulatory framework by the SFC has brought a wave of mixed feelings among Hong Kong’s local investors. Christopher Hui, Treasury and Secretary of Financial Services, has, however, defended the draft to ban retail cryptocurrency trading.
He stated that bans on retail crypto activity would assist against market manipulation, terrorist financing and money laundering. On the flip side, due to the COVID-19 pandemic, demand for commercial spaces from traditional financial institutions has been on the decline.
Weeks back, Bloomberg had reported that mainstream fintech giants, including BNP Paribas and Standard Chartered, have reduced their office space.
At present, HashKey has been operating from a business park that houses mainly startups. It would soon be taking up space that was previously leased by Australia and New Zealand Banking Group.
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