Hong Kong Licensed Crypto Platforms: The Rise of HashKey and OSL
As Hong Kong's regulatory framework for virtual assets gradually matures, HashKey Exchange and OSL, as the first cryptocurrency trading platforms to obtain licenses from the Hong Kong Securities and Futures Commission (SFC), have set industry benchmarks for compliant operations. Both platforms are authorized to provide services to professional investors and retail clients, bringing greater transparency and security to the crypto asset market in Hong Kong and globally. This article will provide an in-depth comparison of these two leading platforms, analyzing their differences in licensing, services, market performance, and strategic development.
HashKey Exchange Overview
HashKey Exchange is one of the core businesses under HashKey Group, dedicated to building a compliant and secure Web3 ecosystem. On August 3, 2023, the platform announced the upgrade of its SFC Type 1 (dealing in securities) and Type 7 (providing automated trading services) licenses, becoming one of the first platforms in Hong Kong authorized to serve retail users.
- Regulation and Compliance: Holds SFC Type 1 and Type 7 licenses, strictly adhering to Hong Kong regulatory requirements, ensuring client asset segregation, insurance coverage, and cybersecurity standards.
- Service Scope: Offers spot trading, brokerage services, fiat currency exchange, and a Web3 wallet (HashPass Wallet). The platform has merged the HashKey Exchange and HashKey Global applications into a single entry point, achieving "multi-site unification," with services covering jurisdictions such as Hong Kong, Singapore, Dubai, and Bermuda, providing diverse services including spot trading, OTC, wealth management, and derivatives trading.
- Recent Developments:
- August 25, 2026: Partnered with Franklin Templeton to distribute its tokenized money market fund in Asia, meeting institutional demand for compliant real-world asset (RWA) yield solutions.
- H1 2026: HashKey Holdings' revenue increased by 20.6% year-on-year to HKD 343 million, and trading volume grew by 31.8% to HKD 282.2 billion, with institutional trading accounting for 82%. RWA Total Value Locked (TVL) reached HKD 2.6785 billion, a 167.8% year-on-year increase.
- April 10, 2026: Became one of the first platforms in Hong Kong authorized to provide Ethereum ETF staking services.
- February 25, 2026: Officially launched its ecosystem token HSK, currently available for trading by qualified professional investors only.
- July 14, 2025: Established a strategic partnership with Philippine cryptocurrency exchange Coins.ph to expand into the Southeast Asian market.
- Market Data (as of August 26, 2026):
- 24-hour trading volume: Approximately USD 132 million.
- Most active trading pair: ETH/USD.
- Supported cryptocurrencies: 26, with 34 trading pairs.
- Trading fees: Maker 0%-0.29%, Taker 0.05%-0.29%, generally around 0.2%.
OSL Exchange Overview
OSL Group is a Hong Kong-listed company (HKEX: 863) and the first digital asset platform in Hong Kong to obtain an SFC license. OSL was the first to receive SFC Type 1 and Type 7 licenses on December 15, 2020, and additionally holds Type 4 (advising on securities) and Type 9 (asset management) licenses, offering a more comprehensive range of licenses.
- Regulation and Compliance: Holds SFC Type 1, Type 7, Type 4, and Type 9 licenses, providing institutional-grade security and compliance, with insurance coverage of up to USD 1 billion (underwritten by Canopius/Lloyd's of London).
- Service Scope: Offers cryptocurrency trading, brokerage (OTC and block trades), custody, and SaaS services. Its core businesses include OSL Exchange (spot trading), OSL Brokerage, and OSL Custody. OSL has also launched a consumer-grade app, supporting Apple Pay and Google Pay for fiat-to-crypto deposits and withdrawals, offering zero-commission "Lightning Trading" and "Pro Trading" interfaces.
- Recent Developments:
- August 27, 2026: Partnered with Global X ETFs and Citibank to launch Hong Kong's first tokenized unit class of a tokenized covered call ETF.
- August 24, 2026: StableHub's USDC deposits exceeded USD 200 million within approximately four months of its launch.
- August 7, 2026: Named one of CNBC's "Top Global Fintech Companies of 2026" for the second consecutive year.
- July 22, 2026: The circulating supply of its enterprise stablecoin USDGO surpassed USD 1 billion, ranking among the top six regulated stablecoins globally.
- H1 2025: OSL Group's total revenue was HKD 195 million (up 58% year-on-year), platform trading volume was HKD 68.2 billion (up 200% year-on-year), and digital assets under custody were HKD 5.694 billion (up 50% year-on-year).
- July 2025: Raised USD 300 million through an equity placement for payments and stablecoin development, as well as further acquisitions.
- Market Data:
- Platform trading volume: HKD 68.2 billion (H1 2025).
- Digital assets under custody: HKD 5.694 billion (H1 2025).
- USDC deposits: StableHub reached USD 200 million in approximately four months (as of August 24, 2026).
- USDGO circulating supply: Over USD 1 billion (as of July 22, 2026).
- Supported cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), Tether (USDT), USD Coin (USDC), etc.
- Trading fees: No fees for OTC and RFQ trades, professional investors are charged a monthly account maintenance fee of 0.05%.
HashKey vs. OSL: An In-depth Comparison
Regulatory Licenses and Compliance
Both platforms hold SFC Type 1 and Type 7 licenses, which are core requirements for providing virtual asset trading services to retail investors in Hong Kong. OSL has an advantage in the variety of licenses, additionally holding Type 4 (advising on securities) and Type 9 (asset management) licenses, allowing it to offer a broader range of financial services. OSL was also the first digital asset platform in Hong Kong to obtain an SFC license, giving it a first-mover advantage in compliant operations.
Service Scope and Product Innovation
- HashKey Exchange: Focuses on building a comprehensive Web3 ecosystem, providing multi-jurisdictional services through a unified app, and actively developing innovative areas such as RWA and Ethereum ETF staking. Its Web3 wallet, HashPass, also reflects its emphasis on user digital asset management experience.
- OSL Exchange: Its core strengths lie in its institutional-grade brokerage, custody, and SaaS services, providing a compliant channel for traditional financial institutions to enter the digital asset market. OSL excels in stablecoin issuance (USDGO) and B2B payment solutions (OSL Pay/BizPay), and has launched a consumer-grade app supporting fiat deposits and withdrawals, aiming to connect traditional payments with the crypto world.
Market Performance and Scale
According to public data, HashKey Group saw significant growth in both revenue and trading volume in the first half of 2026, with institutional trading accounting for as much as 82%. OSL Group also achieved substantial growth in revenue and trading volume in the first half of 2025 and demonstrated strong performance in digital assets under custody. OSL's StableHub attracted a large amount of USDC deposits in a short period, and its USDGO stablecoin's circulating supply has exceeded USD 1 billion, showcasing its strong capabilities in the stablecoin and payment sectors.
User Positioning and Strategic Focus
- HashKey Exchange: Appears to be more inclined to attract a wide range of retail and institutional users, meeting the needs of different investors through its ecosystem token HSK and RWA products, and actively expanding into the Asian market.
- OSL Exchange: With its deep institutional background and more comprehensive licenses, it primarily serves high-net-worth investors and institutional clients, while gradually expanding into the retail market through its consumer-grade app and stablecoin strategy, with unique advantages in payments and asset management.
Conclusion
HashKey Exchange and OSL, as the two compliant pioneers in Hong Kong's cryptocurrency market, each demonstrate unique strengths. HashKey excels in building a Web3 ecosystem and RWA innovation, while OSL, with its comprehensive licenses, institutional-grade services, strong custody capabilities, and deep expertise in stablecoins and payments, has solidified its leading position in connecting traditional finance with the digital asset economy.
For investors, the choice of platform depends on their specific needs: if a comprehensive Web3 ecosystem experience and innovative products like RWA are prioritized, HashKey might be more appealing; if institutional-grade security, broader license coverage, and specialized services in stablecoins and payments are paramount, OSL is a strong contender. Regardless, the compliant operations of both platforms bring greater trust and development potential to Hong Kong's virtual asset market.
