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Users of HashKey Hong Kong to Receive Insurance Protection on Digital Assets

HashKey Hong Kong, a cryptocurrency exchange, has recently announced that users will soon have access to insurance coverage for their digital assets held on the platform. This move comes as HashKey signs a memorandum of understanding with fintech firm OneDegree, allowing for insurance protection on exchange wallets. Notably, this insurance policy will cover both hot wallets and cold storage addresses, providing extensive coverage for users.

The collaboration aims to enhance the overall financial, technical, and service infrastructure of HashKey, ensuring customers receive more comprehensive protection. By expanding its contribution to Hong Kong’s digital asset ecosystem, HashKey aims to establish a solid foundation for the cryptocurrency industry within the region. OneDegree’s co-founder, Yanlin Guo, emphasizes the necessity for a robust framework that includes insurance to identify and mitigate potential risks associated with cryptocurrencies.

A significant milestone for HashKey was achieved on August 3, when it became the first cryptocurrency exchange to receive a regulatory license from Hong Kong’s Securities and Futures Commission. This license granted the exchange the ability to offer services to retail investors, further bolstering its credibility and increasing public trust. Following this achievement, HashKey introduced trading services on August 28, marking another milestone in its operations. However, the trading volume remains relatively low, with only $122,514 worth of crypto traded in the past 24 hours.

Currently, HashKey Hong Kong supports trading for Bitcoin (BTC) and Ether (ETH) only, with no availability for margin trading or crypto derivatives trading. Nevertheless, the exchange facilitates fiat deposits in U.S. dollars and Hong Kong dollars from authorized financial institutions globally, providing users with a seamless trading experience.

The inclusion of insurance coverage for exchange users has sparked significant debate within the industry. While some exchanges offer limited insurance protection that merely guarantees contractual claims to users’ assets in the event of bankruptcy, others solely provide insurance on fiat deposits. However, exchanges such as Binance and Bitget have implemented robust insurance programs that cover various crypto-related incidents.

How AI legalese decoder Can Help:

The introduction of the AI legalese decoder can bring significant benefits in navigating and understanding the complex legal terms and conditions associated with obtaining insurance coverage on cryptocurrency exchanges, including HashKey Hong Kong. This innovative tool employs artificial intelligence algorithms to decipher and simplify legal language, ensuring users are well-informed and aware of their rights and protections under the insurance policy. By eliminating ambiguity and enhancing comprehension, the AI legalese decoder enables users to make informed decisions and assess the adequacy of the insurance coverage provided by HashKey and other exchanges.

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