Last updated:
April 12, 2024 07:19 EDT
| 1 min read
TON Foundation has partnered with HashKey to support the “open network” and “increase access” to fiat on and off-ramps for Telegram wallet users in the Asia-Pacific Region.
In an announcement, TON Foundation and HashKey said they will continue to work together to improve the TON ecosystem’s accessibility and user experience as part of their shared commitment to integrating cryptocurrency and blockchain technology into daily ife.
“By streamlining the fiat on-and-off ramp experience, we aim to make cryptocurrency a seamless part of everyday life, driving forward accessibility and innovation within the TON ecosystem,” said Livio Weng, COO of HashKey in a press release.
“Led by local teams already achieving virality, we look forward to ushering in a new generation of mini-app builders on TON,” said Steve Yun, President of the TON Foundation.
Focus Is on the Hong Kong Market
The partnership will initially focus on the Hong Kong market, TON Foundation and HashKey said they are dedicated to following all regional laws and regulations.
In the release the firms went on to add that success in this initial market will set the stage for extending their joint efforts to other markets, aligning with their shared vision of promoting accessible and decentralized financial services.
‘Hong Kong’s Crypto Regulations Might Limit Global Appeal’
As reported earlier, HashKey COO Livio Weng has also raised questions on Hong Kong’s recent regulations around crypto trading, expressing concerns that they may impede access for international clients.
Hong Kong’s regulatory framework mandated that all crypto exchanges operating within the city must submit applications for regulatory approval by February this year. In response, 24 companies, including prominent players such as Bybit, OKX, and Crypto.com, applied for these licenses. Crypto exchanges that failed to submit license applications are required to discontinue services by May.
HashKey currently holds one of only two licenses granted for digital asset exchanges in Hong Kong. The other licensed exchange, OSL, recently completed a sale of nearly 30% of its stake to BGX. While details remain unclear, sources familiar with the deal reportedly described BGX as an unlicensed cryptocurrency group with ties to China.
TON Foundation said it is also exploring resources from HashKey Group as a treasury management solution.
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