In order to assist the "open network" and "increase access" to fiat on and off-ramps for Telegram wallet users in the Asia-Pacific Region, the TON Foundation has partnered with HashKey.

The TON Foundation and HashKey announced that, as part of their joint commitment to incorporating cryptocurrencies and blockchain technology into everyday life, they will keep working together to enhance the TON ecosystem's usability and accessibility.

According to a press statement from HashKey's COO Livio Weng, "We aim to make cryptocurrency a seamless part of everyday life by streamlining the fiat on-and-off ramp experience, driving forward accessibility and innovation within the TON ecosystem."

"We are excited to welcome in a new generation of mini-app builders on TON, led by local teams that are already becoming viral," stated Steve Yun, the TON Foundation President

The TON Foundation and HashKey stated that they are committed to abiding by all local rules and regulations, and that the cooperation will first concentrate on the Hong Kong market.

The companies said in the release that if they are successful in this first area, it will pave the way for them to work together to expand to other markets, which is in line with their common goal of advancing easily available and decentralised financial services.

"Crypto Regulations in Hong Kong May Reduce Global Appeal"

As was previously mentioned, HashKey CEO Livio Weng has also expressed doubts about recent crypto trading laws in Hong Kong, citing fears that they would make it more difficult for clients from other countries to enter the market.

According to Hong Kong's legal framework, by February of this year, all cryptocurrency exchanges operating in the city must file applications for regulatory permission. 24 businesses responded by applying for these licences, including well-known firms like Bybit, OKX, and Crypto.com. Cryptocurrency exchanges must stop operations by the end of May if their licence applications were not submitted.

At the moment, HashKey is the holder of one of the two licences issued by Hong Kong for the trading of digital assets. OSL, the other licenced exchange, just finished selling BGX about 30% of its ownership. Although specifics are yet unknown, people with knowledge of the transaction purportedly identified BGX as an unregistered bitcoin organisation connected to China.

According to TON Foundation, HashKey Group offers resources that it is investigating for use as a treasury management system.