Hong Kong’s largest licensed cryptocurrency exchange, HashKey Group, made its stock market debut Wednesday as the city positions itself as a global hub for digital assets, despite Beijing’s strict restrictions on the technology.
While cryptocurrencies like bitcoin remain banned in mainland China, Hong Kong has embraced the sector with visible advertisements and a regulatory framework aimed at staying ahead of financial centres such as Dubai and Singapore.
Shares of HashKey, established in 2018, opened at HK$6.50 (US$0.84), down 2.69 percent in early trading, following an IPO that raised US$205 million. The company operates a crypto exchange alongside other digital ventures.
CEO Xiao Feng described the listing as a “glorious day” that demonstrated how “taking the compliant route can also lead to success.” Xiao emphasized that, while the founders are from mainland China, “HashKey is a homegrown Hong Kong company” and highlighted the importance of regulatory rules even in the digital asset sector.
Hong Kong has become a testing ground for mainstream cryptocurrency investment, introducing a licensing system for stablecoins earlier this year to provide a safer, less volatile alternative to traditional digital currencies.
“China remains cautious about cryptocurrency,” said Merton Lam, head of Crypto HK. “Hong Kong is likely seen as a testing ground for the technology. Crypto is global, and local exchanges like HashKey provide a convenient way to convert cash into digital assets.”
Financial technology lawyer Etelka Bogardi noted that the timing of HashKey’s IPO was ideal given the “very buoyant IPO market” and Hong Kong’s increasingly supportive policies. “In the past 12–18 months, Hong Kong has pushed ahead with regulations, clarifications, and administrative support to create a more facilitative environment for blockchain technology,” she said.
Source: AFP
Bd-pratidin English/ Jisan
