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• HashKey moves closer to IPO after clearing Hong Kong listing hearing, boosting regulated crypto ambitions.
• HashKey leads Hong Kong’s licensed crypto trade but remains unprofitable despite a large client asset base.
• Firm expands globally with approvals in Dubai, Bermuda, and Ireland ahead of planned public listing.

Hong Kong’s push to build a tightly regulated digital asset market has taken another step as HashKey Holdings secures approval to move forward with an initial public offering.

The operator of the city’s largest licensed crypto exchange confirmed in a Dec. 1 disclosure that it cleared the Hong Kong Stock Exchange’s listing hearing, a milestone that positions the company to advance its plans.

The development arrives as Hong Kong continues to present itself as a controlled and legally defined alternative to the crypto restrictions on the mainland, while seeking to attract institutional and retail participation through licensed platforms.

IPO progress strengthens regulated market ambitions

HashKey has not revealed the size or timing of the IPO, but earlier reports in October indicated that the company had explored raising to $500 million.

The filing shows that JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International are acting as joint sponsors, reinforcing the city’s intention to anchor crypto activity within traditional financial structures.

Local media reported that funds raised through the offering would be directed toward technology upgrades, wider product development, stronger operational capacity, and the expansion of services into new markets.

HashKey is also prioritising the improvement of its risk management systems as part of a broader plan for long-term growth.

Licensing gives HashKey a strategic foothold

HashKey operates under the Securities and Futures Commission’s regulatory framework and was among the first digital asset companies approved to serve both institutional and retail investors under Hong Kong’s updated licensing regime.

The company holds a Type 1 licence, permitting it to deal in securities that include tokenised versions of assets categorised as securities.

It also holds a Type 7 licence, which allows it to run an automated trading platform.

Alongside this, HashKey’s asset management arm is licensed to manage portfolios consisting of up to 100 percent virtual assets.

It is one of 11 licensed virtual asset trading platforms serving retail users in Hong Kong.

This stands in contrast to mainland China, where crypto activity remains banned, highlighting Hong Kong’s continued position as a regulated gateway within the region.

Market share grows but losses persist

According to the filing, HashKey handled more than three quarters of the region’s onshore digital asset trading volume in 2024. It also held nearly HK$20 billion (US$2.56 billion) in client assets, underscoring its dominance within Hong Kong’s regulated crypto landscape.

Despite its scale, the company remains unprofitable. HashKey recorded a net loss of HK$506 million in the first half of 2025, though this represented an improvement from the HK$777 million loss logged during the same period a year earlier.

The filing noted that performance has shifted in line with market volatility, which continues to shape activity across the sector.

HashKey has been working to expand its presence through investment initiatives, including the launch of a $500 million perpetual fund focused on institutional participation in digital asset treasury projects.

The fund aims to support blockchain ecosystems such as Ethereum and seeks to contribute to long term adoption and capital movement.

Global approvals broaden HashKey’s reach

In addition to its Hong Kong operations, HashKey has extended its regulatory footprint in 2025 by securing conditional approval to operate in Dubai.

It has also obtained regulatory permissions to run licensed platforms in Bermuda and Ireland, signalling an effort to widen its global relevance ahead of its public listing.

These gains support Hong Kong’s attempt to reinforce its position as a regulated crypto centre and highlight how the city is using licensed actors to shape a defined market structure for digital assets.

The post Hong Kong tightens crypto grip as HashKey clears path to IPO appeared first on CoinJournal.

• The new legislation builds on the Digital Asset Basic Act by adding detailed rules for stablecoin oversight.
• The framework outlines how global stablecoins like USDT and USDC will be treated in Korea.
• Officials warn delays could leave Korea behind other regions that tightened rules in 2025.

South Korea is taking a major step toward formalising how won-based stablecoins will be issued and supervised, after lawmakers settled a long-running dispute over who should control the process.

A closed-door meeting brought clarity to the core question of authority, with policymakers agreeing that banks should lead the effort while still allowing tech firms to participate.

The move comes at a time when crypto adoption is rising among people aged 20 to 50, and when global players continue to dominate stablecoin markets.

With a December deadline approaching, officials want to finalise a structure that supports innovation but keeps monetary stability at the centre of regulation.

Consortium model defines the role of banks and tech firms

A Dec. 1 report by Maeli Business Newspaper said lawmakers agreed on a consortium model where banks maintain majority control of stablecoin-issuing entities.

Tech companies will still be able to participate, but financial institutions will take the lead to reduce systemic risks.

The goal is to create a Korean-style stablecoin framework that mirrors the safeguards of traditional finance, with clear rules governing reserves, issuance, and supervision.

The model was designed to align with the Bank of Korea’s concerns about protecting the money supply.

It also provides a common structure for private companies, reducing the risk of fragmented products entering the market without consistent stability mechanisms.

By setting shared standards early, policymakers hope to shape a domestic stablecoin ecosystem that can support innovation without compromising financial security.

Government faces Dec. 10 deadline for its proposal

Senior Democratic Party lawmaker Kang Joon-hyun said the government must submit its proposal by Dec. 10. If it misses the deadline, lawmakers will move ahead with their own version of the bill.

The aim is to pass the legislation during the National Assembly’s January extraordinary session, after consultation with the ruling People Power Party and the president’s office.

This new act expands on the Digital Asset Basic Act passed earlier this year.

That earlier law established licensing rules for issuers, requirements for reserve protection, and compliance obligations for virtual asset service providers.

The upcoming bill fills in the remaining regulatory gaps by specifying how stablecoins should be managed when they operate like traditional financial instruments.

It also provides clearer guidance for US-based stablecoins such as USDT and USDC, which have become increasingly influential in Korea’s growing digital asset market.

Push to match progress in global markets

Officials warn that delays could leave Korean companies trailing behind their global competitors.

The US, EU, and Japan strengthened their stablecoin rules in 2025, creating a more defined landscape for exchanges and financial institutions.

Korean regulators want to avoid losing momentum, especially as domestic interest in crypto continues to rise.

The updated framework aims to reduce uncertainty for developers, financial firms, and exchanges.

By bringing digital assets closer to mainstream financial oversight, authorities hope to support responsible growth and give consumers access to well-regulated products.

The focus is on keeping the domestic market aligned with international standards while maintaining space for private-sector innovation.

Lawmakers discuss wider reforms on security and markets

The meeting also covered planned updates to financial security and capital-market rules.

After recent hacking incidents at major financial companies, officials intend to revise the Electronic Financial Transactions Act.

Proposed changes include tougher penalties and stronger enforcement following cyber breaches.

Lawmakers are also working with opposition parties on a set of capital-market reforms.

These include rules that would require mandatory tender offers in certain corporate situations.

They also plan to update share-allocation standards so that everyday investors have fairer access to offerings.

The goal is to improve transparency and strengthen market integrity as Korea reshapes its financial regulatory environment.

The post South Korea moves to tighten stablecoin rules with a bank-led model appeared first on CoinJournal.