• HushKey has handed Hong Kong’s itemizing assessment, ramping up its regulated crypto ambitions and transferring nearer to an IPO.
• Hashkey is the chief in sanctioned cryptocurrency buying and selling in Hong Kong, however profitability stays low regardless of a big buyer asset base.
• The corporate is increasing globally, having obtained approval in Dubai, Bermuda and Eire forward of its deliberate itemizing.

Hong Kong’s efforts to create a extremely regulated digital asset market have taken one other step after Hashkey Holdings secured approval to proceed with its preliminary public providing (IPO).

The operator of Hong Kong’s largest licensed cryptocurrency alternate confirmed in a December 1 disclosure that it had handed the Hong Kong Inventory Change’s itemizing listening to. This can be a milestone for the corporate to maneuver ahead with its plans.

The event comes as Hong Kong continues to current itself as a managed and legally outlined various to mainland cryptocurrency regulation, whereas in search of to draw institutional buyers and retail participation by means of licensed platforms.

IPO progress strengthens regulated market ambitions

HashKey has not disclosed the dimensions or timing of its IPO, however preliminary reviews in October indicated the corporate was contemplating elevating as much as $500 million.

The submitting reveals JPMorgan Chase, Guotai Kaitong Securities, and Guotai Junnan Worldwide performing as co-sponsors, reinforcing the town’s intention to entrench crypto actions inside conventional monetary constructions.

Native media reported that the funds raised by means of this providing will likely be used for know-how upgrades, broader product growth, stronger operational capabilities and enlargement of providers to new markets.

HashKey can also be prioritizing enhancements to its danger administration system as a part of its broader plans for long-term development.

License provides HashKey a strategic foothold

HashKey operates beneath the Securities and Futures Fee’s regulatory framework and is among the first digital asset firms permitted to serve each institutional and retail buyers beneath Hong Kong’s newest licensing regime.

The corporate holds a Kind 1 license, which permits it to commerce in securities, together with tokenized variations of belongings categorised as securities.

It additionally holds a Kind 7 license which permits it to run an automatic buying and selling platform.

Along with this, HashKey’s asset administration division is licensed to handle portfolios consisting of as much as 100% digital belongings.

It is among the 11 licensed digital asset buying and selling platforms serving particular person customers in Hong Kong.

This contrasts with mainland China, the place crypto exercise stays prohibited, and highlights Hong Kong’s continued place as a regulated gateway inside the area.

Market share grows, however losses proceed

HashKey dealt with greater than three-quarters of the area’s land-based digital asset buying and selling quantity in 2024, based on the submitting. The corporate additionally has roughly HK$20 billion (US$2.56 billion) in buyer belongings, underscoring its dominance in Hong Kong’s regulated crypto setting.

Regardless of its measurement, the corporate stays unprofitable. Hashkey recorded a internet lack of HK$506 million within the first half of 2025, an enchancment from the lack of HK$777 million in the identical interval final 12 months.

The submitting notes that efficiency has assorted in response to market volatility, which continues to form exercise throughout the sector.

HashKey has labored to develop its presence by means of funding initiatives, together with the launch of a $500 million everlasting fund targeted on participating institutional buyers in digital asset finance tasks.

The fund goals to assist blockchain ecosystems comparable to Ethereum and goals to contribute to long-term adoption and capital mobility.

International approval expands HashKey’s scope

Along with its operations in Hong Kong, Hashkey expanded its regulatory attain in 2025 by securing conditional approval for its operations in Dubai.

It has additionally obtained regulatory permission to function licensed platforms in Bermuda and Eire, demonstrating its dedication to increasing its international relevance forward of its itemizing.

These achievements assist Hong Kong’s makes an attempt to strengthen its place as a regulated cryptocurrency middle and spotlight how Hong Kong is leveraging licensed entities to form an outlined market construction for digital belongings.