After filing for a massive initial public offering (IPO), HashKey Holdings Limited is on its way to achieve the title: “Hong Kong’s first publicly-listed crypto exchange.” Yes, the crypto exchange is preparing to achieve this credit in a jurisdiction where crypto initiatives are gradually progressing.
The IPO or public offering that began on December 9 will continue its subscription period until December 12. In the next process, banks will calculate the orders received from investors and finalize the price, which will be announced on December 16.
The final stretch toward the Hong Kong Stock Exchange listing
On December 1, HashKey kicked off the final stage of its IPO process after passing the listing hearing of the Hong Kong Stock Exchange. The crypto firm is reportedly offering 240.57 million shares to the global markets, among which 24.06 million shares go for investors in Hong Kong, and the rest, 216.51 million, for international shares.
Is this move a big deal for Hong Kong’s crypto landscape?
This huge move cannot be considered a minor matter of discussion, because the crypto ecosystem of Hong Kong is soon going to witness a profound regulatory achievement.
If HashKey becomes the region’s debut publicly-listed crypto exchange operator, it can strengthen the Virtual Asset Trading Platform (VATP) licensing framework of the Securities and Futures Commission (SFC). Why? More crypto exchanges can launch and apply for licenses with VATP to operate in Hong Kong.
Hong Kong’s crypto regulations follow major developments
Last month, Swiss bank AMINA became the first global bank to receive approval in Hong Kong. With the license, the bank launched comprehensive crypto trading and custody services in Hong Kong.
Another significant milestone is Hong Kong’s stablecoin Act — Stablecoins Ordinance — which unfolded on August 1, 2025, and reflects a comprehensive licensing framework for issuers selling fiat-backed stablecoins.
As the crypto regulatory landscape evolves in the jurisdiction, there are already exchanges licensed under the Securities and Futures Commission’s VATP regime. This includes OSL Exchange, HKbitEX, HKVAX, DFX Labs, and more. HashKey’s IPO opening and aim for the debut move could help these earlier-regulated exchanges to become more competitive in the industry.
While mainland China is actively restrictive in crypto, Hong Kong’s crypto moves are widely applauded by enthusiasts around the world. As Strategy founder Michael Saylor once noted, China’s stringent actions against crypto in 2021 are a trillion-dollar mistake, and it would eventually benefit the West.
Speaking at Bitcoin MENA in Abu Dhabi, Saylor even firmly said that China will copy America’s Bitcoin strategy.
