Hong Kong’s crypto moment is about to get a reality check as the city’s biggest licensed exchange reportedly quietly filed for an IPO. HashKey Group is aiming to raise up to $500 million in an offering. If the listing goes through this year, then it would be the first real test of whether Asia still has an appetite for crypto stocks. The crypto scene in Asia is a bit scattered right now. All the major economies are holding different regulatory stances on the use of digital assets. Beijing’s regulators are tightening their grip again. A few days ago, China’s securities watchdog reportedly told top brokerages to hit pause on their tokenization projects in Hong Kong. This comes in when Hong Kong has been pitching itself as the digital asset capital of Asia. The message from Beijing suggests investors not get too comfortable. HashKey IPO sparks Asia crypto buzz HashKey is running trading, venture, and asset management arms across Hong Kong and Singapore. It already counts Gaorong Ventures among its investors. It last raised $30 million at a valuation north of $1 billion. The reportedly IPO timing looks fascinating, as Chinese firms are rushing to turn real-world assets like property and bonds into blockchain tokens. Meanwhile, the mainland is quietly cooling the frenzy, but Hong Kong keeps trying to prove it can coexist amid doubt. The digital assets market is playing its own tune. The cumulative crypto market cap saw a dip on Friday after hitting $4.3 trillion mark recently. However, the total cap now hovers around $4.1 trillion with a 24 hour trading volume of $206 billion. Bitcoin price briefly slipped to $120,000 after a record-breaking run, while ETFs in the US pulled in nearly $3 billion in fresh inflows. BTC price is now up by 30% on a year-to-date (YTD) basis. It is trading at an average price of $121,386 at the press time. And halfway across Asia, India’s fintech leaders are pretending not to notice any of it. At the world’s largest fintech gathering in Mumbai this week, with 100,000 attendees and two prime ministers in the house, no one dared to talk about crypto. That silence says everything. Hong Kong is going all in, Beijing is pulling strings, and India’s just watching from the sidelines. On the other side, the United States is making all the calls and talks around crypto, pushing it to breach new highs. Join Bybit now and claim a $50 bonus in minutes
