Core Viewpoint - HashKey Holdings has initiated its share sale in Hong Kong, aiming to gauge investor interest despite ongoing regulatory warnings from China's central bank regarding virtual currencies [1][2]. Group 1: IPO Details - HashKey has set its initial public offering (IPO) price range between HK$5.95 and HK$6.95 per share for over 240 million shares, with a listing date scheduled for December 17 [1]. - The company is targeting up to HK$1.67 billion (approximately US$214 million) from the IPO, having previously aimed for US$500 million [2]. Group 2: Regulatory Environment - The People's Bank of China has reiterated its strict stance on cryptocurrency speculation, maintaining a ban on crypto trading and committing to crack down on illegal financial activities [2]. - Despite the regulatory challenges from Beijing, Hong Kong is perceived as offering a more relaxed environment for compliant firms, particularly with the introduction of the Stablecoin Ordinance [5]. Group 3: Market Position and Performance - HashKey is one of 11 virtual asset trading platforms recognized by Hong Kong's Securities and Futures Commission and is set to be the second crypto exchange operator to list in the city [3]. - The company holds a dominant position in the market, with over 75% market share in Hong Kong's trading volume for 2024 and is the largest provider of on-chain services in Asia [7]. - HashKey's retail bookbuilding has seen significant interest, attracting HK$1.85 billion in margin financing within half a day, indicating a potential oversubscription of 23.7 times for the retail tranche [6].

Regulatory Landscape - South Korean government and National Assembly are progressing with the second phase of digital asset legislation, known as the "Digital Asset Basic Act" [1] - The proposed legislation restricts stablecoin issuers to consortiums where banks hold at least 51% of the shares [1] - The Digital Asset Special Task Force (TF) within the Democratic Party has largely confirmed this proposal [1]

Group 1 - HashKey Holdings, the parent company of the licensed virtual asset trading platform HashKey Exchange, is undergoing a listing hearing on the Hong Kong Stock Exchange [1] - The company plans to raise $500 million and aims to go public this month [1] - HashKey reported a loss of HKD 1.19 billion last year, with an adjusted loss of HKD 545 million [1] Group 2 - For the first half of the year ending June, HashKey incurred a loss of HKD 507 million, with an adjusted loss of HKD 452 million [1]

Financial Loss & Frozen Funds - Upbit's Solana-related loss has been revised to 445 亿 KRW (approximately $3043万)[1] - Solana funds frozen amount to approximately 23 亿 KRW (approximately $157万)[1] Regulatory Oversight - South Korea's Financial Supervisory Service, through its Virtual Asset Supervision Bureau, has initiated an immediate on-site inspection of Upbit, expected to last until next Friday [1]

BREAKING: 🇰🇪 Kenya officially signs the “Virtual Asset Service Providers Bill” into law.Africa is embracing crypto 🚀 https://t.co/06JjjUSAqv ...

BREAKING:🇺🇸 3.4 billion users Mastercard files trademark to launch “Virtual Asset Payments.”Bullish 🚀 https://t.co/lwRflFLFsp ...

🇦🇪 TODAY: Bybit Snags UAE’s Virtual Asset Platform Operator License@IanAllison123 reportshttps://t.co/a5Cbvg8iAg ...

Regulatory Approval - Bybit 成为首家获得阿联酋证券和商品管理局 (SCA) 虚拟资产平台运营商许可的加密货币交易所 [1] - 该许可证允许 Bybit 在阿联酋向零售和机构客户提供受监管的虚拟资产交易、经纪、托管和法币兑换服务 [1]

Bybit Secures UAE’s First Virtual Asset Platform Operator License from Securities and Commodities AuthorityBen Zhou, Co-founder and CEO of Bybit, said: “Receiving the full Virtual Asset Platform Operator License from the SCA is a testament to Bybit’s unwavering commitment to building trust through compliance and transparency. The UAE has emerged as a global leader in digital asset regulation, and this recognition underscores the strength of our security and governance standards.The exchange plans to expand ...

Regulatory Updates - Hong Kong SFC issued new guidance to strengthen virtual asset trading platforms' custody standards [1] - The guidance addresses global security incidents and gaps found in a recent review [1] - The circular outlines minimum requirements for wallet infrastructure, access controls, and management oversight [1] - These requirements form part of the SFC's ASPIRe roadmap [1]