HashKey edges toward Hong Kong listing while China chills stablecoin plans

HashKey Holdings, the parent company of a major Hong Kong crypto exchange, has moved closer to a public listing after the Hong Kong Stock Exchange (HKEX) published a post-hearing information pack, signaling progress toward an IPO, though the deal is not yet finalized. JPMorgan and other financial institutions are listed as joint sponsors for the offering, which follows significant investment that reportedly granted HashKey unicorn status. Concurrently, mainland Chinese authorities are intensifying their crackdown on cryptocurrency activities, particularly stablecoins. Despite Hong Kong introducing a stablecoin licensing framework in August, Chinese authorities reportedly instructed local firms to cease stablecoin-related research and seminars, leading major tech firms like Ant Group and JD.com to suspend their stablecoin issuance plans in the region. The People’s Bank of China recently reiterated that virtual currency speculation constitutes illegal financial activity.

(Source：Cointelegraph)