Hong Kong's largest licensed crypto assets exchange HashKey has secretly submitted a listing application.

On October 10, Jin10 reported that HashKey Group, the largest licensed crypto assets exchange operator in Hong Kong, has secretly submitted an IPO application in Hong Kong, according to informed sources. The sources indicated that HashKey may aim to go public as early as this year, potentially raising up to $500 million in the process. They noted that related reviews are still ongoing, and details such as valuation and timing may change. A representative from HashKey stated that the company currently has no publicly disclosable information regarding the IPO. Last year, Hong Kong launched a regulatory framework for virtual assets to solidify its status as a digital asset hub. HashKey's listing will test the Asian market's interest in crypto assets. In the United States, stablecoin issuer Circle raised nearly $1.1 billion in a June issuance, and its stock price has since risen by 385%.