While trading and mining of Bitcoin and other cryptocurrencies is banned in mainland China, eye-catching adverts for the sector are a common sight in semi-autonomous Hong Kong.
Authorities there have taken steps to regulate the fast-evolving industry in a bid to get ahead of other financial centres such as Dubai and Singapore.
Shares in HashKey Group, which was established in 2018 and runs an exchange alongside other ventures, were trading down 1.95 per cent at HK$6.55 on its market debut, after the group raised US$205 million in an initial public offering.
CEO Xiao Feng hailed the debut as a “glorious day” that showed how “taking the compliant route can also lead to success”.
“As entrepreneurs, we come from mainland (China), but HashKey is a homegrown Hong Kong company,” Xiao said at its listing ceremony.
“We firmly believe that even in the digital asset industry, a complete set of regulatory rules – built on centuries of human societal experience – is essential,” he said.
Hong Kong is seen as an experimental field for using cryptocurrencies as mainstream investment tools.
The city launched a licensing system this year for stablecoins, a less volatile type of digital unit.
