HashKey Group, owner of top Hong Kong crypto exchange, files for IPO in the city aiming to raise $500 million. The exchange has a 24-hour volume of $117 million and has been targeted by scammers. Hong Kong’s Securities and Futures Commission flagged 33 fake HashKey websites. HashKey denies any connection to the impostors.

Hong Kong tightens crypto oversight with new custody rules banning smart contracts in cold wallets. SFC warns of fraud risks due to stablecoin framework. Chinese regulators reportedly plan to restrict state-owned enterprises and banks from pursuing stablecoin initiatives in Hong Kong. HashKey launched a $500 million Digital Asset Treasury fund and received approval to offer staking services.

HashKey Group raised $30 million from Gaorong Ventures, valuing the company at $1.5 billion. The company became a unicorn with a valuation exceeding $1 billion after a funding round raised almost $100 million. Hong Kong’s stablecoin rules could block onchain derivatives trading, according to DBS Hong Kong’s chief.

Read more at Coin Telegraph: HashKey Crypto Exchange Considers Hong Kong IPO This Year: Bloomberg