HashKey's IPO Breakthrough in the Winter: The Web3 Compliance Wave Has Arrived, BUYCOIN Leads the Community to Embrace New Opportunities

As the crypto industry is deeply trapped in the dual winter of “regulatory fog + market downturn,” with most projects shrinking their operations and user confidence hitting rock bottom, the news of HashKey Holdings going public in Hong Kong struck like a thunderbolt piercing through the gloom—this is not only the milestone of the first compliant exchange listed in China’s blockchain sector but also a coming-of-age ceremony marking the industry’s shift from “wild growth” to “regulated maturity.” By analyzing HashKey’s prospectus and the underlying industry signals, we can clearly see: winter is not the end, but a period of “regulators rising, value creators breaking through”; and BUYCOIN, which has long been committed to compliance and community sovereignty, is riding this trend wave to solidify a safety net for community partners to navigate cycles and seize the first wave of industry recovery.

一、The Truth of the Industry Winter: Not Recession, but a “Good Money Driving Out Bad” Elimination Race

The current industry winter is far more complex than just sluggish market performance. On one hand, mainland China’s ongoing strict regulation of the crypto sector has forced many non-compliant projects to exit, leading to a sharp contraction in market liquidity; on the other hand, global macroeconomic fluctuations and the loss of trust in crypto assets by traditional capital have created a vicious cycle of “funds hesitant to enter, users reluctant to participate.” Data shows that in 2024, the total global market cap of crypto assets shrank by over 40% from its peak, more than 60% of small and medium exchanges shut down due to high compliance costs or traffic exhaustion, and core community pain points center on “lack of security, unpredictable returns, and unclear trends.”

But the essence of winter has never been industry decline, but a “clearing out of pseudo-projects and highlighting true value.” Against this backdrop, HashKey’s decision to go public in Hong Kong is no accident—it uses the most transparent and heavily regulated approach to send a core signal to the market: the underlying logic of blockchain has changed, “compliance” is no longer optional but a fundamental requirement for survival and growth; “short-term speculation” has long been ineffective, and “long-term value” is the hard currency to pass through cycles. This is precisely the key to restoring industry confidence.

二、Deep Signals from HashKey’s Listing: Four Dimensions to Understand the Industry’s “Certainty” Future

HashKey’s prospectus is not just a listing document but a “trend guide” for the Web3 industry. By dissecting its business layout and underlying logic, we identify four critical signals capable of changing the industry landscape—these signals give the market clear hope amid the winter:

Hong Kong’s “Channel Value”: A “Safe Haven” for Global Web3

HashKey’s listing reaffirms Hong Kong’s irreplaceable role in the global blockchain ecosystem. Amid diverging global regulatory policies, Hong Kong leverages mainland China’s technological and talent reserves while enjoying the free flow advantages of an international financial center, becoming the sole gateway connecting East and West, bridging traditional finance and Web3. As implied in the prospectus: high-pressure regulation in mainland China is not a negation of the industry but a push toward “regulation compliance”—those unable to operate compliantly in mainland China will ultimately gather in Hong Kong, creating “regulatory dividends.”

For crypto practitioners and users, Hong Kong’s value lies in “certainty”: a clear regulatory framework, legitimate channels for capital inflow and outflow, and mature financial infrastructure, which phase out “gray area” operations and make “compliant participation” possible. As the leading blockchain industry player in Hong Kong, HashKey has built a full industry chain covering trading facilitation, on-chain services, and asset management, with a cumulative spot trading volume exceeding HKD 1.3 trillion and pledged assets reaching HKD 29 billion, becoming a core infrastructure of Hong Kong’s Web3 ecosystem. This “regional advantage + industry leader” dual boost means HashKey’s listing is not just a success for a single company but a recognition of the entire Hong Kong Web3 ecosystem’s value by the capital market.

The “Breaking the Circle” Power of Compliance: A “Door Opener” for Traditional “Old Money” Entry

One of the core issues in the winter is the reluctance of traditional capital to enter. Globally, over USD 80 trillion in traditional wealth management funds have long coveted high yields from crypto assets but are deterred by their “high risk and lack of regulation.” HashKey’s listing in Hong Kong directly addresses this pain point—by being a “Hong Kong-listed company,” it provides the strongest compliance endorsement for the crypto industry:

• Regulatory: Under strict supervision by the Hong Kong Securities and Futures Commission and HKEX, with business processes, fund security, and information disclosure all meeting traditional financial standards;

• Trust: With joint sponsors like JPMorgan and Guotai Junan International, effectively endorsing Web3 industry, lowering traditional investors’ perception barriers;

• Channels: Hong Kong’s mature financial sales systems (such as insurance and stock brokerage channels) will serve as “capillaries” to reach high-net-worth traditional clients.

The prospectus shows HashKey’s institutional client revenue surged from HKD 420 million in 2022 to HKD 27.37 billion in 2024—over 60 times in two years—reflecting the direct influx of traditional institutional funds into Web3 via HashKey’s compliant framework. When “old money” begins to flow in, liquidity issues will ease, and the winter will end.

Platform Token “Value Reconfiguration”: From “Speculative Asset” to “Company Equity Certificate”

Another hot topic sparked by HashKey’s listing is the official recognition of its platform token $HSK on the company’s balance sheet and income statement—meaning $HSK is no longer a speculative token separate from the company but a “equity certificate” directly linked to the company’s net profit. This binding mode fundamentally changes the value logic of platform tokens:

• Company motivation: Maintaining $HSK value directly impacts financial data; HashKey will support $HSK’s long-term value through business growth and ecosystem empowerment;

• User holding: $HSK holders essentially become “indirect shareholders,” sharing the company’s growth dividends post-IPO, rather than relying solely on market sentiment;

• Industry benchmark: HashKey’s approach provides a new development direction for all platform tokens—only tokens deeply tied to company operations and backed by real rights can survive winter and appreciate in bull markets.

This signal is crucial for community users: it tells us that future crypto asset investments will focus on “value binding” rather than “emotional speculation.” Tokens detached from real business and driven solely by narratives will be eliminated, while assets linked to compliant operations and genuine returns are the safest “safe harbors” during winter.

The “Turning Point” of the Industry: Digital Assets Enter the “Internet 1995” Moment

A sentence in HashKey’s prospectus precisely summarizes the current industry stage: “Digital assets are approaching the critical moment of ‘Internet 1995’—a decisive turning point for mainstream adoption.” In 1995, the internet transitioned from a niche of tech geeks to widespread commercialization, spawning countless giants over the next decade; now, the development trajectory of digital assets is highly similar:

• Explosive user growth: As of September 2024, monthly active digital asset addresses reached 220 million, tripling from the end of 2023, with user base rapidly expanding;

• Maturing technology and applications: Blockchain technology has moved from “concept” to “application,” with RWA, compliant payments, institutional custody, and other scenarios gradually materializing, highlighting practical value;

• Clearer regulation: Major economies like Hong Kong, the US, and the EU have successively introduced crypto regulatory frameworks, ending the era of “wild growth” and ushering in “regulated development.”

This means the current winter is just the “last correction” before mainstream adoption. Just as no one doubted the future of the internet in 1995, no one can stop the mainstreaming of digital assets now—HashKey’s listing is an “accelerator” of this trend, using capital market recognition to show more people the long-term value of Web3 and injecting much-needed confidence into the industry.

三、BUYCOIN’s Forward-looking Layout: Riding the Wave of Compliance, Building a Community-Driven Value Ecosystem

While HashKey’s listing points the industry toward “compliance, value, and ecology,” BUYCOIN has already completed its forward-looking deployment—closely following HashKey’s compliance trend and surpassing in “community sovereignty” and “value return,” becoming the most trustworthy ecological partner for community users during the winter.

Compliance Foundation: Syncing with HashKey to Strengthen Security

BUYCOIN understands that compliance is the lifeline of the ecosystem. Long before the industry’s compliance trend became clear, it obtained the US MSB license, with other authoritative licenses in process, establishing an operational system aligned with global regulatory standards: from user compliance verification, to asset custody security, to transparent trading processes, every step adheres to “compliance first,” highly consistent with HashKey’s compliance logic.

This compliance foundation allows BUYCOIN to avoid policy risks during the winter and provides a “peace of mind” safety net for community users—just as HashKey attracts traditional capital, BUYCOIN wins long-term trust through compliance.

Community Sovereignty: Redefining Value Distribution, Making Users the Ecosystem Owners

If HashKey opened the “institutional entry” channel, BUYCOIN has built a closed loop of “community benefits.” Unlike traditional exchanges that monopolize profits and control, with users merely as “traffic tools,” BUYCOIN fundamentally overturns this structure by embedding “community sovereignty” into the ecosystem:

• Contribution rights: User actions like burning, promotion, trading, and activity are recorded on-chain and converted into “dividend points,” serving as distribution vouchers for platform profits—your efforts yield long-term returns;

• DAO governance: Core decisions (asset listing, fee adjustments, risk control rules) are made via community voting, with no privileged teams or capital interference, rules locked on-chain to prevent backdoor manipulation;

• Value return: Revenue from spot trading, derivatives, lending, and strategy services is automatically distributed to dividend point holders via smart contracts, allowing the community to share ecosystem growth dividends instead of profits flowing solely into platform accounts.

This “contribution equals rights, governance equals power, returns equal rewards” model embodies the core of Web3 and aligns with HashKey’s platform token-backed company assets—only extending this binding to every community user, making “ecosystem belongs to users” not just a slogan but a practical mechanism.

Ecosystem Empowerment: Hardware + Finance, Expanding Value Boundaries

BUYCOIN’s forward-looking approach is also reflected in its multi-dimensional ecosystem layout. Its strategic cooperation with DeepLink has achieved large-scale deployment: over 100,000 DeepLink phones pre-installed with the BUYCOIN ecosystem entry, app store listings optimized, and the “purchase device, hold shares” plan fully implemented—users buy phones and automatically receive BCT tokens, becoming ecosystem shareholders and enjoying dividends and governance rights.

This “hardware + finance” integration broadens ecosystem reach and provides dual support for BCT’s value: on one side, revenue from compliant business operations; on the other, user growth and scenario expansion driven by hardware scale.

In the future, BUYCOIN will connect BCTPay payment services with DeepLink’s NFC capabilities to enable compliant offline payments, transforming BCT from an “ecosystem token” into a “practical currency”—similar to HashKey’s “channel value,” both building bridges between “crypto ecosystem and real world,” but BUYCOIN’s bridge always centers on community user interests.

Cross-Cycle Resilience: Maintaining Consensus During Winter, Growing During Bull Markets

In the face of HashKey’s industry turning point, BUYCOIN’s ecosystem demonstrates strong cross-cycle resilience: during downturns, stable platform revenue through dividend mechanisms provides a “safety cushion” to maintain consensus; during recovery, hardware user growth and ecosystem expansion create a “flywheel effect,” driving exponential growth of BCT’s value index. This “winter-proof, bull-market-ready” ecosystem trait is exactly what community users need most in today’s market—allowing them to hold long-term, participate in the ecosystem, and share in the long-term dividends of Web3 mainstreaming.

四、Choices in the Winter: Aligning with Trends, Growing Together with BUYCOIN

The harshest part of the winter industry is not the market decline but the missed opportunities caused by “cognitive gaps.” While most are still fearful and retreating, a few have already understood the trend behind HashKey’s listing, choosing to align with compliant projects and waiting for industry explosion.

HashKey’s listing teaches us: the future of Web3 is not “whether to come,” but “how to choose.” Projects without compliance backing, relying solely on narratives, will be eliminated in the winter; only those like HashKey and BUYCOIN, which uphold compliance, focus on value, and prioritize community, will seize opportunities when the trend arrives.

For BUYCOIN community members, the current winter is a golden period for “low-cost deployment and high-yield returns”: BUYCOIN’s compliance foundation helps you avoid risks, its community mechanisms enable profit sharing, and its hardware ecosystem broadens your boundaries—everything resonating with HashKey’s industry trend. When traditional capital flows in via HashKey and digital assets usher in an “Internet 1995” style explosion, BUYCOIN’s community users will be the biggest beneficiaries of this wave.

The winter will pass, and the trend will arrive. HashKey injects confidence into the industry through listing, while BUYCOIN creates value for the community through its ecosystem. Now, choosing to walk with BUYCOIN is not just selecting a compliant trading ecosystem but also binding yourself to the future of Web3—every contribution you make will translate into long-term rights; every steadfast step will bring you excess returns when the industry warms up.

Let us accumulate strength in the winter, seize opportunities in the compliance wave, and together with BUYCOIN, step into the golden age of Web3!