"We always believe that the outcome of a long race ultimately depends on endurance and strength, not the speed at the start. Don't be too anxious; the long race has just begun."

Recently, a "short essay" about the development of Web3 in Hong Kong and HashKey Group has sparked heated discussions on social media.

In response to various doubts such as "layoffs," "lack of funds," and "compliance not being profitable," HashKey has for the first time addressed external concerns through an exclusive interview.

In this exchange, HashKey did not shy away from controversy but instead told the story of a long-term thinker.

Reporter: How does HashKey view the recent discussions?

HashKey: Recently, a "short essay" about HashKey has indeed sparked a lot of heated discussions, and many friends have inquired about the company's situation. First of all, thank you for your concern. To quote a famous saying: "Slander is, in itself, a form of admiration." We are willing to take this opportunity to chat with everyone.

Reporter: Some voices believe that the development of Web3 in Hong Kong is too slow, even claiming that "Hong Kong has missed opportunities." What does HashKey think?

HashKey: We understand everyone's anxiety to "see results," especially against the backdrop of a highly volatile global virtual asset market. But we must emphasize one point: the institutional construction of Web3 is a "marathon," not a sprint.

Since the Hong Kong government issued the "Virtual Asset Policy Declaration" in 2022, Hong Kong has begun systematically building a compliance framework. This is not just "sloganeering," but a solid step-by-step advancement from legislation, licensing, market mechanisms to investor protection. These views reflect their attempt to measure a "marathon's results" with a "stopwatch." Comparing Hong Kong with the world's leading international financial centers can be understood if it is meant to motivate Hong Kong. However, using this to deny Hong Kong's policies and achievements in developing Web3 is somewhat biased.

When the Hong Kong government first issued the "Virtual Asset Policy Declaration" in 2022, not many believed in Hong Kong's development as an international center for virtual assets. HashKey responded to the government's call and held the first Web3 Carnival in early 2023, and initially, many people were skeptical. Fortunately, there were still a group of early adopters who actively participated and contributed to the event.

We remember that three days before the carnival opened, tickets for direct flights from Singapore to Hong Kong were hard to come by. Many friends transferred from Seoul, Tokyo, Shenzhen, and Guangzhou to come to Hong Kong. This year, two American professional event organizations chose to hold a conference in Hong Kong each. In one year, there will be three large conferences in Hong Kong, representing the Web3 industry from China and the United States. As the "initiator," HashKey feels both proud and, at times, a tinge of "jealousy," often recalling a Hong Kong proverb: "A thin field is not cultivated; when it is cultivated, there is competition!"

What is there to compete for? The world is bustling for profit.

Reporter: Compared to the United States, South Korea, and Dubai, is Hong Kong's pace slow? Will this weaken its international competitiveness? How does HashKey respond to the criticism of "Hong Kong's narrow market"?

HashKey:

Hong Kong is indeed not the "fastest," but we do not see this as a disadvantage.

Some regions adopt a radical model of "first release, then regulate," which does attract traffic in the early stages but also brings issues of regulatory uncertainty and asset security gaps. In contrast, Hong Kong has chosen the path of "building the system while guiding the ecosystem," establishing a sustainable financial market based on internationally accepted compliance standards.

We often say: speed does not equal quality, and stability does not equal slowness. Hong Kong is the third-largest international financial center globally, with a top-notch legal system, financial regulatory capabilities, and institutional capital resources. What true builders value is not the speed at the starting line, but the safety and returns at the finish line.

Regarding the criticism of "Hong Kong's narrow market," as an international financial center, Hong Kong has a large number of high-net-worth individuals and sufficient institutions, including family offices, listed companies, financial institutions, and investment funds. These institutions and funds come with compliance requirements; in Hong Kong, any financial service must comply with KYC and AML regulations.

Reporter: HashKey's insurance coverage has exceeded $1 billion, a first in the industry. What does this represent?

HashKey: This is a milestone worth sharing.

Initially, insurance companies were very cautious about underwriting limits for crypto trading platforms, and HashKey's initial limit was only around $100 million. Through continuous improvement of risk control processes, optimization of asset management systems, and strengthening compliance reviews, our insurance capacity has gained high recognition from insurance institutions. Now, the insurance coverage of HashKey Exchange has exceeded $1 billion, reaching the highest globally, more than ten times the initial insurance limit.

This reflects the market's genuine trust in our platform's "safety + compliance."

Reporter: Some question whether "compliance is not profitable." Is this true?

HashKey: This is a common misunderstanding. In fact, the cost of compliance has never been the biggest issue; the key is whether there is the ability to convert compliance into trust dividends and scale benefits.

Let us share some information: HashKey Exchange's Hong Kong site achieved break-even in less than two years, which is rare among global compliant exchanges. We believe that conducting compliant business according to regulations is not a reason to be swayed by FUD (Fear, Uncertainty, and Doubt).

We have also emphasized that we will not sacrifice compliance for growth speed. We believe that the era of "barbaric growth" will eventually pass, and compliance is the passport that allows Web3 to truly enter the mainstream financial system.

We have reason to believe that compliance is the necessary path for Web3 to empower the real economy. The transformation of compliance capabilities into market advantages requires a chain reaction process of: regulatory licensing acquisition → trust capital accumulation → ecosystem network building → commercial value release. Recently, HashKey Exchange's over-the-counter bulk trading (OPT) business has seen explosive growth, with trading volume in Q1 2025 soaring over 400% compared to the same period last year, setting a new historical high. This is empirical evidence that this process has entered an explosive phase. HashKey has proven that compliant exchanges can be profitable.

Reporter: However, the cost of engaging in virtual asset trading services in Hong Kong is indeed high. Will this affect the industry's attractiveness?

HashKey: Yes, the cost of engaging in virtual asset trading services in Hong Kong is indeed significantly higher than in places that do not require KYC or AML.

However, the fact is that dozens of institutions are still applying for licenses in Hong Kong. The compliance of virtual assets is a long-term track measured in years, or even decades. The rhythm of "one day in the crypto world is ten years in the human world" may have accustomed some people to a fast-paced model, but this does not mean that Hong Kong's pace is slow. The solid progress from the issuance of VASP licenses to stablecoin legislation confirms the foresight and steady advancement of Hong Kong's strategy.

Reporter: Recently, there have been rumors that HashKey is undergoing large-scale layoffs and even facing funding shortages. Is this true?

HashKey: Thank you for your concern. We are indeed undergoing another strategic adjustment and organizational upgrade, which also involves personnel optimization. The only guarantee we can provide is that, in the past and in the future, HashKey will continuously adjust, optimize, and upgrade its team to increase talent density to better support the group's strategic layout in Hong Kong and global development. To implement the strategic adjustments, business focus, and personnel optimization decisions made at the company's strategic meeting in March this year, the proportion of this talent adjustment is generally between 10%-20%.

Specifically, the talent turnover is mainly due to the following four considerations: employees with inconsistent philosophies, employees who did not meet performance standards, employees in positions that can be replaced by AI technology, and employees whose positions have changed due to strategic adjustments and business focus. We believe that those who leave HashKey will continue to shine on a stage that is more suitable for them.

The global employee count of HashKey Group has grown from over 500 at the end of last year to over 600 today; where is the large-scale layoff? The annual employee turnover rate remains below 15%. We are still continuously attracting fresh talent to join us and work together to promote the company's long-term development. Currently, HashKey is accelerating the expansion of high-growth business lines such as HashKey OTC Global and HashKey Chain, continuously recruiting outstanding practitioners globally. We sincerely invite those who have faith in Web3, recognize compliance values, and align with our strategic direction to join us in building the compliant ecological future of the virtual asset industry.

Additionally, everyone is very concerned about HashKey's financial situation, so let us briefly mention—HashKey is not short of money!

HashKey's shareholders have strong financial capabilities, especially our major shareholder. Over the past few years, our major shareholder has provided hundreds of millions of dollars in stable financial support and has committed to continuously being HashKey's most solid "logistics minister," providing financial guarantees. As mentioned earlier, HashKey Exchange's Hong Kong site achieved break-even in less than two years, and our asset management and infrastructure businesses have been very profitable; the group's continued external financing is necessary for further business expansion and development. The industry is advancing rapidly, and there is much to be done, such as promoting asset tokenization, obtaining licenses for HashKey Chain and new markets, and establishing new compliant exchanges. It is worth mentioning that our Middle East site just opened in May this year, and we are also simultaneously applying for licenses in Europe and other regions. A thousand years is too long; we only strive for the present!

Reporter: Regarding the HSK ecological token, there are also controversies in the outside world, with some feeling it lacks upward momentum. What does HashKey think?

HashKey: We understand everyone's concern about price performance, but the HashKey ecological token HSK is not a token designed for "short-term speculation." The value of HSK is rooted in empowering the construction of a compliant ecosystem. Placing HSK within the evaluation framework of "monthly price fluctuations" in the crypto world is clearly one-sided. We focus on building and improving the entire ecosystem, continuously promoting ecological development and innovation to enhance HSK's long-term value. At the same time, we will not engage in price manipulation of HSK; its positioning is as the core incentive mechanism of the entire ecological platform, and we can only be cautious and diligent!

Reporter: Is compliance and decentralization inherently contradictory?

HashKey: This is a common but necessary viewpoint to correct.

Decentralization is a technical architecture, while compliance is a market system; the two are not contradictory. For Web3 to truly impact the real economy and enter the mainstream financial world, it must have institutional support, legal protection, and regulatory oversight. Otherwise, user scale, capital volume, and ecosystem complexity cannot be sustained.

HashKey has always believed that true Web3 is not about "de-regulation," but about "new governance." Compliance is a bridge, not a ceiling.

Reporter: What are HashKey's strategic priorities for the future?

HashKey: We are standing at the starting point of the "second growth curve," focusing on the following directions:

• Infrastructure: HashKey Chain is officially launched, promoting asset tokenization;

• International Expansion: The Middle East site has opened, and licenses are being applied for in Europe and other potential markets;

• Deepening Trading Business: OTC, options, wealth management, and professional services will be key directions;

• Ecosystem Construction: Strengthening the HSK incentive mechanism, developing on-chain tools, and introducing developer communities.

We have been preparing for these and will continue to adhere to a "ten-year timeline" for patient investment.

Reporter: Finally, what expectations does HashKey have for the long-term development of Web3 in Hong Kong?

HashKey: Standing at the starting point of the second growth curve, HashKey has already made plans in terms of strategic positioning, business focus, resource preparation, and capability building. We are committed to a ten-year timeline! We always believe that the outcome of a long race ultimately depends on endurance and strength, not the speed at the start. Don't be too anxious; the long race has just begun.

Hong Kong is doing well! HashKey is doing well too! Let's keep it up!

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