The capital market is collectively pricing the smoothness of the "compliance path" through price expressions.
Written by: Sanqing
Introduction
On June 25, the Hong Kong stock market and the cryptocurrency market experienced rare simultaneous movements: Guotai Junan International (01788.HK) surged sharply in the afternoon, closing up nearly 200%; the platform token HSK of HashKey Exchange skyrocketed over 70% on the same day. This was not a coincidence.
An announcement regarding the "upgrade of virtual asset service qualifications" triggered a reassessment of the "compliance dividend" in the market, bringing traditional brokerages and compliant crypto platforms into the market spotlight.
1. Event Summary
On that day, the Hong Kong brokerage sector quickly strengthened, with Guotai Junan International opening high at HKD 1.25 and continuing to rise, reaching a peak of HKD 2.5 during the day, and then surging again towards the end of trading, closing at HKD 3.66, up 198% for the day, with trading volume hitting a historical high. Other Chinese brokerages in the same sector, such as Shenwan Hongyuan Hong Kong and Hongye Futures, also strengthened simultaneously, and the A-share brokerage sector followed suit in the afternoon.
Correspondingly, in the crypto market, HSK also surged from USD 0.48 to USD 0.89 within a few hours, with a short-term increase of over 85% and a dramatic increase in trading volume.
This kind of "stock-coin resonance" is rare and may be a reflection of the institutional landing of compliance signals, which the market synchronously mapped to two seemingly disconnected asset classes.
2. Policy Background: "Licensed Compliance" Enters the Realization Phase
The core trigger of this market movement was an announcement made by Guotai Junan International on the evening of June 24: its wholly-owned subsidiary received approval from the Hong Kong Securities and Futures Commission (SFC) to add virtual asset trading, investment advice, and product distribution functions to its existing securities trading license, officially entering the licensed operation of virtual assets.
Prior to this, Hong Kong had fully launched the Virtual Asset Service Provider (VASP) system in 2023, requiring platforms to hold Type 1 (securities trading) and Type 7 (automated trading services) licenses, and to pass strict reviews before opening services to retail.
By 2025, the SFC further introduced the "A-S-P-I-Re" regulatory framework (Access, Safeguards, Products, Infrastructure, Relationships), clarifying that compliant virtual asset operations need to build a systematic guarantee, product access, and infrastructure collaboration network.
The approval for Guotai Junan International to expand its license means that Chinese financial institutions have, for the first time, opened a complete channel between traditional brokerages and compliant crypto trading. This signal constitutes a dual expectation boost for the Hong Kong stock market and compliant platforms, and also means the visualization of compliant traffic.
3. Platform Profile: HashKey's "Compliance Closed Loop" Ecosystem
As one of the first licensed crypto platforms by the SFC, HashKey Exchange holds Type 1 and Type 7 licenses and has opened retail trading in Hong Kong dollars (BTC, ETH, USDT) since 2023. Its parent group, HashKey Group, has extensive layouts in Hong Kong and regions such as Singapore and Japan, establishing an ecosystem centered around "trading - asset management - compliant custody - on-chain infrastructure."
HashKey's current main business segments include:
HashKey Exchange: A compliant trading platform in Hong Kong, offering trading pairs in Hong Kong dollars;
HashKey Global: A trading platform for global users;
HashKey OTC Global: Providing large-scale OTC matching for institutions;
HashKey Capital: A crypto asset management company managing over USD 1 billion in assets;
HashKey Tokenisation: Providing compliant tokenization solutions for RWA and traditional assets;
HashKey Chain: A self-developed zkEVM Layer2 chain, with HSK as the native token;
HashKey AI / Cloud / Brokerage: Expanding infrastructure and smart contract model deployment.
4. HSK's Value Logic: Reassessment of Scarcity Driven by Compliance
HSK is the native token of the HashKey ecosystem, covering functions such as platform fee discounts, VIP benefits, node governance, on-chain gas fees, and priority subscription for new projects. Unlike most platform tokens, HSK has no ICO and no private fundraising; its distribution relies entirely on platform incentives.
Its deflationary model is committed to be executed by HashKey Group: 20% of the net profit will be used annually to repurchase and destroy HSK, creating a positive feedback loop between "platform growth - token value."
The recent price surge is not purely speculative but a simultaneous reassessment of the following mechanisms:
Enhanced user growth expectations: With licensed brokerages directing traffic, HashKey's retail activity may significantly increase;
Realization of the profit model: Compliant exchanges have real income, and the repurchase plan has a basis for realization;
Scarcity of the "unique token" under regulation: Currently, only HSK operates a token model under the SFC framework, possessing a policy moat.
In other words, compliance drives not only incremental users but also a systematic upward shift in the valuation framework of platform tokens.
Conclusion
When traditional financial institutions and the crypto ecosystem establish controllable connections under an institutional framework, "compliance" is no longer a boundary that suppresses imagination but becomes an amplifier of value.
On June 25, what we witnessed was not a mere coincidence catalyzed by an announcement, but a response to a complete set of systems entering the practical deep water zone.
Compliance is not the end of the wind but the runway for value to take off.
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