#机构投资者战略布局 Seeing the news that HashKey is undergoing a hearing with the Hong Kong Stock Exchange, I have to admit that this time is a bit different.

Having been involved in the on-chain space for many years, I’ve seen too many projects claiming to be "compliant" to cut corners, but HashKey’s approach this time is worth pondering—it's not just slogans, but truly establishing entities and obtaining licenses around the world, with layouts in Hong Kong, Singapore, Japan, and the UAE. What does this mean? Huge legal costs, ongoing risk management investments, and endless audits and AML/KYC procedures. This is not something a single project can handle.

96.9% of client assets are stored in cold wallets, multi-signature approval processes, independent trust accounts—what do these details indicate? They show that institutions are genuinely considering entering the space. Their security requirements are several levels higher than retail users. HashKey’s ability to implement all these measures signifies a shift in the entire industry’s direction.

But this is also what I want to remind everyone: the acceleration of institutional layouts means the project’s lifecycle has entered a new phase. The early participants’ profit window may have passed, and those entering later need to see clearly whether institutions truly believe in this ecosystem or are just here to harvest the韭菜. The reputation of being a listed company sounds glamorous, but don’t forget—higher compliance costs ultimately get passed on to users. The secret to surviving in this new era is learning to distinguish what is truly compliant and what is just a new trap disguised as compliance.