Hong Kong’s largest licensed virtual asset exchange, HashKey, has reportedly filed for an initial public offering (IPO)in the Asian financial hub through a confidential submission, according to people familiar with the matter.

The exchange is said to be aiming to go public as early as later this year, with the fundraising target potentially reaching up to $500 million, one of the sources said. The individuals requested anonymity as the information is not yet public. They noted that discussions are still ongoing, and key details such as valuation and IPO timing remain subject to change.

A HashKey spokesperson said the company currently has no information to disclose regarding a potential listing.

Hong Kong last year rolled out a comprehensive regulatory framework for virtual assets, part of its broader effort to strengthen the city’s position as a regional hub for digital finance and crypto innovation.

If successful, HashKey’s IPO would serve as a major test of Asian investors’ appetite for digital assets, especially at a time when the global crypto market is seeking renewed momentum after regulatory crackdowns in major markets.