HashKey Holdings is drawing nearer to a much-anticipated IPO on the Hong Kong Exchanges and Clearing Limited (HKEX) as it published a post-hearing information pack. This step signifies Hong Kong's growing prominence in the crypto sector. Meanwhile, China is showing restraint by stalling its stablecoin plans. The juxtaposition of these developments highlights differing regulatory and market dynamics within the region, emphasizing Hong Kong's ambition to position itself as a hub for cryptocurrency activities despite mainland China's cautious stance on digital currencies.