The future landscape of exchanges will be that every country and region will have its own local compliant exchange, such as Coinbase in the United States, while offshore exchanges will provide strong supplementation, such as the world's number one Binance.
Compliant exchanges undertake local traditional institutional funds, providing a compliant deposit and withdrawal channel, while offshore exchanges attract global flowing funds, providing deposit and withdrawal channels for users and regions that cannot meet compliance requirements through regulatory arbitrage.
Of course, there is a larger background that the Web3 industry has gradually begun to move on-chain, and decentralized exchanges are completely permissionless, going a step further than offshore exchanges to meet the on-chain trading needs of individuals.
Decentralized exchanges and centralized exchanges have different positions and play different roles. Decentralized exchanges can realize the free flow of funds, fully experiment in a decentralized world, while centralized exchanges undertake traditional compliance funds and provide deposit and withdrawal channels.
Therefore, compliant exchanges will always exist and exist for a long time, serving as a bridge between the traditional world and the on-chain world.
The United States has a listed compliant exchange, Coinbase, but what about the Chinese region?
It is necessary to pay attention to HashKey in Hong Kong, as this exchange represents the strongest crypto compliance force among the Chinese.
In 2018, the soul figure of China's blockchain industry, Xiao Feng of Wanxiang Blockchain, officially established HashKey Group and began to transform into digital asset financial services.
Wanxiang previously invested in early-stage Ethereum and Circle, which can be said to have contributed significantly to the development of the entire blockchain industry.
Later, Wanxiang invested and incubated HashKey, which is now a leader in the blockchain industry in Hong Kong.
HashKey is not just an exchange, but a global full-stack giant group with multiple business lines:
HashKey Exchange Exchange System: Three-site layout including Hong Kong site, global site, and Middle East site, all of which are compliant exchanges.
HashKey OTC: Institutional-grade compliant deposits and withdrawals + funding solutions. What exchanges cannot do in compliant withdrawals, HashKey OTC can do.
HashKey Chain: Ethereum Layer 2, focusing mainly on institutional DeFi, RWA, and cross-border payments, can be said to be an institutional-level public chain.
HashKey Capital: Asia's leading crypto investment and asset management platform, having invested in many projects, with products covering primary market + secondary market + ETF.
So we can see that HashKey is the Eastern Coinbase, but it has surpassed Coinbase, covering a more comprehensive business and leading in various business fields.
HashKey has already occupied an important ecological niche in the Hong Kong region and even in the entire Chinese world. It can capture industry development dividends and policy support dividends, and its future development ceiling is very high, worthy of long-term attention.
Many people only know that HashKey is a 'licensed exchange', but the truth is far more than that.
The Wanxiang Group behind it invested in Circle - the issuer of USDC - as early as 2016, along with Baidu and Everbright Holdings. At that time, even the term stablecoin had not yet emerged, and they were already betting on on-chain dollars.
In recent days, after Circle went public, its stock price increased sixfold in ten days, becoming extremely popular, with an estimated return on investment exceeding a hundred times since 2016.
This is equivalent to becoming a financial giant, covering everything from primary investment to exchanges, withdrawals, RWA, and fund management. HashKey has built a complete Web3 financial system.
Now it holds:
Three licensed exchanges (Hong Kong, Singapore, Middle East)
Fiat OTC closed loop (compliant deposits and withdrawals)
Self-developed high-performance public chain (focused on financial asset on-chain)
Investment funds with AUM exceeding 1 billion (invested in over 600 projects)
The most exaggerated thing is that in the past month, user 'active deposits' alone have increased by 500 to 1 billion USD, without airdrops or rankings, truly based on trust and accumulation.
So do you say it is the 'Eastern Coinbase'?
I think it's not enough; it's more like the Asian version of Coinbase + Sequoia + Circle, building a moat while also repairing highways for others.
Such players will only become more valuable in this increasingly compliant market.
2025 Shanghai Blockchain International Week and the 11th Global Blockchain Summit event preview.
In October 2025, the Shanghai Blockchain International Week will grandly open again, among which, on October 23, the '11th Global Blockchain Summit' hosted by Wanxiang Blockchain Laboratory will be the core activity of the international week, gathering influential figures.
During the Shanghai Blockchain Week from October 20 to 25, dozens of technical sharing, project roadshows, academic seminars, and other surrounding activities will also be presented simultaneously in multiple venues in Shanghai, creating a Web3 feast covering technology, business, and culture.
This summit is themed 'Web3, Boundless', focusing on cutting-edge fields such as stablecoins, RWA, and artificial intelligence, with a special discussion on 'Collaboration between Land and Hong Kong'.
Through wind and rain, with spring blossoms and autumn fruits, since the first summit was held in 2015, the Wanxiang Blockchain Global Summit has weathered eleven years, witnessing and promoting the complete process of the Chinese blockchain industry from sprouting to flourishing.
Over the past eleven years, facing the ups and downs of the industry, the Shanghai summit has always upheld its original intention, building a global dialogue platform, promoting technological breakthroughs and industrial integration, firmly guarding the spark of blockchain innovation in China, and continuously injecting confidence and motivation into the industry's development.
Eleven years, Web3 is forever youthful and passionate, its faith immortal; eleven years, we still stand here, with our blood still boiling.
The 11th Global Blockchain Summit will continue to invite speakers from institutions such as the Hong Kong Legislative Council to interpret the latest Web3 policies in Hong Kong and engage in face-to-face communication with Chinese enterprises interested in global layout, jointly exploring new directions for collaboration between Land and Hong Kong. Recently popular topics such as RWA and AI will also become important content of this autumn summit.
Whether you are a developer, investor, scholar, or enthusiast, this grand event will provide you with an excellent opportunity to gain insights into trends and connect resources. Join us to jointly define the future of 'boundless'!
Ticket Discounts
As the official community partner of this conference, the IC Chinese community provides an 85% discount exclusive ticket, discount code: IC_85.
Exclusive ticket purchase link:
https://hdxu.cn/1bykm
A warm reminder from the editor: Friends who need to attend the conference are strongly advised to buy tickets as soon as possible. The current special ticket price is 399 yuan, with a discounted price of 339.15 yuan. According to past practices, ticket prices will increase periodically, eventually rising to 499, 599, and 699 yuan. It will only get more expensive, so buying tickets in advance can save you a lot of money!
Related links
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For 11 consecutive years, the 2025 Shanghai Blockchain International Week will once again kick off this October!
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