HashKey successfully listed, which is undoubtedly an important milestone. But the question is—what's next?

For Hong Kong's blockchain industry, this also represents a breakthrough in a certain stage. However, the reality is that Hong Kong's regulatory pace has always lagged behind the US, and this gap is gradually widening. The US has already established a relatively clear policy framework in the digital asset sector, while Hong Kong is still in the exploratory stage.

This naturally raises the question: what is the future path for Hong Kong's blockchain industry? Should it continue to follow the US's regulatory approach, or explore its own differentiated path? Should it increase technological investment to capture the ecosystem high ground, or focus on solidifying infrastructure and talent reserves first?

These questions have no simple answers, but they are certainly worth serious consideration by industry participants and policymakers. The listing of an exchange is far from the end; it is a new beginning.