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Hong Kong-based crypto firm HashKey has launched a new initiative to rate cryptocurrencies and exchanges in a bid to enhance market transparency and compliance. Cryptocurrency trading group HashKey has unveiled a new initiative to rate cryptocurrencies and crypto exchanges in Hong Kong to help the local crypto businesses align with regulatory framework for virtual assets, issued by the Securities and Futures Commission. In an X post on Thursday, March 27, HashKey said it partnered with the Hong Kong Virtual Asset Rating Company, which will provide three key services: virtual asset ratings, exchange ratings, and virtual asset indices. According to HashKey, the initiative aims to build an “industry evaluation ecosystem” offering “objective quantitative standards” for both exchanges and investors. The goal is to strengthen market transparency and create compliance benchmarks, which, in turn, could help solidify Hong Kong’s role as a global virtual asset hub. Per HashKey, the ratings would provide risk indicators to help investors make more informed decisions. Earlier in February, Hong Kong’s Securities and Futures Commission proposed increasing its staff, with a particular focus on monitoring virtual asset trading platforms, improving market surveillance, and ramping up enforcement. In its budget plan for the 2025–26 financial year, the SFC is seeking 15 new hires, eight of whom will be dedicated to virtual asset regulation. HashKey secured a $30 million investment from Beijing-based Gaorong Ventures, which valued the company at $1.5 billion. The investment came shortly after HashKey Capital, the group’s investment arm, received approval from the SFC to manage crypto investment products for high-net-worth clients.

Cosmos devs test IBC protocol between Hub and Ethereum to boost interoperability

BlackRock, the world’s largest asset manager with over $10 trillion in assets, has launched its first Bitcoin exchange-traded product (ETP) in Europe. This marks a milestone as BlackRock’s first Bitcoin ETP outside of North America. The move comes after the success of its U.S.-based iShares Bitcoin Trust (IBIT), which has amassed nearly $60 billion in assets under management (AUM) since its debut in January 2024. As one of the top ETF issuers, BlackRock currently manages $4.4 trillion across its suite of ETPs. The newly introduced iShares Bitcoin ETP will initially have a total expense ratio (TER) of 0.15%, but this will increase to 0.25% at the end of the year once the temporary fee waiver expires. The ETP ensures secure custody through Coinbase, which safeguards the private keys, while Bank of New York Mellon will oversee administration to facilitate seamless product management. To broaden investor access, IBIT will be listed on Xetra and Euronext Paris, strengthening its presence across major European financial markets. Notably, IBIT is designed for institutional-grade security that will provide a regulated and secure gateway for investors looking to gain exposure to Bitcoin (BTC). Switzerland has long been recognized as a crypto-friendly jurisdiction, offering stable and clear regulations that make it an attractive hub for businesses seeking a secure and compliant environment for digital asset offerings. By establishing its European ETP in Switzerland, BlackRock is entering a highly competitive market already populated by major players like 21Shares, Bitwise and CoinShares. The country is home to several leading blockchain companies, including the Ethereum Foundation, Tezos, and Cardano. Additionally, Switzerland’s favorable tax policies, including low capital gains tax on crypto investments, further enhance its appeal as a destination for crypto ventures. Additionally, Europe has been a leader in regulated Bitcoin-backed ETPs, launching its first product as early as 2015. Additionally, the European Union’s Markets in Crypto-Assets (MiCA) framework is designed to provide clear guidelines for crypto assets, potentially making it easier for institutional investors to gain exposure to Bitcoin. The European market already hosts over 160 products tracking various cryptocurrencies, with a combined valuation of approximately $17.3 billion. What’s more, CNF reported that Europe leads in cryptocurrency banking, with 55 banks offering crypto custody, trading, and fiat conversions, surpassing Asia and North America. Bitcoin’s market performance has been highly volatile. The cryptocurrency broke through the $100,000 mark for the first time in December and reached an all-time high of $109,000 in January during Donald Trump’s inauguration. However, it has been under pressure since then. Currently, Bitcoin is trading at $86,705, with a 56.76% increase in trading volume, reaching $32 billion.

Massachusetts investigates Robinhood’s prediction markets Massachusetts Secretary of State Bill Galvin has launched an investigation into Robinhood’s new in-app prediction markets hub, according to Reuters cited by CoinDesk. The probe focuses on event contracts tied to March

Pakistan is developing special electricity tariffs to attract cryptocurrency mining operations as part of a strategy to use the country’s surplus power generation capacity. According to a report by Dawn , the Power Division is consulting with various stakeholders to create attractive electricity rates for these industries without introducing subsidies. The initiative plans to use excess power production while reducing capacity payments. This approach could appeal to cryptocurrency miners, who generally spend 60-70% of their earnings on electricity costs. Pakistan’s current surplus electricity situation offers potential competitive advantages. Power Minister Awais Leghari recently met with Bilal Bin Saqib, chief executive of the newly formed Pakistan Crypto Council (PCC), to discuss opportunities for global crypto miners to leverage Pakistan’s excess electricity. This was followed by the PCC’s inaugural meeting chaired by Finance Minister Muhammad Aurangzeb and attended by key financial regulators. During the meeting, Saqib presented a vision for “leveraging Pakistan’s surplus electricity for Bitcoin ( BTC ) mining, potentially turning the country’s liabilities into assets.” The council discussed Pakistan’s untapped potential in the cryptocurrency space. They also identified regulatory clarity as a key requirement for unlocking the sector’s full potential. The council agreed to learn from global best practices while ensuring business and revenue models are adapted to local conditions. They also discussed the development of regulatory frameworks, legislation, and licensing regimes for consumer protection, blockchain mining, and a national blockchain policy. Pakistan’s approach to cryptocurrency mining comes as various countries have taken different approaches to the energy-intensive industry. China, once the global hub for Bitcoin mining, banned the practice in 2021, citing environmental concerns and power shortages. Kazakhstan initially welcomed crypto mining but later imposed higher electricity tariffs and taxes due to energy shortages. El Salvador, the first country to adopt Bitcoin as legal tender, provides miners with low-cost geothermal energy from volcanoes.