HashKey Paves the Way, Jack Ma Joins In: Industry Leaders Enter
Jack Ma has once again captured public attention, this time for a move related to the crypto industry. The news has quickly sparked lively discussion across technology and financial circles.
Public filings reveal that the Hong Kong–listed company Yunfeng Financial has purchased 10,000 units of Ethereum in the open market, with a total investment of about USD 44 million (approximately RMB 314 million). Behind this company are Jack Ma, Yu Feng and their key partner Xiao Feng.
Rather than a simple investment, Yunfeng Financial’s action appears to be a carefully planned strategic move. Xiao Feng, an independent non-executive director of Yunfeng Financial and also the chairman of HashKey Group, a licensed virtual asset trading platform in Hong Kong, used his unique position to create a fully compliant and secure channel for Jack Ma. Through this regulated pathway, Jack Ma and Yunfeng Financial have successfully taken their first step into the Web3 space.
Jack Ma’s entry has further boosted interest in an already vibrant crypto industry. This article looks at how leading figures are entering the crypto world through regulated channels and highlights practical, efficient approaches that small and medium-sized enterprises can also follow. At the end, CryptoLicense offers specific solutions to help businesses move quickly and confidently.
Jack Ma chose to enter the sector via Yunfeng Financial, the capital platform he co-founded in 2010 with Yu Feng, founder of Focus Media. According to public information, Yu Feng, as CEO, directly owns 47.25% of the shares, while Jack Ma indirectly controls about 11.15% through Yunfeng Fund.
The real driver behind Jack Ma’s step into Web3 through Yunfeng Financial is Xiao Feng, the company’s independent non-executive director.
Since 2019, Xiao Feng has served as an independent director of Yunfeng Financial and simultaneously as Chairman of HashKey Group, a licensed virtual asset trading platform in Hong Kong. His unique dual capacity has opened a compliant gateway to the crypto world for Yunfeng Financial.
Xiao Feng’s credentials and influence in blockchain and digital finance are already well recognized in the market. While he does not participate in Yunfeng Financial’s daily operations, his professional judgment carries decisive weight in major decisions involving digital assets. Market consensus is that Yunfeng Financial’s Ethereum purchase was executed through HashKey’s regulated trading channel.
As a licensed virtual asset trading platform in Hong Kong, HashKey has developed a compliance framework that many in the industry now view as a model. Over the past decade the group has secured licences in Hong Kong, Singapore, Japan, Bermuda and Dubai.
In 2024, HashKey OTC obtained a Major Payment Institution licence from the Monetary Authority of Singapore, allowing it to provide digital payment token services. In 2025, HashKey MENA FZE received approval from the Dubai Virtual Assets Regulatory Authority to operate as an exchange and broker-dealer in the Middle East.
These two highly regarded licences laid the groundwork for HashKey’s global expansion and have become templates for other companies seeking to enter the market.
In August this year, Huajian Medical IVD purchased Ethereum through HashKey with an initial investment of HKD 149 million. Guotai Junan International has also opened virtual asset trading channels that rely on HashKey for settlement. Yunfeng Financial plans to further diversify into Bitcoin, Solana and other major crypto assets, a signal that more Hong Kong–listed companies may soon enter the crypto market in significant numbers.
Jack Ma’s Web3 strategy follows a prudent path. By relying on established financial institutions and operating fully within a regulatory framework, he and Yu Feng focus on capital decisions while Xiao Feng provides professional guidance and ensures compliance. Together they have built a strategic alliance that lowers the barriers for traditional investors to step into Web3 and strengthens Hong Kong’s position as a leading digital asset hub in Asia.
Jack Ma’s entry quickly ignited enthusiasm across tech and finance, with investors seeing it as a “confidence anchor.” However, for other businesses hoping to replicate such a path into the crypto market, the large-scale compliance model is not easily copied. Processes are complex, regulatory scrutiny is strict, and costs are high—even industry leaders must commit significant resources.
In a recent public podcast, Xiao Feng noted that despite the stablecoin boom in Hong Kong, regulators remain cautious; licensing and compliance requirements remain highly rigorous.
In Hong Kong, as in other jurisdictions, regulatory reviews are accelerating, and licences such as those held by HashKey are inherently scarce.
For ordinary enterprises, duplicating a giant’s playbook is extremely difficult—but opportunities remain. By partnering with licensed institutions or acquiring high-value existing licences—such as those available in El Salvador or Switzerland—companies can also enter quickly and securely. Yunfeng Financial’s collaboration with HashKey illustrates this: traditional capital need not fight alone but can cross into Web3 via a compliant bridge.
