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Hong Kong 2024 Virtual Asset Chronicle: ETF Launch, Regulatory Improvement, Continuous Innovation
Major Developments in the Hong Kong Virtual Assets Sector: A Review of 2024
In 2024, Hong Kong achieved several significant breakthroughs in the virtual asset sector, showcasing its determination to become a leading digital asset hub in Asia, from the improvement of regulatory frameworks to the launch of innovative products.
Spot Cryptocurrency ETFs Make Their Debut
In April, the Hong Kong Securities and Futures Commission officially approved the first batch of virtual asset spot ETFs, including Bitcoin and Ethereum products. This marks the first launch of such investment tools in the Asian market, and the Ethereum ETF is particularly a global first, showcasing Hong Kong's leading position in digital asset innovation.
Progress of Virtual Asset Trading Platform Licenses
In June, as the transition period approached its end, several virtual asset trading platforms actively applied for licenses. Although some well-known platforms chose to withdraw their applications, this process has still driven the industry toward a more standardized direction.
Development of the Stablecoin Ecosystem
In July, the Hong Kong Monetary Authority announced the first batch of participating companies in the stablecoin regulatory sandbox. A large technology company announced plans to issue a stablecoin pegged 1:1 to the Hong Kong dollar, which will inject new vitality into Hong Kong's fintech ecosystem.
Ensemble Project Promotes Tokenization Market
In August, the Hong Kong Monetary Authority launched the Ensemble project sandbox, aimed at promoting the application of tokenization technology in the financial sector. The project covers multiple areas including fixed income, investment funds, liquidity management, and green finance, showcasing Hong Kong's foresight in financial innovation.
Continuous Improvement of Regulatory Framework
In October, the Hong Kong Securities and Futures Commission welcomed a new chairman who emphasized the importance of promoting innovation while protecting investor interests. In the same month, the third virtual asset exchange received a license, further enhancing Hong Kong's digital asset regulatory ecosystem.
Launch of Virtual Asset Index Series
In November, the Hong Kong Stock Exchange officially launched a series of virtual asset indices, providing a transparent and reliable benchmark price for Bitcoin and Ethereum in the Asia timezone. This initiative helps address the issue of price discrepancies among global exchanges.
The Banking Industry's Entry into Cryptocurrency Services
In the same month, a digital bank in Hong Kong announced that it would provide cryptocurrency trading services for retail users, becoming the first bank in Asia to offer such services, marking a significant move by traditional financial institutions to actively embrace digital assets.
Stablecoin Regulatory Framework Released
In December, the "Stablecoin Regulation Draft" was submitted for its first reading in the Legislative Council, establishing clear regulatory requirements for the issuance and promotion of stablecoins, aimed at safeguarding financial stability and protecting investors' rights.
The Number of Licensed Exchanges Increases
The Securities and Futures Commission announced at the end of the year the addition of four licensed virtual asset trading platforms, bringing the total number of licensed platforms in Hong Kong to seven. In addition, the regulatory agency plans to establish an advisory group in early 2025 to further strengthen the regulation of virtual asset platforms.
Cross-Border Digital Asset Investment Initiative
At the end of the year, a legislative member proposed the idea of launching "Digital Tong", aimed at allowing mainland investors to participate in Hong Kong-recognized digital asset trading through a special channel. This proposal reflects the possibility of exploring financial innovation and connectivity under the "one country, two systems" framework.
Overall, the development of Hong Kong in the virtual asset sector in 2024 shows a trend of diversification and regulation, laying a solid foundation for establishing a secure and innovative digital asset ecosystem.