April. Approval of Spot Bitcoin and Ethereum ETFs
The Hong Kong Securities and Futures Commission (SFC) officially announced the list of approved virtual asset spot ETFs on its website, including related products from Huaxia (Hong Kong), Harvest International, and Bosera International. This marks the first launch of such products in the Asian market, with the Ethereum spot ETF being among the first globally.
June. License Application Turmoil
On May 31, 2023, the SFC released the VATP license manual and transitional arrangements for the licensing system, requiring virtual asset exchanges operating in Hong Kong at that time to obtain a license issued by the regulatory authority by the end of a one-year transition period.
Ahead of the end of May 2024, many platforms actively submitted license applications. However, some mainstream trading platforms, including OKX, Huobi HK, and Gate HK, withdrew their applications for compliance licensing in Hong Kong, causing confusion about the prospects of the virtual asset market in Hong Kong.
July. JD.com Enters Hong Kong Stablecoin Market
On July 18, 2024, the Hong Kong Monetary Authority (HKMA) released the list of participants in the stablecoin regulatory sandbox, with JD.com, Yuan Coin, and Standard Chartered being among the first participants.
On July 24, JD Coin Chain Technology (Hong Kong) announced it would issue a cryptocurrency stablecoin pegged 1:1 to the Hong Kong dollar. As a subsidiary of JD Technology Group, JD Coin Chain is the only potential stablecoin issuer under JD. The stablecoin is issued on a public chain, with reserves composed of highly liquid and trustworthy assets held in independent accounts at licensed financial institutions, and the integrity of the reserves verified through regular disclosures and audit reports. JD stated it would cooperate with global regulators to comply with relevant laws and regulatory standards.
August. HKMA Launches Ensemble Project Sandbox to Support Tokenization Market Development
On August 28, 2024, the Hong Kong Monetary Authority (HKMA) launched the Ensemble project sandbox to promote the application of tokenization technology in the financial sector. The first phase of the experiment covers four major themes: fixed income and investment funds, liquidity management, green finance, and trade supply chain financing.
The HKMA has completed the sandbox setup and is preparing for interbank payment and currency settlement experiments in collaboration with banks. The SFC will work with the HKMA to promote the development of the tokenized asset market, enhance Hong Kong's innovative position in the global financial market, and plans to collaborate with international institutions to advance global tokenization technology development.
October. Dr. Huang Tianyou Appointed Chairman of the Hong Kong SFC
The Chief Executive of the Hong Kong Special Administrative Region appointed Dr. Huang Tianyou as the Chairman of the Hong Kong Securities and Futures Commission (SFC) for a three-year term, from October 20, 2024, to October 19, 2027.
He stated, "We must seize opportunities and embrace challenges to cultivate a sustainable and vibrant capital market, while protecting investor interests, promoting economic growth, enhancing corporate governance, and stimulating innovation."
Third Licensed Virtual Asset Exchange Approved in Hong Kong
On October 4, 2024, the Hong Kong SFC updated the list of Virtual Asset Trading Platforms (VATP) and granted the first category (securities trading) and seventh category (automated trading) licenses to the Hong Kong Virtual Asset Exchange (HKVAX), meeting the requirements of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
HKVAX provides over-the-counter trading, trading platform, and custody services, focusing on Security Token Offerings (STO) and Real World Asset (RWA) tokenization, promoting the development of Hong Kong's fintech ecosystem. The CEO stated that STOs and RWAs will enhance asset liquidity and create more financing and investment opportunities. The company is also building robust infrastructure to support its own and partner businesses, planning to provide end-to-end solutions covering tokenization, issuance, trading, and custody, and to co-build a digital asset alliance with strategic partners to enhance industry standards.
November. Hong Kong Stock Exchange Officially Launches Virtual Asset Index Series on November 15, 2024
The virtual asset index series provides transparent and reliable benchmark prices for Bitcoin and Ethereum in the Asian time zone, supporting Hong Kong's position as a leading digital asset center in Asia. This index series will address price discrepancies of virtual assets across global exchanges and provide investors with a unified reference price.
This series will comply with the EU Benchmark Regulation (BMR) and be jointly managed by a UK-registered management agency and CCData. The launch by the Hong Kong Stock Exchange responds to the Hong Kong government's policy to promote the development of virtual assets, aiming to foster the development of fintech in Hong Kong and provide investors with important benchmark tools to support the healthy development of the virtual asset market.
ZA Bank Launches Cryptocurrency Trading Services
On November 25, Hong Kong digital bank ZA Bank announced it became the first bank in Asia to offer cryptocurrency trading services to retail users, supporting Bitcoin and Ethereum trading. Users can trade using Hong Kong dollars and US dollars through the ZA Bank App, with a minimum transaction amount of $70 or 600 HKD, and no commission for new users for the first three months. This service is limited to holders of Hong Kong identity cards.
December. Release of the Stablecoin Bill
The Stablecoin Bill was submitted to the Legislative Council for its first reading on December 18, stipulating that activities related to issuing fiat stablecoins, Hong Kong dollar stablecoins, or promoting stablecoins to the public must obtain a license. Regulatory focuses include robust management of reserve assets, protection of holders' redemption rights, and anti-money laundering requirements.
Four New Licensed Exchanges Added
On December 18, the Hong Kong SFC announced that it recently granted licenses to four virtual asset trading platforms, increasing the number of licensed virtual asset trading platforms in Hong Kong to seven. These four platforms include Cloud Account Greater Bay Area Technology (Hong Kong), DFX Labs, Hong Kong Digital Asset Trading Group, and Thousand Whales Technology. These platforms will obtain licenses through a fast-track licensing process. Meanwhile, the SFC is accelerating the approval process for virtual asset platforms and has developed a clear roadmap for the licensing process, planning to establish a consultation group in early 2025 to strengthen the regulation of virtual asset platforms.
Legislative Council Member Wu Jiezhuang Proposes Launching "Digital Pass"
On December 31, Legislative Council member Wu Jiezhuang proposed launching a "Digital Pass" to allow mainland investors to buy and sell Hong Kong-recognized digital assets through a special channel, promoting financial connectivity between the mainland and Hong Kong and fostering financial innovation and new productive forces.
Wu Jiezhuang pointed out that although the mainland prohibits cryptocurrency trading, under the "one country, two systems" framework, cryptocurrency trading in Hong Kong is legal and may provide opportunities for mainland citizens to invest in Hong Kong virtual assets. He believes that whether such investments are allowed will depend on changes in the international situation, and the mainland may adjust relevant policies as needed based on development requirements.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
