Significant Progress in 2024
Hong Kong’s Web3.0 ecosystem achieved notable milestones in 2024:
- Virtual Asset ETFs: Six spot virtual asset ETFs debuted on HKEX, with ChinaAMC’s Bitcoin and Ethereum ETFs leading Asia.
- Licensed Platforms: Seven virtual asset trading platforms approved by SFC, including OSL Exchange and HashKey Exchange.
- Asset Tokenization: HKMA launched the Ensemble Sandbox, facilitating tokenized asset financing (e.g., Ant Group’s RMB 1 billion新能源 project).
- Stablecoin Regulation: Draft Stablecoin Ordinance introduced, positioning Hong Kong as a global stablecoin hub.
👉 Explore Hong Kong’s Web3.0 regulatory framework
Global Web3.0 Trends
- U.S.: FIT21 Act and Trump’s pro-crypto policies drove Bitcoin to $100K+.
- EU: MiCA regulation enforced, requiring stablecoin compliance.
- Asia: Singapore approved USDG stablecoin; Japan proposed crypto tax cuts.
Opportunities & Challenges for Hong Kong
1. Expand Virtual Asset ETFs
- Bridge the gap with U.S. (4B vs. 1054B) via "Digital Asset Connect" for mainland investors.
- Proposal: Blockchain-based quotas (50B RMB/year) and investor thresholds (100K RMB).
2. Promote RMB Stablecoins
- Integrate with digital yuan for cross-border trade (e.g., Belt & Road).
- Example: AlloyX’s stablecoin wallet secured $10M funding.
3. Tokenize RWAs
- Target assets: Solar farms, carbon credits, real estate.
- Initiative: Partner with Wall Street (e.g., BlackRock’s $550M BUIDL fund).
👉 Discover tokenized asset strategies
FAQs
Q: How can mainland investors access Hong Kong’s Web3.0 market?
A: Through proposed "Digital Asset Connect" with annual limits and risk assessments.
Q: What role do stablecoins play in RMB internationalization?
A: They enable instant, low-cost settlements in trade corridors like Greater Bay Area.
Q: Are tokenized assets regulated?
A: Yes, HKMA’s sandbox ensures compliance for RWAs like real estate.
Conclusion
Hong Kong’s success hinges on synergizing capital, talent, and innovation under "One Country, Two Systems." By advancing ETFs, stablecoins, and RWAs, it can lead global Web3.0 growth.
Author: Zhu Haokang, ChinaAMC (Hong Kong) Digital Asset Lead. Views expressed are personal.
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