Under the spotlight of Consensus 2025, Hong Kong has proven itself not only as a policy innovator but also as an ecosystem builder.
Author: OKG Research
The global Web3 community is focusing on Hong Kong. The top event in the Web3 industry, Consensus, has landed in Hong Kong for the first time this week, attracting over ten thousand practitioners to the convention center, reigniting the crypto craze along the banks of the harbor. The Hong Kong Consensus conference is not only a showcase of global Web3 innovation but also a milestone in Hong Kong's Web3 strategy—since the release of the "Policy Declaration on the Development of Virtual Assets in Hong Kong" in October 2022, Hong Kong has been accelerating the construction of a bridge connecting traditional finance and the crypto world with a strategy of "regulation first, ecosystem in parallel," becoming an indispensable part of the global Web3 landscape.
As industry observers, OKG Research has been continuously tracking the development of Hong Kong's Web3 policies since 2022, focusing on ecological and technological innovation practices. We have produced over 30 in-depth articles on hot topics such as VASP, stablecoins, and RWA tokenization, and established column content collaborations with mainstream media in Hong Kong, such as Sing Tao Group and Ta Kung Wen Wei Media Group, continuously providing industry insights. Taking the Consensus conference as an opportunity, we systematically review the core context of Hong Kong's Web3 ecosystem and launch the "HK Web3 Frontline" special topic, hoping to help more people comprehensively understand the evolution of Hong Kong's Web3 ecosystem.
1. Regulation First: An Ordered Exploration of Web3 Compliance Boundaries
Compliance has always been the core keyword in the development of Hong Kong's Web3. Since the release of the policy declaration, Hong Kong has been continuously exploring the compliance boundaries of Web3, gradually introducing a series of regulatory systems that lay the foundation for the development of the virtual asset and Web3 industries in Hong Kong, while also providing clear compliance guidelines for industry participants.
Starting with the Virtual Asset Service Provider (VASP) license, Hong Kong's virtual asset market is gradually establishing a compliance development system, and based on this, is promoting regulatory details in areas such as stablecoin issuers, custodial service providers, and OTC, ensuring market safety and transparency. These measures not only enhance the credibility of Hong Kong's virtual asset market but also continue to attract capital and enterprises to Hong Kong. By the end of 2024, nearly 300 Web3 companies had gathered in Hong Kong's Cyberport, accumulating a financing scale of over 400 million Hong Kong dollars.
However, Julia Leung, CEO of the Hong Kong Securities and Futures Commission (SFC), repeatedly mentioned the "balance between regulation and innovation" in her opening speech at the Consensus conference. How should relevant practitioners maintain their innovative drive within Hong Kong's existing regulatory environment? Compared to the United States, can Hong Kong's crypto regulatory measures promote market development?
2. Hong Kong Dollar Stablecoin: Hong Kong's "Financial" Ambition
Stablecoins are a hot topic at this Consensus conference and have been a key area of focus and investment for Hong Kong over the past two years. Standard Chartered Hong Kong, ANX Group, and Hong Kong Telecom have recently been reported to establish a joint venture, hoping to apply for a license from the Hong Kong Monetary Authority under the new regulatory system to issue a stablecoin pegged to the Hong Kong dollar. Circle, the issuer of USDC, has also announced a partnership with Hong Kong's three major note-issuing banks to launch HKDCoin, pegged 1:1 to the Hong Kong dollar.
Although it is uncertain how much market share the Hong Kong dollar stablecoin can capture in an environment dominated by the US dollar, for Hong Kong, developing a Hong Kong dollar stablecoin is an inevitable choice to seize the initiative in Web3 development and gain a competitive edge in future finance. The connection channel with fiat currency is currently the most valuable and easily realizable scenario in the crypto ecosystem, and stablecoins are essential infrastructure for building this channel. Meanwhile, the next phase of development for Web3.0 in Hong Kong and globally focuses on breaking the barriers between the virtual and real worlds, with stablecoins serving as the core link connecting traditional finance and the crypto world, potentially becoming widely accepted payment tools.
If the Hong Kong dollar stablecoin can be widely used in the Web3 ecosystem, it will significantly enhance Hong Kong and the Hong Kong dollar's competitiveness in the international financial market. But how should the Hong Kong dollar stablecoin develop? What is its relationship with the digital Hong Kong dollar? Do the proposed regulatory measures align with the current market situation?
3. RWA Tokenization: From Concept to a Trillion Market Split
RWA is undoubtedly the hottest concept at this Consensus. "Tokenization of Real World Assets (RWA) is not a trend, but a necessity," asserted John Cahill, head of digital assets at Morgan Stanley, revealing the strategic shift of traditional financial giants today.
As a global financial center, Hong Kong is also actively embracing the wave of RWA tokenization. The 2024 Policy Address proposed promoting RWA tokenization and the digital currency ecosystem, and the Hong Kong Monetary Authority has launched a "Digital Bond Financing Scheme" to encourage the capital market to adopt tokenization technology. The "Ensemble Project," led by the Hong Kong Monetary Authority, has attracted over 30 institutions, including HSBC and Bank of China, covering diverse assets such as bonds, funds, and carbon credits.
The Secretary for Financial Services and the Treasury of the Hong Kong SAR Government, Christopher Hui, also stated at the Consensus conference that Hong Kong is considering promoting gold tokenization, combining physical gold with blockchain technology to provide investors with greater flexibility and enhanced security, hoping to innovate the financial market through tokenization. But why is Hong Kong suitable for developing RWA? What areas of tokenization should be prioritized at this stage? Does Hong Kong have a competitive advantage in the field of tokenization compared to the United States?
4. ETF and OTC: The "Light and Dark Clash" of Funding Channels
One of the key measures for the development of Web3 in Hong Kong in 2024 is the launch of virtual asset spot ETFs. From clearly accepting related applications at the end of 2023 to the formal listing of six virtual asset spot ETFs on the Hong Kong Stock Exchange approved by the SFC by the end of April, the process took just over a hundred days, reflecting the "speed" and "efficiency" of Hong Kong's regulatory authorities. The launch of virtual asset spot ETFs has opened another funding channel for a wide range of investors to allocate crypto assets. By the end of 2024, the total asset management scale of Bitcoin spot ETFs in Hong Kong had exceeded 3 billion Hong Kong dollars, accounting for 0.66% of the total ETF market in Hong Kong.
In addition to the ETF channel, Hong Kong has gradually formed a three-tier funding network of "licensed exchanges-compliant OTC-banks." Among them, Hong Kong's OTC trading volume has surged since 2023. According to incomplete statistics from OKG Research, the annual trading volume processed by the Hong Kong OTC market reaches nearly 10 billion US dollars, and thanks to the regionally distinctive physical entities of crypto exchange shops, it not only attracts young investors from around the world but also appeals to middle-aged and older participants. In recent years, the Hong Kong OTC market has also attracted attention from many users and institutions in international trade and cross-border payment fields, becoming another important channel for gathering global funds in Hong Kong.
Under the spotlight of Consensus 2025, Hong Kong has proven itself not only as a policy innovator but also as an ecosystem builder. Regulation can be designed, technology can iterate, but only a profound respect for market laws is the ultimate weapon to navigate through cycles. OKG Research will continue to track the development of Hong Kong's Web3 industry, providing our observations and insights to a broader audience and market participants, jointly contributing to building a more prosperous Hong Kong Web3 ecosystem.
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。
