香港虚拟资产行业运作“解密”

Core Insights - As of July 10, 2023, the Hong Kong Securities and Futures Commission (SFC) has approved 42 institutions to provide virtual asset trading services through comprehensive account arrangements [2] - On July 7, Guojin Securities announced its plans to apply for a virtual asset trading license through its Hong Kong subsidiary, indicating a growing interest in the virtual asset sector [2] - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0" on June 26, reaffirming its commitment to establishing Hong Kong as a global digital asset hub, which has positively impacted the stock prices of related concept stocks [2] Industry Overview - The virtual asset industry in Hong Kong has evolved from non-existence to a regulated environment over the past few years, marking a significant transition towards institutionalization [2][3] - The SFC categorizes virtual asset-related businesses into five types, with a focus on virtual asset trading platform licenses (VATP) and comprehensive account arrangements [4] - Currently, 11 institutions hold VATP licenses, while 42 financial institutions have been approved to provide virtual asset trading services through comprehensive account arrangements [4] Regulatory Developments - The upgrade of the 1st category license allows licensed brokers to offer virtual asset trading services, but they must connect to licensed virtual asset trading platforms for execution [5] - The recent upgrade has enabled brokers like Futu Securities to provide a one-stop trading experience for various asset classes, including cryptocurrencies [5][8] - The "LEAP" development framework introduced in the Declaration 2.0 outlines strategies for optimizing legal and regulatory frameworks, expanding tokenized product offerings, and promoting cross-sector collaboration [11] Market Dynamics - HashKey Exchange has partnered with traditional financial institutions to integrate virtual assets into the mainstream financial system, focusing on compliance and risk management [7] - The revenue model for virtual asset trading platforms includes transaction fees and a range of services for institutional clients, ensuring stable income streams [9] - Futu Securities has launched features to facilitate cryptocurrency transactions, enhancing the investment options available to clients [8] Future Outlook - The SFC has set a timeline for the implementation of a licensing system for stablecoin activities, with the regulation expected to take effect on August 1, 2025 [12] - HashKey Group is actively engaging with stablecoin issuers to promote compliance and integration within the virtual asset ecosystem [12]