香港虚拟资产监管新范式：稳健与创新的动态平衡｜金融与科技

Core Viewpoint - The article emphasizes Hong Kong's commitment to establishing a balanced regulatory framework for virtual assets, focusing on both robust regulation and innovation to foster a healthy market environment [5][12][13]. Regulatory Developments - The Hong Kong Securities and Futures Commission (SFC) has introduced a "shared liquidity mechanism" to enhance overall market liquidity for virtual assets [5][10]. - The SFC has adopted a "small steps, fast running" approach to regulation, allowing compliant projects to enter the market while maintaining risk control [6][7]. - A new licensing regime for virtual asset service providers has been implemented, enabling qualified platforms to serve retail investors [9][10]. Market Context - The global trading volume of virtual assets has surpassed $70 trillion, indicating their growing influence in capital flow and asset allocation [4]. - The rapid evolution of digital technology has reshaped the financial landscape, but it has also exposed vulnerabilities within the financial system, necessitating a robust regulatory framework [4][12]. Evolution of Regulatory Framework - Hong Kong's regulatory approach has shifted from a cautious stance to a more open and interconnected framework, with significant policy developments occurring since 2018 [9][10]. - The SFC has progressively expanded its regulatory coverage, moving from a closed-loop ecosystem to a more integrated approach with international markets [9][10]. Future Directions - The SFC plans to establish a licensing system for virtual asset custodians and explore the inclusion of investment advisory services and specific asset classes under regulatory oversight [10][12]. - The regulatory framework aims to balance market stability and innovation, ensuring that the virtual asset market can grow responsibly within a clear regulatory environment [12][13].