Core Viewpoint - The Hong Kong Special Administrative Region (HKSAR) government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," introducing the "LEAP" framework to enhance the legal and regulatory environment, expand tokenized product categories, promote application scenarios and cross-sector collaboration, and develop talent and partnerships, thereby advancing traditional finance into the digital asset era and solidifying Hong Kong's status as an international financial center [1][3]. Group 1: Policy Framework and Vision - The HKSAR government aims to create a balanced regulatory framework that manages risks while ensuring investor protection and industry development, establishing a trustworthy and sustainable digital asset ecosystem integrated with the real economy [1][2]. - The "LEAP" framework focuses on compliance regulation, asset tokenization, scenario expansion, and talent development, marking a transition from a testing ground for digital assets to a more institutionalized, scalable, and globalized approach [4][5]. Group 2: Economic Impact and Innovation - Digital assets are seen as a crucial component of financial technology, enabling more efficient and lower-cost financial transactions, thus enhancing financial inclusivity [2]. - The government plans to issue tokenized green bonds in 2023 and 2024, with ongoing preparations for a third batch, aiming to normalize the issuance of tokenized government bonds and broaden the tokenization of various assets, including precious metals and renewable energy [6][7]. Group 3: Industry Collaboration and Support - The Hong Kong Digital Port has launched a "Blockchain and Digital Asset Pilot Funding Scheme" to support startups in the relevant fields, providing up to 500,000 HKD for eligible pilot projects [7]. - The HKSAR government and the financial regulatory authorities are committed to creating a favorable market environment for the application of stablecoins across different scenarios, addressing long-standing issues in cross-border payments [2][4].

过去几年，香港的虚拟资产行业经历了从无到有、从探索到逐 步走向规范的过程。正如HashKey Group首席分析师丁肇飞 在接受经济观察报记者采访时所言，过去几年不仅对虚拟资产 交易平台是重要的发展节点，也是整个行业从探索走向制度化 的重要转折点。 作者： 老盈盈 封图：图虫创意 截至7月10日，香港证券及期货事务监察委员会（下称"香港证监会"）官网显示，通过综合账户安 排提供虚拟资产交易服务的获批机构已达到42家。 7月7日，国金证券（600109.SH）在上证e互动平台表示，公司旗下的国金证券（香港）有限公司 正在筹备申请虚拟资产相关交易牌照，并与国际及香港地区具有丰富经验的相关机构就该事项进行 了多次接触，后续将积极推进具体申请事宜。 6月26日，香港特区政府发布了《香港数字资产发展政策宣言2.0》（下称《宣言2.0》），再次重 申了港府坚定建设香港成为全球领先的数字资产中心的愿景。《宣言》发布后，香港资本市场上一 些虚拟资产的概念股股价出现不同程度的上涨。 过去几年，香港的虚拟资产行业经历了从无到有、从探索到逐步走向规范的过程。正如HashKey Group首席分析师丁肇飞在接受经济观察报记者采访时所 ...

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]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 DL HOLDINGS GROUP LIMITED 德林控股集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 自願性公告 與ASSETO FINTECH LIMITED 戰略合作之諒解備忘錄 戰略合作諒解備忘錄 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年6月30日，本公司與 Asseto Fintech Limited（「Asseto」）訂立一份戰略合作（「戰略合作」）諒解備忘 錄（「諒解備忘錄」）。本集團將與Asseto建立戰略合作夥伴關係，攜手在亞洲市 場共同探索並開發真實世界資產（「RWA」）的代幣化解決方案，並推動採納合 規數字資產產品與服務，包括穩定幣應用及去中心化金融（「DeFi」）整合。 1 訂約方擬在以下關鍵領域展開合作： 諒解備忘錄項下擬進行的交易為訂約方就擬議戰略合作達成的初步共識，仍 需由訂約方進一步協商並簽立 ...

Core Viewpoint - Hong Kong has upgraded its digital asset policy framework to 2.0, aiming to establish itself as a global innovation center in the digital asset field [1][3]. Group 1: Policy Framework Overview - The new framework is summarized by the acronym "LEAP," which stands for Legal optimization, Expend tokenized product categories, Advance application scenarios and cross-industry collaboration, and People development [1][4]. - The policy emphasizes stablecoins and Real World Asset (RWA) tokenization as key application areas [1][5]. Group 2: Transition from 1.0 to 2.0 - The previous 1.0 phase focused on introducing innovative products like digital asset ETFs and expanding investor channels through retail participation [3]. - The transition to 2.0 reflects the need for a new framework to adapt to compliance requirements and balance investor interests with competitiveness [3][4]. Group 3: Key Innovations in 2.0 - The regulatory framework will see the Hong Kong Securities and Futures Commission as the main regulator for digital asset service providers and custodians [4]. - The government plans to regularize the issuance of tokenized government bonds and incentivize RWA tokenization to enhance liquidity and accessibility [4][5]. - A clear timeline for stablecoin regulation is established, with implementation starting on August 1 [5][7]. Group 4: Market Implications - The policy aims to attract international capital by offering tax exemptions for tokenized ETFs and digital asset funds, aligning them with traditional ETFs [7]. - Companies like Lakala and major internet firms are exploring opportunities in stablecoin issuance and digital currency applications in cross-border scenarios [7].

Core Viewpoint - HashKey Chain has announced that GF Securities (01776) has fully integrated with HashKey Chain to issue the first daily redeemable tokenized security, "GF Token" [1][2] Group 1: Product Details - "GF Token" is a tokenized security issued by GF Securities (Hong Kong) based on its credit support, available in USD, HKD, and offshore RMB, with daily interest accrual [1] - The USD tokenized security's yield is anchored to the US Overnight Secured Financing Rate (SOFR), providing a fair, transparent, and low-volatility cash management tool for users [1] Group 2: Market Position and Strategy - GF Securities (Hong Kong) was the first Chinese brokerage to successfully issue a tokenized security under Hong Kong law, marking a significant milestone in the exploration of on-chain financial products [2] - The launch of "GF Token" is seen as a continuation of the company's efforts to enhance its series of on-chain financial products, reinforcing its first-mover advantage in the emerging digital finance sector [2] - HashKey Group emphasizes the need for true integration between financial institutions and blockchain technology platforms for the on-chainization of real-world assets (RWA), with "GF Token" exemplifying this concept [2] - HashKey Chain aims to expand collaborations with traditional financial institutions, including brokerages and banks, to further develop compliant asset issuance and circulation mechanisms on-chain [2]

Core Viewpoint - HashKey Chain and GF Securities (Hong Kong) have launched the first daily redeemable tokenized security, "GF Token," marking a significant step in Hong Kong's financial technology ecosystem and the tokenization of real-world assets (RWA) [1][5]. Group 1: Product Features - "GF Token" supports daily interest payments and is available in three currencies: USD, HKD, and offshore RMB [3][4]. - The tokenized security allows for multi-point sales and custody, facilitating seamless switching between different tokenized securities on the blockchain [3][4]. - The USD-denominated token's yield is anchored to the Secured Overnight Financing Rate (SOFR), providing a transparent and low-volatility cash management tool [3]. Group 2: Market Impact - The launch of "GF Token" is seen as a milestone for GF Securities (Hong Kong) in building a digital product ecosystem and enhancing its competitive edge in the emerging digital finance sector [5][6]. - The collaboration between HashKey Group and GF Securities aims to create a comprehensive ecosystem for tokenized securities, paving the way for more financial institutions to issue tokenized assets on the blockchain [5][6]. Group 3: Future Developments - GF Securities (Hong Kong) plans to continue expanding its offerings in tokenized securities, having previously issued the first tokenized security compliant with Hong Kong law in January 2024 [5]. - The company is also set to collaborate with Cinda Asset Management to launch the first fund-backed tokenized security for distribution and trading by January 2025 [5].

Core Viewpoint - The launch of "GF Token" marks a significant milestone in the development of tokenized securities in Hong Kong, enabling daily redemption and issuance in multiple currencies, including USD, HKD, and offshore RMB [2][3][4]. Group 1: Product Features - "GF Token" is a tokenized security that supports daily interest accrual and offers high liquidity, with a transparent and traceable asset flow recorded on HashKey Chain [4][5]. - The product aims to facilitate seamless switching between different tokenized securities on-chain, catering to high-net-worth individual and institutional investors [4][5]. - The issuance of "GF Token" is backed by the credit of GF Securities (Hong Kong) and is designed to provide a fair and low-volatility cash management tool, with USD-denominated securities linked to the SOFR [4][5]. Group 2: Market Position and Strategy - The collaboration between HashKey Chain and GF Securities (Hong Kong) represents a strategic move to enhance the tokenized securities ecosystem in Hong Kong, following the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0" [2][6]. - The product's multi-point distribution and custody features allow traditional investors to engage more deeply in tokenized securities, thus broadening participation in this emerging market [5][6]. - The launch is seen as a continuation of GF Securities (Hong Kong)'s efforts to build a digital product system and solidify its position in the digital finance sector [7][8]. Group 3: Future Outlook - The introduction of "GF Token" is expected to pave the way for more financial institutions to issue tokenized assets on-chain, creating a comprehensive ecosystem for asset issuance, circulation, and governance [7][8]. - HashKey Group emphasizes the importance of integrating financial institutions with blockchain technology to drive the on-chain transformation of real-world assets (RWA) [8].

Core Insights - HashKey Chain announces that GF Securities (000776) (Hong Kong) is the first broker in Hong Kong to issue tokenized securities, fully integrating with HashKey Chain as the core on-chain issuance network [1] - The first daily redeemable tokenized security, "GF Token," has been issued, allowing participation from high-net-worth individual professional investors and institutional professional investors [1] - This issuance marks a significant step in the Hong Kong fintech ecosystem towards Real World Asset (RWA) pathways, laying a solid foundation for future on-chain issuance and collaboration of tokenized assets by financial institutions [1]

Core Insights - The development of stablecoins is reshaping traditional payment systems and enhancing financial service accessibility, as highlighted by the People's Bank of China's governor [1][5] - HashKey Group is actively involved in the stablecoin ecosystem, partnering with JD.com to promote stablecoin applications in cross-border payments and real-world assets [1][5] Group 1: Importance of Stablecoins - Stablecoins address the "last mile" issue in inclusive finance, broadening its accessibility [5] - The emergence of stablecoins like USDC and USDT has expanded the boundaries of inclusive finance, with major global financial centers pushing for stablecoin development [5] - The global circulation of stablecoins was under $200 billion in 2022, supporting approximately $20 trillion in payments, indicating a leverage effect of 100 times [5] Group 2: Regulatory Framework and Development - The establishment of a legal and regulatory framework is crucial for the advancement of stablecoins, with Hong Kong leading the way by introducing the Stablecoin Regulation ahead of the U.S. [7] - Hong Kong is positioned as a testing ground for China's stablecoin initiatives, which could facilitate the internationalization of the Renminbi [7] Group 3: Cross-Border Trade and Compliance - Cross-border e-commerce is expected to be a significant beneficiary of stablecoins, as they can streamline the conversion of stablecoins to local currencies for merchants [9] - Licensed exchanges in Hong Kong play a vital role in facilitating the exchange of stablecoins into fiat currency, ensuring compliance with regional regulations [10] Group 4: Bridging Traditional Finance and Web3 - HashKey Exchange aims to connect traditional finance with Web3, with its self-developed HashKey Chain facilitating the tokenization of financial assets [10] - Stablecoins are not only payment tools but also have investment potential, allowing users to purchase tokenized money market funds or obtain loans through stablecoin staking [10]