香港持牌虚拟资产交易平台HashKey Exchange的母公司HashKey Holdings通过联交所上市聆讯，摩根大 通、国泰君安融资为联席保荐人。IFR称，HashKey计划集资5亿美元，寻求本月上市。该公司去年亏损 11.9亿港元，经调整亏损5.45亿港元。截至6月底止上半年，亏损5.07亿港元，经调整亏损4.52亿港元。 ...

Core Insights - Hong Kong's market regulator is allowing licensed virtual-asset trading platforms to connect with global capital pools, aiming to enhance liquidity and attract international exchanges [1][2][3] Regulatory Changes - The Securities and Futures Commission (SFC) of Hong Kong announced plans for licensed crypto platforms to link with overseas liquidity providers, facilitating a mix of domestic and international capital [2][3] - The upcoming circular from the regulator is expected to support this policy shift, which aims to address the insular nature of the market despite previous licensing advancements [3][4] Market Structure - Hong Kong has transitioned from pilot schemes to a comprehensive licensing regime, with approximately 11 authorized virtual-asset trading platforms currently listed [4][5] - This growing number of licensed platforms provides a competitive foundation for order flow if global routing is permitted [5] Market Impact - The policy change is anticipated to influence product scope and market microstructure, potentially increasing market depth and narrowing spreads for primary tokens [6] - Institutional counterparties may gain access to certified local venues, enhancing overall market participation [6]

Group 1 - OSL HK has received approval from the Hong Kong Securities and Futures Commission to offer Solana (SOL) trading services to retail investors, becoming the first exchange in Hong Kong to support SOL retail trading [1] - OSL has opened SOL deposit and withdrawal services on the Solana network, and FlashTrade is now available for SOL/USD and SOL/HKD trading pairs [1] - This marks the first addition of a new cryptocurrency for retail investors in Hong Kong this year, expanding beyond the previously available Bitcoin (BTC) and Ethereum (ETH) [1] Group 2 - Solana is an optimized Layer-1 blockchain designed for scalability, supporting a peak capacity of 65,000 transactions per second and a block time of 400 milliseconds [2] - Solana utilizes a timestamp system called "Proof of History" (PoH) to automatically order transactions for validators, serving as the network's consensus mechanism [2] - PoH is used to cryptographically verify the time elapsed between two events and is built on a Proof of Stake (PoS) consensus algorithm to enhance network security [2]

Core Viewpoint - The article discusses the ongoing trend of stablecoins and the regulatory developments in Hong Kong, highlighting the opportunities and risks in the virtual asset trading market as new policies come into effect [1][24]. Group 1: Regulatory Developments - The "Stablecoin Regulation" in Hong Kong will take effect on August 1, 2023, allowing the Hong Kong Monetary Authority to start accepting license applications [1]. - As of June 30, 2023, there are 11 licensed virtual asset trading platforms in Hong Kong, including prominent institutions like OSL and HashKey [5]. - HashKey Exchange has become the largest licensed virtual asset trading platform in Hong Kong, allowing retail investors to trade Bitcoin and Ethereum [6][12]. Group 2: Investment Opportunities - The virtual asset market in Hong Kong is diversifying, with various financial products available, including direct trading of digital currencies and derivatives like spot and futures ETFs [15][16]. - The first Bitcoin and Ethereum spot ETFs were launched in Hong Kong in April 2024, significantly lowering the entry barrier for investors [17][18]. - As of May 2023, the total asset management scale of spot ETFs exceeded 3.8 billion HKD [20]. Group 3: Market Dynamics - Bitcoin has seen a significant price surge, reaching over $110,000 and a total market capitalization exceeding $2.1 trillion, making it the fifth-largest asset globally [25][27]. - The global stablecoin issuance has surpassed $235 billion, with Tether's USDT being the most prominent stablecoin, holding nearly two-thirds of the market share [30]. - Stablecoins are expected to reshape the global payment landscape, providing stable investment opportunities compared to volatile cryptocurrencies [31]. Group 4: Challenges and Risks - Chinese residents are prohibited from participating in virtual asset trading through licensed financial institutions in Hong Kong [22][23]. - Regulatory differences and uncertainties pose challenges for the virtual currency market, with Hong Kong being the first region to comprehensively regulate fiat-backed stablecoins [36]. - The investment in stablecoins carries risks, particularly related to the issuers, emphasizing the importance of choosing regulated and compliant issuers [38][39].