2025年香港 私人财富管理报告 毕马威 创见不同·智启未来 kpmg.com/cn 执行摘要 行业动态 拓展市场 愿景 2030 关于 PWMA 关于毕马威 联系我们 目录 03 05 行业动态 11 拓展市场 18 | | 愿景2030 | | --- | --- | | 19 | 合作伙伴关系 | | 25 | 数字资产 | | 36 | 技术 | | 44 | 展望未来 | 执行摘要 46 关于PWMA 47 48 联系我们 2 2025年香港私人财富管理报告 © 2025 毕马威会计师事务所 — 香港特别行政区合伙制事务所，是与毕马威国际有限公司(英国私营担保有限公司)相关联的独立成员所 全球组织中的成员。版权所有，不得转载。 关于毕马威 执行摘要 行业动态 拓展市场 愿景 2030 关于 PWMA 关于毕马威 联系我们 执行摘要 尽管关税驱动的贸易争端和外部环境的影响仍然持 续，客户对香港作为首选财富管理中心的信心达到了 三年来的最高水平。 第十届香港私人财富管理报告由私人财富管理公会 （PWMA）和毕马威中国联合撰写，提供了对该行业 格局、关键挑战及新兴增长机会的深入见解。今年我 们还提出了对2 ...

近期，一些不法分子打着"金融创新""区块链"的旗号，通过发行所谓"虚拟货币""虚拟资产""数字资 产"等方式吸收资金，侵害公众合法权益。此类活动并非真正基于区块链技术，而是炒作区块链概念行 非法集资、传销、诈骗之实，主要有以下特征： 一、网络化、跨境化明显。依托互联网、聊天工具进行交易，利用网上支付工具收支资金，风险波及范 围广、扩散速度快。一些不法分子通过租用境外服务器搭建网站，实质面向境内居民开展活动，并远程 控制实施违法活动。一些个人在聊天工具群组中声称获得了境外优质区块链项目投资额度，可以代为投 资，极可能是诈骗活动。这些不法活动资金多流向境外，监管和追踪难度很大。 近期，一些不法分子打着"金融创新""区块链"的旗号，通过发行所谓"虚拟货币""虚拟资产""数字资 产"等方式吸收资金，侵害公众合法权益。此类活动并非真正基于区块链技术，而是炒作区块链概念行 非法集资、传销、诈骗之实，主要有以下特征： 一、网络化、跨境化明显。依托互联网、聊天工具进行交易，利用网上支付工具收支资金，风险波及范 围广、扩散速度快。一些不法分子通过租用境外服务器搭建网站，实质面向境内居民开展活动，并远程 控制实施违法活动。一些个 ...

Core Viewpoint - The Bank of Ghana has established a national policy framework to regulate virtual assets and their service providers, aiming to balance financial innovation with consumer protection and financial stability [1] Group 1: Regulatory Framework - The framework includes six guiding principles for the regulation of virtual asset service providers [1] - Service providers must register and obtain the necessary licenses based on their business types, which include trading, wallet management, asset custody, payment settlement, and brokerage services [1] Group 2: Risk Management - A risk-based classification approach will be implemented to enhance regulatory measures according to the type of business [1] - The framework emphasizes the importance of cross-departmental collaboration to strengthen the regulatory environment [1] Group 3: Public Awareness - The initiative aims to improve public digital financial literacy as part of the regulatory strategy [1] - The framework seeks to clarify Ghana's official stance on virtual assets through a risk grading system [1]

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].

Group 1 - The Hong Kong Securities and Futures Commission (SFC) has issued two new circulars outlining expectations for licensed virtual asset trading platform operators, marking a significant step towards connecting global liquidity and expanding product and service offerings [1][2] - One circular allows platform operators to merge trading instructions with affiliated overseas virtual asset trading platforms into a shared order book, aimed at attracting global platforms, trading flows, and liquidity providers [1] - This initiative is part of the ASPIRe roadmap's pillar A (Access), which is expected to enhance market liquidity and competitive pricing for Hong Kong investors while reducing additional risks under robust safeguards [1] Group 2 - The second circular permits platform operators to sell virtual assets without a 12-month track record to professional investors, as well as stablecoins licensed by the Hong Kong Monetary Authority, and to offer tokenized securities and digital asset-related investment products [2] - Additionally, affiliated entities of platform operators can provide custody services for virtual assets or tokenized securities not traded on the respective platforms [2] - The SFC's CEO emphasized that steadily expanding market liquidity and commercial products and services is crucial for the sustainable development of Hong Kong's digital asset ecosystem [2]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has issued two new circulars outlining expectations for licensed virtual asset trading platform operators, marking a significant step towards enhancing global liquidity access and expanding the range of products and services offered [1] Group 1: Regulatory Developments - The SFC allows platform operators to merge trading instructions with affiliated overseas virtual asset trading platforms into a shared order book, which is a key component of the ASPIR roadmap's pillar A (Access) aimed at attracting global platforms, trading volume, and liquidity providers [1] - This initiative is expected to enhance market liquidity and provide more competitive pricing for Hong Kong investors while reducing additional risks under robust safeguards [1] Group 2: Future Considerations - The SFC plans to explore the feasibility of allowing licensed brokers to transfer client trading instructions to regulated overseas liquidity pools within the same group, with potential further expansions of these arrangements [1] Group 3: Product and Service Expansion - In another circular, the SFC permits platform operators to offer virtual assets without a 12-month track record to professional investors and stablecoins licensed by the Hong Kong Monetary Authority, as well as to sell tokenized securities and digital asset-related investment products [1] - Additionally, affiliated entities of platform operators may provide custody services for virtual assets or tokenized securities not traded on the respective platforms [1]

Core Insights - Digital assets have transitioned from "marginal innovation" to "mainstream allocation," becoming a focal point in global financial markets due to advancements in digital technology, financial inclusivity, and clearer regulations [3][10] - Major economies are strategically positioning themselves in the digital asset space, making it a frontier for the reconstruction of financial systems and geopolitical competition [3][10] Digital Asset Overview - Digital assets generally consist of central bank digital currencies (CBDCs) and crypto assets, which include stablecoins, real-world assets (RWAs), and virtual assets [4] - As of August 2025, the total market capitalization of global crypto assets reached $3.9 trillion, with Bitcoin accounting for over 56% [4] - The U.S. is accelerating the establishment of a regulatory framework through various legislations, while the EU's Markets in Crypto-Assets (MiCA) regulation has come into full effect [4][10] Challenges in Digital Asset Development - Technological challenges include security vulnerabilities, interoperability issues, and the need for unified communication standards [5] - Regulatory challenges stem from fragmented rules and cross-border enforcement disputes, leading to high compliance costs [5] - Market challenges include insufficient liquidity in secondary markets and uncertainties regarding asset ownership and bankruptcy isolation [5] Future Directions for Digital Assets - The significance of developing digital assets lies in their potential to enhance economic efficiency and reduce transaction costs, particularly in facilitating data sharing and cross-border payments [6] - The value foundation of digital assets varies, with CBDCs having a clear value basis, while the stability of stablecoins depends on the market value and liquidity of their collateral [6] - The role of stablecoins in reshaping cross-border payment systems and the international monetary framework is under scrutiny, with challenges related to liquidity management and regulatory uncertainties [6] Global Monetary System Evolution - The international monetary system is showing signs of fragmentation due to geopolitical competition and technological changes, presenting opportunities for other reserve currencies [7] - Strengthening institutional frameworks and further opening capital accounts are essential for leveraging the advantages of digital assets [7] Thematic Exploration in Digital Assets - The October issue of Tsinghua Financial Review features a cover topic on global digital assets, inviting experts to discuss the interaction between digital assets and the monetary financial system from multiple dimensions [12]

Group 1 - The Hong Kong Securities and Futures Commission (SFC) has issued a circular to all licensed virtual asset trading platforms, outlining requirements for the robust custody of client virtual assets [1] - The SFC has listed several good operational practices and minimum standards that virtual asset platform operators must meet, which will become core regulatory requirements for virtual asset custodians in the future [1] - Recent sentiment in the blockchain and virtual asset sectors in Hong Kong has cooled, correcting previous market misexpectations, but the industry trend remains positive [2][3] Group 2 - The SFC and the Hong Kong Monetary Authority (HKMA) plan to allow only intermediaries that meet minimum exemption criteria and are licensed or registered under the asset management category to provide asset management services for virtual assets [3] - The minimum exemption criteria require that the stated investment objective of the portfolio is to invest in virtual assets or that 10% or more of the total asset value of the portfolio is intended to be invested in virtual assets [3] - Despite recent adjustments, there remains an optimistic outlook for related virtual assets [4]

Core Viewpoint - Cao Cao Mobility's stock price increased by 7.4% following the announcement of a strategic cooperation memorandum with Victory Securities regarding virtual assets [1] Company Summary - Cao Cao Mobility has officially signed a strategic cooperation memorandum with Victory Securities, focusing on virtual assets [1]

Summary of Conference Call Industry or Company Involved - The discussion primarily revolves around the blockchain industry, specifically focusing on Ant Group and its ecosystem, as well as the broader virtual asset landscape. Core Points and Arguments 1. **Ant Group's Blockchain Position**: Ant Group is highlighted as a leading player in the blockchain space, with significant market potential and development trends. The focus is on its capabilities in transaction management and material management within the blockchain ecosystem [1][2][4]. 2. **Ecosystem Strength**: The strength of Ant Group's ecosystem is emphasized, particularly its international collaborations and partnerships, which enhance its blockchain capabilities [2][5]. 3. **Traditional Internet Companies**: There is a mention of traditional internet giants in China that are quietly entering the virtual asset space, leveraging their cross-border payment capabilities and consumer-facing scenarios [6][7]. 4. **Regulatory Environment**: The evolving regulatory landscape in Hong Kong is noted, with potential for traditional cryptocurrency firms to re-enter the financial sector and possibly undergo IPOs [8][9][11]. 5. **Focus on Brokerages**: Companies like Futu and Tiger Brokers are identified as key players in the market, with their ability to obtain licenses globally being a significant advantage [12][15]. 6. **Web 3.0 Integration**: The discussion touches on the integration of blockchain technology within the Web 3.0 framework, highlighting the competitive edge of internet brokerages over traditional firms [13][14]. 7. **Market Dynamics**: The call suggests that the current market dynamics favor internet brokerages due to their established user base and trading capabilities, which are crucial in the evolving landscape of virtual assets [15][16]. Other Important but Possibly Overlooked Content 1. **Material Management Importance**: The significance of material management in Ant Group's overseas operations is underscored, indicating its critical role in the blockchain ecosystem [4][5]. 2. **Potential Collaborations**: There is an expectation of new collaborations emerging within the traditional internet sector and the cryptocurrency space, which could lead to innovative developments [6][11]. 3. **Licensing Developments**: The upcoming changes in licensing regulations are anticipated to create opportunities for various companies to enhance their operational capabilities in the blockchain sector [16][17].