Hong Kong's virtual asset ecosystem continues to flourish with groundbreaking innovations. In February, the Securities and Futures Commission (SFC) released the Virtual Asset Development Roadmap, outlining plans to expand virtual asset products within regulatory frameworks. Remarkably, policies were implemented within two months, demonstrating strong governmental support for the industry.
Key Developments in Virtual Asset Staking Services
On April 7, the Hong Kong Web3 Carnival—hosted by Wanxiang Blockchain Labs and HashKey Group—featured a keynote by Financial Secretary Paul Chan. He announced the government’s forthcoming second policy declaration on virtual asset development, emphasizing Web3’s role in modernizing finance and empowering实体经济 (real-world economies).
The same day, the SFC issued guidelines allowing licensed virtual asset platforms to offer staking services and approved funds to engage in质押 (staking) activities. By April 10–11, milestones included:
- HashKey Exchange becoming one of the first licensed platforms to offer质押服务 (staking).
- Bosera HashKey’s ETH ETF gaining approval for ETH staking—a first in Asia-Pacific.
Why Staking Matters
The SFC highlights staking’s potential to enhance blockchain security while enabling regulated yield generation. Terence Pu, HashKey Exchange’s Managing Director, noted客户资产 (client assets) surpassed HK$10 billion in Q4 2024, driving demand for compliant staking infrastructure.
Stablecoins: Evolving Financial Utility
Globally, stablecoins are gaining regulatory attention, with traditional institutions entering the space. HashKey’s CEO, Ruhai Yang, identified four transformative trends:
Bitcoin’s Digital Gold Status:
- BTC/ETH ETFs grew to $900B in ~1 year, outpacing gold’s historical adoption.
- Sovereign holdings of BTC are rising (e.g., national reserves).
Cross-Border Efficiency:
- Stablecoins facilitate low-cost transactions (~$700B monthly volume, rivaling Visa).
Tokenized Securities:
- Demand surges for代币化 (tokenized) fixed-income products.
Derivatives Market Convergence:
- Traditional and crypto derivatives markets are merging in 2024.
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Global Expansion of Hong Kong’s Web3 Leaders
Amid these shifts, Hong Kong’s Web3 pioneers are accelerating international growth:
HashKey OTC Global:
- Upgraded from HashKey OTC after securing Middle Eastern licenses and integrating Japanese operations.
- Offers multi-currency settlements via partnerships with global banks.
肖风 (Dr. Xiao Feng), HashKey Group Chairman, stated:
"HashKey OTC Global unifies global resources to deliver secure, compliant digital asset services, fostering industry健康 (healthy) development."
FAQ Section
Q: How does staking benefit blockchain networks?
A: Staking enhances security via proof-of-stake mechanisms while allowing investors to earn yields under regulated oversight.
Q: What distinguishes Hong Kong’s virtual asset policies?
A: Rapid policy implementation (e.g., SFC’s 2-month roadmap execution) reflects proactive support for innovation.
Q: Why are stablecoins pivotal in跨境 (cross-border) finance?
A: They reduce settlement times/costs versus traditional systems, with volumes nearing major card networks.
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