By Zou Chuanwei, Director of the Frontier Finance Research Center at Shanghai Finance and Development Laboratory
Hong Kong's Web 3.0 industry has garnered significant attention since the October 2022 policy declaration by the Hong Kong Special Administrative Region (HKSAR) government. This article explores the ecosystem, current progress, and regulatory framework of Hong Kong's Web 3.0 sector, focusing on its financial core—digital currencies and digital assets.
Part 1: Hong Kong's Web 3.0 Industry as a Financial Ecosystem
Key Policy Foundations
Hong Kong's Web 3.0 initiatives are anchored in:
- 2022 Policy Declaration on Virtual Assets: Introduced Web 3.0 and virtual assets, with pilot projects including NFTs, green bond tokenization, and the digital Hong Kong dollar (e-HKD).
- 2022 Anti-Money Laundering Amendment: Defined virtual assets legally, emphasizing investor protection.
- 2023 Regulatory Guidelines: Dual licensing for virtual asset trading platforms (VATPs) and tokenized securities frameworks.
Core Concepts
- Web 3.0: A decentralized internet paradigm leveraging blockchain, distinct from data-centric or metaverse-focused narratives.
- Virtual Assets: Cryptographic digital representations for exchange, payment, or investment, excluding CBDCs and securities.
Tokenization and Digital Assets
Tokenization transforms ownership,收益权, or使用权 into blockchain-based digital assets:
- Backed Assets: CBDCs, tokenized deposits, stablecoins, and securities.
- Unbacked Assets: Cryptocurrencies (e.g., Bitcoin) representing network使用权.
👉 Explore tokenization trends in global finance
Part 2: Progress in Digital Currency and Digital Asset Practices
1. Digital Hong Kong Dollar (e-HKD)
- Wholesale Use: Supports RTGS and tokenized asset settlements (e.g., green bonds).
- Retail Pilot: Tests programmable payments and offline transactions.
- Cross-Border: Advances multi-CBDC bridges (e.g., mBridge).
2. HKD Stablecoins and Tokenized Deposits
- Stablecoin Sandbox: Launched in 2024 to foster compliant HKD-pegged stablecoins.
- Tokenized Deposits: Trials by HSBC and蚂蚁集团 enhance settlement efficiency.
3. Tokenized Securities and Funds
- Regulatory Clarity: Hong Kong SFC’s 2023 circulars classify tokenized securities as traditional securities with added tech risks.
Market Innovations:
- First tokenized green bond (2023).
- Gold tokens for retail investors (HSBC, 2024).
4. Cryptocurrency Market Dynamics
- Regulated VATPs: OSL and HashKey dominate, with restrictions on retail trading (e.g., eligible assets must feature in two independent indices).
- ETF Approvals: Bitcoin/以太币现货ETFs greenlit in 2024.
👉 Stay updated on Hong Kong’s crypto regulations
Part 3: Strategic Development and Regulatory Balance
Prioritizing Key Sectors
| Sector | Focus Areas |
|---|---|
| e-HKD/Stablecoins | Retail integration,跨境applications, and competition with美元stablecoins. |
| Tokenized Assets | Scalable models for融资, liquidity, and infrastructure (e.g.,收益权tokenization). |
| Cryptocurrencies | Strict enforcement against unlicensed platforms and balanced retail access. |
FAQs
Q1: How does e-HKD differ from stablecoins?
A1: e-HKD is a sovereign CBDC, while stablecoins are privately issued and collateralized.
Q2: Can retail investors trade all tokenized securities?
A2: No—only SFC-authorized products or those targeting专业investors (≥HK$8M assets).
Q3: What risks do tokenized assets pose?
A3: Cybersecurity threats (especially on public blockchains) and ownership ambiguity.
Conclusion: Hong Kong’s Web 3.0 strategy must balance innovation with rigorous oversight, ensuring its金融center地位 amid global shifts. By refining tokenization frameworks and curbing unregulated crypto activities, Hong Kong can harness digital assets for sustainable growth.
### Keywords Integration:
- **Web 3.0 Hong Kong**
- **Digital currency regulation**
- **Tokenized securities**
- **e-HKD development**
- **Cryptocurrency ETFs**
- **Stablecoin sandbox**
- **Blockchain金融**
- **Virtual asset licensing**