Time flies, and 2024 has already arrived at the end of the year. According to international practice, it is time to review the industry progress of the past year.

This year, compliance has always been the main theme of China's Web3.0 development. From the advancement of regulatory systems such as the virtual asset service provider (VASP) license and stablecoins in Hong Kong, to the exploration of RWA financing by enterprises in mainland China, and the cross-border application testing of the digital renminbi, the interaction between policy and market has continuously driven the standardization process of the Web3.0 industry.

Next, lawyer Mankun will summarize the annual hot events and trends around the compliance keywords for 2024.

Compliance Opening: The Rise of Asia's Web3 Fortress

In 2024, the most significant event for China's Web3.0 is undoubtedly the compliance opening in Hong Kong. The policy centered around the virtual asset service provider (VASP) license not only brings clear regulation to the entire Chinese market but also fully promotes compliance opening, attracting global capital and enterprises, gradually establishing Hong Kong as a hub for crypto assets in Asia.

In 2024, virtual asset trading platforms including HashKey Exchange, OSL, HKVAX, HKbitEX, Accumulus, DFXLabs, and EX.IO were approved to officially open trading to retail investors in Hong Kong, marking the maturation of Hong Kong's virtual asset market compliance system. Meanwhile, Hong Kong's regulatory authorities further clarified compliance boundaries, and regulatory details for stablecoin issuers, custodians, OTC, and other sub-sectors were successively introduced to ensure market safety and transparency.

These measures not only enhance the credibility of Hong Kong's digital asset market but also attract a two-way inflow of capital and enterprises. As of November 2024, Hong Kong's Cyberport has gathered over 270 Web3 concept companies, with a cumulative financing scale exceeding 400 million HKD. The BTC spot ETF launched in the first half of this year has already completed nearly 500 million USD in net inflow. Additionally, Hong Kong actively hosts various Web3 events, attracting global industry participants, such as the Hong Kong FinTech Week held in October this year, which attracted over 500 exhibitors and tens of thousands of attendees.

As of the time of writing, ongoing Web3.0 projects in Hong Kong include the Ensemble sandbox program and the e-HKD+ program. At the same time, more virtual asset trading platforms are either applying for or awaiting approval. As Asia's Web3 fortress, Hong Kong is gradually opening its compliant virtual asset market in a policy-driven and market-driven manner. In the future, with the collaborative advancement of regulation and technology, Hong Kong is expected to continue leading in Web3 compliance innovation, providing a model and reference for other regions.

Dual-Track Exploration: Parallel Paths of Trading Ban and Property Protection

In 2024, the judicial system in mainland China further clarified its position on virtual currency regulation and legal application. Courts across the country, based on the spirit of the "924 document," delineated legal boundaries for the circulation and use of virtual currencies while gradually recognizing their economic value in property disputes.

In judicial practice, courts generally emphasize that virtual currencies cannot be used as financing, payment tools, or trading mediums. For example, the Shenzhen court ruled that paying wages with virtual currency is an invalid act; the Xiangyin court determined that using virtual currency to settle debts is invalid. These cases further solidify the positioning of virtual currencies as "prohibited from circulation" within the mainland legal framework.

At the same time, some cases also show the judicial system's flexible handling of property rights protection. The Shanghai High People's Court explicitly recognized the property attributes of virtual currencies in a financing contract dispute, stating they can be legally protected as property rights. Additionally, in several previous theft cases involving virtual currencies, judges classified them as property theft rather than illegal acquisition of computer data, further reflecting the recognition of virtual currencies' property attributes in judicial practice.

This series of cases not only provides clearer adjudication basis for the legal application of virtual currencies but also emphasizes their circulation restrictions and investment risks.

Policy Support: Accelerating the Implementation of Blockchain Technology

In stark contrast to virtual currency regulation, mainland China maintains a positive attitude towards supporting and promoting blockchain technology and related applications. For instance, during the second session of the 14th National Committee of the Chinese People's Political Consultative Conference held from March 4 to 10, 2024, the widespread application of blockchain technology was listed as a key topic for technological innovation. During the meeting, proposals were made to strengthen basic research on blockchain, enhance independent innovation capabilities, and support its extensive application in key areas such as finance, logistics, and energy.

Correspondingly, various local governments have introduced supportive policies. For example, on February 23, the Hangzhou Municipal Bureau of Commerce formulated and publicized the "Three-Year Action Plan for Promoting Digital Trade in Hangzhou (Draft for Comments)," which mentioned guiding the development of new business formats such as the metaverse, digital twins, and digital collectibles, as well as developing digital media and digital publishing trade; on March 22, the Shandong Provincial Department of Industry and Information Technology released the "Shandong Province Blockchain Technology Innovation and Industry Development Action Plan (2024-2025)," which mentioned integrating blockchain, big data, metaverse, and other technologies to assist in developing new cultural and creative products such as digital intangible cultural heritage, digital collectibles, and digital trendy toys.

At the same time, the promotion of the digital renminbi (e-CNY) continues to accelerate, particularly achieving breakthroughs in cross-border payments and wholesale settlements. In February, the Shanghai Municipal Government released the "Implementation Plan for the Overall Scheme of Promoting High-Level Institutional Opening of China (Shanghai) Pilot Free Trade Zone in Line with International High Standards," proposing to orderly advance the digital renminbi pilot and expand application scenarios; in November, Shanghai held a deployment meeting for the digital renminbi pilot application, formulating a new round of action plans. Additionally, the pilot scope of the digital renminbi in Hong Kong and Macau has further expanded, with the scale of cross-border transactions steadily increasing, becoming an important component of China's Web3.0 infrastructure.

Overall, in 2024, the policy support surrounding blockchain technology and its applications in mainland China not only promotes the construction of digital financial infrastructure but also provides a new compliant development path for the Web3.0 ecosystem. In future developments, these innovative applications will continue to deepen, laying the foundation for the digital upgrade of the domestic market and international competitiveness.

RWA: A New Paradigm for Cross-Border Financing of Chinese Enterprises

In 2024, the tokenization of real-world assets (RWA) gradually transitioned from concept to implementation, becoming one of the core trends in the Web3.0 industry. In this wave, Chinese enterprises have begun to explore compliant cross-border financing models, providing new solutions for the integration of traditional assets and the digital economy.

In August 2024, Ant Chain and Longxin Group jointly launched a new energy charging pile RWA project and successfully completed financing of 100 million RMB, opening up new compliant paths for the integration of traditional assets and the digital economy. Subsequently, at the Hong Kong FinTech Week in October, Ant Chain officially launched the RWA infrastructure "Two Chains and One Bridge" cross-border platform, focusing on the tokenization of traditional assets such as real estate, bills, and supply chain finance, promoting the standardization and compliance construction of cross-border asset circulation.

On the policy front, Hong Kong is taking the lead in exploring compliant paths for RWA. Multiple initiatives, including the e-HKD pilot project and the Ensemble sandbox program, are gradually improving the compliance standards of the RWA industry, providing security for cross-border transactions. In contrast, while mainland China has yet to introduce specific policies targeting RWA, it has laid the groundwork in blockchain technology and digital financial infrastructure construction. Coupled with Hong Kong's pioneering exploration in the RWA field, conditions have been created for mainland enterprises to participate in this trend through offshore markets.

As the regulatory framework continues to improve and cross-border application scenarios expand, RWA may become an important tool for Chinese enterprises in digital financing and global asset allocation in the future.

Crypto Going Abroad: Seeking New Paths for Compliant Participation

In 2024, against the backdrop of the rapid development of the global Web3.0 industry, Chinese enterprises, facing a stringent regulatory environment domestically, are gradually turning their attention to Hong Kong and even overseas markets, exploring new paths for compliant participation. Especially with Hong Kong's open policies, mature regulatory system, and shared cultural system, it undoubtedly becomes the most attractive choice. Meanwhile, regions like Malta in Europe, Thailand in Asia, and the UAE in the Middle East have also become important choices for Chinese enterprises to layout Web3.0 due to their flexible financial policies and open digital economy environments.

However, going abroad does not mean evading regulation; rather, it requires enterprises to pay more attention to compliance requirements, ensuring that global operations are achieved within a legal framework, from building legal structures to cross-border capital flows. For instance, flexibly utilizing offshore funds and digital asset custody platforms within the scope of policy allows for gradual exploration of feasible paths to participate in the digital economy.

Summary by Lawyer Mankun

In 2024, the Chinese Web3.0 industry gradually shows a trend of compliance amid policy adjustments and market innovations. From the leading VASP licensing system in Hong Kong to the trial of RWA cross-border asset management platforms, and the expansion of boundaries for crypto going abroad, these keywords not only outline the contours of China's Web3.0 compliance development but also provide references for the further evolution of future policies.

For enterprises, compliance is the fundamental prerequisite for embracing the Web3.0 market, while cross-border layout, technological innovation, and policy communication are key breakthroughs. In the context of accelerating global competition, how to flexibly layout within the compliance framework and seize market opportunities will become a core issue that Chinese enterprises must address.

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