As an international financial center, Hong Kong is actively embracing virtual assets and is committed to becoming a global Web3 hub. Under a comprehensive regulatory framework, the virtual asset market in Hong Kong is showing vibrant vitality. From the active trading of virtual asset ETFs to traditional financial institutions and listed companies actively upgrading licenses and expanding into crypto services, and the Hong Kong Monetary Authority's in-depth exploration of e-HKD, Hong Kong is building a compliant, innovative, and dynamic digital asset ecosystem.
The virtual asset ETFs listed in Hong Kong are performing actively in the market, demonstrating strong demand and recognition from investors for compliant crypto investment products.
Transaction data: On July 10, the Hong Kong stock market data showed that the total transaction volume of all Hong Kong virtual asset ETFs on that day was approximately HKD 40.79 million. Among them, the Huaxia Bitcoin ETF had a transaction volume of up to HKD 28.0026 million, and the Huaxia Ethereum ETF had a transaction volume of HKD 6.9897 million. The Bitcoin and Ethereum ETFs under Jiasheng and Bosera also contributed significant transaction volumes.
Multi-counter trading: These virtual asset ETFs are set up with both HKD and USD counters, and the two Huaxia ETFs also have a RMB counter, providing convenient trading options for investors with different needs.
The active trading of virtual asset ETFs not only provides investors with convenient exposure to crypto assets but also injects vitality into the liquidity and depth of the Hong Kong virtual asset market.
Under Hong Kong's clear regulatory framework, more and more traditional financial institutions and listed companies are actively upgrading their licenses to build a compliant virtual asset service system.
Futu Securities: On July 9, Futu Group's Managing Director Zeng Yuchao announced that Futu Securities has successfully completed the upgrade of its Hong Kong Type 1 license on July 2024, allowing it to provide crypto asset trading services to Hong Kong retail investors, with trading pairs like BTC and ETH launching in August. Furthermore, in January 2025, its subsidiary Panthertrade obtained a Virtual Asset Trading Platform license (VATP) issued by the Hong Kong Securities and Futures Commission and is currently undergoing the second phase of regulatory assessment. Futu is building a compliant closed-loop ecosystem through the dual layout of Type 1 license and VATP, promoting the platform development of multi-asset trading.
Greenland Holdings: On July 9, the Hong Kong-listed company Greenland Holdings revealed on its interactive platform that its subsidiary Greenland Jinchuang currently holds a Type 4 license (advising on securities) and a Type 9 license (providing asset management) issued by the Hong Kong Securities and Futures Commission, and has upgraded to a license supporting virtual asset-related businesses. This indicates that traditional real estate giants are also actively embracing the virtual asset field.
Guotai Junan International: On July 10, Guotai Junan International (01788.HK), a Hong Kong stock stablecoin concept stock, announced that it expects a net profit of HKD 515 million to HKD 595 million for the six months ending June 30, 2025, an increase of 161% to 202% compared to the same period last year. In addition to the significant improvement in its core business, Guotai Junan International has become the first Chinese-funded brokerage in Hong Kong to provide comprehensive virtual asset-related trading services, covering virtual asset trading, advisory services, and the issuance and distribution of related products.
Stablecoin license progress: The Secretary for Financial Services and the Treasury of the Hong Kong SAR Government, Xu Zhengyu, stated that the number of stablecoin licenses is expected to be in single digits, with the goal of issuing licenses within this year. This indicates that more compliant stablecoin issuers will enter the Hong Kong market, further enriching the virtual asset ecosystem.
The Hong Kong Monetary Authority's exploration of central bank digital currency (CBDC) — e-HKD — also paints a new picture for the future development of virtual assets in Hong Kong.
“e-HKD+” project progress: On July 10, HSBC announced that it has completed the technical testing and public survey under the Hong Kong Monetary Authority's “e-HKD+” project, exploring issues such as the application of e-HKD in a DLT environment, privacy protection, and scalability. HSBC is also experimenting with issuance mechanisms on Arbitrum, Ethereum, Linea, Polygon, and its self-developed private chain.
Public feedback and application prospects: The survey showed that 90% of respondents are concerned about transaction privacy, and one-third are willing to use e-HKD to trade digital assets. HSBC will promote the implementation of digital currency in real scenarios based on the results. The exploration of e-HKD will provide a more solid foundation for Hong Kong's digital financial infrastructure and may create synergies with stablecoins, RWA, and other virtual assets.
The virtual asset market in Hong Kong is in a golden period of rapid development. The active trading of virtual asset ETFs indicates a huge demand for compliant crypto investment products; the accelerated layout of licensed institutions such as Futu, Greenland, and Guotai Junan International has built an increasingly complete compliance service system; and the in-depth exploration of e-HKD lays the foundation for the future application scenarios of digital currency in Hong Kong. With a clear regulatory framework and active market participation, Hong Kong is gradually fulfilling its commitment to becoming a global Web3 hub, providing important momentum for the innovation and development of digital assets.
Related: The competition for stablecoin licenses in Hong Kong: Over 40 giants are preparing, with a complete regulatory framework as the core attraction.
Original article: “The Virtual Asset Market in Hong Kong is Booming: ETF Trading is Active, Licensed Institutions are Accelerating Expansion, e-HKD Explores the Future”
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