GuShiio.com Author: HashKey Exchange Managing Director Terence Pu, Managing Director Pu Meng
We are pleased to see that the Hong Kong government has issued a forward-looking and pragmatic & ldquo;A-S-P-I-Re&rdquo The road map for the development of the virtual asset industry, which includes 12 initiatives with five pillars, will anchor the direction for the development of the virtual asset industry in Hong Kong over the next three years, with emphasis on innovative areas such as opening up pledge services (Staking), attracting global liquidity, exploring derivatives trading and financing lending, adjusting hot and cold wallets and insurance ratios, and cross-departmental and cross-regulatory collaboration. As the largest licensed virtual asset exchange in Hong Kong, HashKey Exchange has been working closely with regulators and communicating transparently. It has actively explored a number of core areas and is highly consistent with the key direction of the road map:
1. Expansion of products and services
Pillar P (Products) refers to the expansion of products and services according to investor categories. The staking service mentioned in it is one of the business directions that we have focused on since last year. Through the technical support of HashKey Cloud, we are confident to achieve a complete closed loop of business at the group level and provide users with more secure and efficient pledge services.
The CSRC mentioned that it will explore a new mechanism for the listing of tokens, which means that it will optimize the ldquo; tracking record & rdquo; requirements, and consider relaxing the existing 12-month limit to further improve the convenience of new tokens.
In addition, the trading of virtual asset derivatives will be an important direction to promote market growth. If the contract function is opened up in the future, the market increment is expected to reach 30% to 40%, further enhancing liquidity and prosperity, and providing investors with better hedging tools.
two。 Optimization of Insurance and compensation Framework
Pillar S (Safeguards) indicates that the compliance burden will be optimized without compromising safety. & the proposed optimization of the insurance and security framework mentioned in the quot;Safeguards” section reflects the positive response of regulators to the needs of the industry. Better hosting and insurance arrangements, which means that SFC will consider new technology developments, optimize the proportion of hot and cold wallets, enhance customer experience and reduce the operational burden of the platform. It will help enterprises to reduce operating costs, unleash the potential of innovation, and provide greater confidence for investors.
3. Cross-regional mobility Unicom
Pillar A (Access) illustrates the simplification of market access through regulatory clarity. Among them, the attracting internationalization-quot;order flows”, mentioned in the Access section also shows Hong Kong’s active exploration of cross-regional mobile connectivity. HashKey Exchange will also actively explore how to integrate overseas and local traffic, which will be an important step for Hong Kong to become a world-class Web3 centre. We believe that this will bring more opportunities for local and international market participants.
Why are only professional investors open?
We understand that this is out of consideration for the protection of retail investors and a further attraction to institutional investors. As the market gradually matures, these products are expected to be open to a wider range of investors in the future, thus achieving greater market participation and inclusiveness.
Overall, the ldquo;A-S-P-I-Re” roadmap provides a clear blueprint for the development of Hong Kong’s virtual asset industry. Much of the roadmap comes from industry calls and feedback, and at least three major initiatives are expected to make substantial progress this year. HashKey Exchange will continue to make continuous efforts in product innovation, technological breakthroughs and market opening on the basis of compliance and robustness. We look forward to working with regulators and industry partners to promote Hong Kong as a global leader in virtual assets and create more value and opportunities for investors.
