HONG KONG, Aug. 28, 2025 /PRNewswire/ — At the critical juncture marking the implementation of the “Policy Statement 2.0 on the Development of Digital Assets in Hong Kong” and one month since the official effective date of the “Stablecoin Ordinance,” the Hong Kong digital asset industry has welcomed a landmark event today in Hong Kong—the official inauguration of the Hong Kong Virtual Assets Listed Companies Association (HKVALA). This inaugural ceremony gathers over 50 listed companies related to digital assets from Hong Kong stocks, A-shares, and US stocks. This signifies a transition in Hong Kong’s digital asset industry from “isolated advancement” to a new institutionalized phase of “ecosystem collaboration”, while providing a “Hong Kong model” for addressing the global challenge of balancing regulation and innovation in the digital asset sector through an innovative approach of “regulatory-industry synergy.“
HKVALA was jointly initiated by representative listed companies in the digital asset field, licensed financial institutions, and RWA project parties, along with leading blockchain and digital technology solution providers and professional service organizations. It aims to consolidate industry consensus and deepen ecosystem collaboration. Leveraging Hong Kong’s robust regulatory framework and policy advantages, the Association will focus on building a stablecoin regulatory innovation pilot hub and an institutional-grade digital financial infrastructure platform. This will promote compliant innovation and feature large-scale applications in frontier areas, such as stablecoin and RWA, establishing global compliance benchmarks and further consolidating Hong Kong’s status as an international financial center.
Several esteemed members were invited to the ceremony, including Mr. Joseph Chan Ho-lim, Secretary for Financial Services and the Treasury; Hon. Dr. Johnny NG Kit-chong, MH, JP, Member of the National Committee of the Chinese People’s Political Consultative Conference, and Chairman of the Subcommittee on Issues Relating to the Development of Web3 and Virtual Assets of the Legislative Council of Hong Kong Special Administrative Region; Hon. Dr. Elizabeth Quat, BBS, JP, Member of the Legislative Council of the Hong Kong Special Administrative Region; Hon. Shang Hailong, Member of the Legislative Council of the Hong Kong Special Administrative Region; Hon. Benson LUK Hon-man, Member of the Legislative Council of the Hong Kong Special Administrative Region; and Mr. Zhang Huachen, President of HKVALA, Member of the All-China Youth Federation, and Co-Chief Executive Officer of GoFintech Quantum Innovation Limited. Representatives from over 50 founding member units, including listed companies from the Hong Kong Stock Exchange, US stock exchanges, and the A-share market, as well as licensed financial institutions, were also present to witness the occasion.
Policy Alignment: Building a Two-Way Bridge Between Regulation and the Market
At the beginning of the ceremony, Mr. Joseph Chan Ho-lim, Secretary for Financial Services and the Treasury, delivered the opening address. Mr. Chan highlighted the interpretation of the “Policy Statement 2.0 on the Development of Digital Assets in Hong Kong” and the “LEAP” framework, elaborating on Hong Kong’s path to building a credible and sustainable digital asset ecosystem that could be deeply integrated with the real economy from four key directions.
First, through continuous optimization of the legal and regulatory framework; second, expanding the variety of digitized products; third, advancing applications and cross-sector collaborations, while increasing funding support for related projects; and fourth, cultivating professional talent and deepening regional cooperation. Mr. Chan emphasized that Hong Kong will continue to integrate digital assets within traditional finance and consolidate its competitive advantages as an international financial center. He also expressed his hopes that the Association will play an active role in pushing Hong Kong toward a new future in digital finance.
Subsequently, the Hon. Dr. Johnny NG Kit-chong, MH, JP, Member of the National Committee of the Chinese People’s Political Consultative Conference and Chairman of the Subcommittee on Issues Relating to the Development of Web3 and Virtual Assets of the Legislative Council of Hong Kong Special Administrative Region, delivered an address. He pointed out that although the Association’s current scale is not yet comparable to similar institutions in the United States, its potential is immense. Since 2022, Hong Kong has continuously refined its digital asset policy framework, providing clear and stable guidance for the industry. Drawing on the example of South Korea, where about one-third of the population participates in digital assets, he believes Hong Kong still needs to expand the scale of exchanges, and suggested that the Association strengthen investor education and promote Hong Kong’s regulatory advantages internationally. He then offered the wisdom of “not seeking to run the fastest, but to run the farthest and most steadily,” while encouraging the Association to lead the industry toward healthy and sustainable development.
Mr. Zhang Huachen, the President of HKVALA, Member of the All-China Youth Federation, and Co-Chief Executive Officer of GoFintech Quantum Innovation Limited, stated that the establishment of the Association is an important milestone in the development of Hong Kong’s digital asset industry.
Hong Kong has a distinct competitive advantage in the global wave of digital asset compliance thanks to its three core strengths – its geographical location, legal system, and financial framework. He also noted that the Association’s core mission is to promote Hong Kong as an international leading digital asset center. Mr. Zhang then compared the financing boom in digital assets on the US stock market and particularly highlighted the immense potential of Hong Kong’s “stock-crypto linkage” model. He emphasized that the Association will take the “Rational Development Declaration” as its guiding principle, adhering to compliance baselines, promoting collaboration among members, and strengthening connections with financial institutions and regulatory authorities, while accelerating talent cultivation and injecting long-term momentum into Hong Kong’s economy and the sustainable development of digital finance.
Ecosystem Collaboration: First 49 Members Aggregating a Full-Chain “Industry Map”
At the ceremony, 49 representative listed companies in the digital asset field gathered together to witness the official establishment of the Hong Kong Virtual Asset Listed Companies Association. This marked the transition of Hong Kong’s digital asset industry from “decentralized exploration” to a new institutionalized development phase of “collaborative standardization,” further signifying that the Association’s organizational structure had been fully implemented and has now entered substantive operations.
Following this, the list of the first founding member units was grandly unveiled. The initial 49 member companies cover key sectors, such as finance, technology, and real industries, and serve as leaders in their respective fields – collectively building a complete industry ecosystem map. This broad coverage not only demonstrates the Association’s industry representation and strong cohesion but also highlights its value in promoting cross-sector collaboration and linking the entire industry chain.
Declaration as Foundation: Jointly Mapping a Blueprint for Healthy and Long-Term Industry Development
In the core segment of the ceremony, Mr. Huang Junlang, Executive President of the Association, solemnly read the “Rational Development Declaration of the Hong Kong Virtual Assets Listed Companies Association” on behalf of the member units. The declaration takes “rational development, compliance and self-discipline, and value co-creation” as its fundamental principles and announces four major action guidelines:
Adhere to compliance baselines and respond to regulatory consensus: Fully support the regulatory frameworks of the Securities and Futures Commission and the Hong Kong Monetary Authority while committing to legal and compliant operations, strengthening risk prevention and control, and effectively protecting investor rights.
Advocate for industry self-discipline and eliminate short-term speculation: Firmly resist “air projects” and focus on implementable applications, such as RWA tokenization, and ensure that innovation advances steadily under the premise of compliance.
Deepen ecosystem collaboration and build long-term mechanisms: Promote the implementation of regulatory rules and the formulation of international standards while establishing long-term industry governance mechanisms through the “Compliance Technology Alliance” and self-discipline funds.
Focus on long-term value and empower the construction of Hong Kong as a financial center: Promote technology for good and industry integration, adhering to a steady and sustainable development path.
This declaration not only actively responds to regulatory concerns but also outlines a clear blueprint for the long-term development of the industry. It also lays an institutionalized foundation for the orderly growth of Hong Kong’s digital asset ecosystem and establishes a more transparent, trustworthy, and cooperative bridge among enterprises, investors, and regulatory authorities. In the future, as the declaration is gradually implemented, Hong Kong’s influence in the global digital asset landscape will continue to rise, driving the industry toward a more rational, sustainable, and internationally competitive direction.
The official establishment of HKVALA marks the entry of Hong Kong’s digital asset industry into a new phase of “regulation-led, self-discipline-driven” development. As a key hub connecting policy and the market, the Association will adopt the collaboration philosophy of “joint exploration, joint advice, and joint building,” to promote compliant practices in frontier areas, such as stablecoins and RWA, and will continue to play a role in policy recommendations, standard formulation, and ecosystem co-construction. Looking ahead, the Association will continuously strengthen industry collaboration, create a high-quality environment conducive to innovative enterprises and international investors, and assist Hong Kong in building a global high ground for compliant digital asset development.
Introduction to the Hong Kong Virtual Asset Listed Companies Association HKVALA Official Website: https://hkvala.com
Establishment Background
With the release of the “Policy Statement 2.0 on the Development of Digital Assets in Hong Kong” and the effective date of Hong Kong’s “Stablecoin Ordinance,” Hong Kong’s strategic positioning as a global RWA (Real World Asset Tokenization) hub has been formally established. The rapid expansion of the digital asset industry has driven innovation and market prosperity, but it has also brought challenges, such as increased volatility and heightened risk prevention pressures. Establishing a robust and transparent regulatory system while maintaining market order and investor confidence has become a key prerequisite for the industry’s sustained, healthy development. Under these circumstances, the Hong Kong Virtual Asset Listed Companies Association (HKVALA) has emerged.
Association Positioning
The Hong Kong Virtual Asset Listed Companies Association was jointly created by numerous representative listed companies in the digital asset field. It aims to consolidate industry consensus and deepen government-enterprise collaboration. Leveraging Hong Kong’s unique regulatory framework and policy benefits, it is committed to building a stablecoin regulatory innovation practice hub and an institutional-grade digital financial infrastructure strategic platform. This will foster a global compliance benchmark for RWA (Real World Asset Tokenization), promoting compliant innovation and large-scale applications in frontier areas, such as stablecoins and RWA, to lead digital technology innovation and assist Hong Kong in consolidating its status as an international financial center.
Core Mission
Frontier Technology Exploration and Application: Focus on disruptive digital technologies such as blockchain, distributed ledger, and tokenization to promote their innovative applications in finance and the real economy. Standard Formulation and Policy Recommendations: Actively participate in policy dialogues and standard formulation in areas such as stablecoins, RWA, and digital assets in Hong Kong and internationally, contribute industry insights and promote the implementation of clear, stable, and forward-looking regulatory systems. Ecosystem Building and Collaborative Development: Promote deep cooperation among listed company members and with licensed financial institutions, leading technology solution providers, RWA project parties, and professional service organizations, to jointly build a prosperous and sustainable digital asset and fintech ecosystem.
Member Composition
HKVALA gathers numerous representative listed companies in the digital asset field, licensed financial institutions, leading blockchain and digital technology solution providers, RWA project parties, and professional service organizations.
Goals and Vision
The main goal is to respond to Hong Kong’s stablecoin and RWA strategic policies while promoting deep collaboration between government and enterprises in the fields of digital assets and fintech. This will consolidate Hong Kong’s position as an international digital asset and fintech center. Leveraging Hong Kong’s unique advantages, RWA prosperity, and digital technology innovation along with “joint exploration, joint advice, and joint building” action principles and the aggregate regulatory wisdom and industry forces to drive stablecoin compliance, the ultimate vision is to jointly build a globally leading innovation ecosystem.
