Spotlighting Consensus 2025’s Hottest Trends: OKG Research Launches “HK Web3 Frontline”

The global Web3 spotlight is now on Hong Kong. This week, the premier Web3 conference, Consensus, makes its debut in Hong Kong, drawing over ten thousand industry participants to the Convention and Exhibition Centre. This surge of enthusiasm is not just a showcase of global Web3 innovation but also a milestone for Hong Kong’s Web3 strategy. Since the October 2022 “Policy Statement on Virtual Asset Development in Hong Kong”, the city has adopted a “regulation-first, ecosystem-driven” approach, rapidly building a bridge between traditional finance and the crypto world, solidifying its position as an essential player in the global Web3 landscape.

As an industry observer, OKG Research has been tracking Hong Kong’s Web3 regulatory and innovation landscape since 2022, producing over 30 in-depth reports on VASP regulations, stablecoins, RWA tokenization, and more. We have also established media partnerships with Sing Tao Group and Ta Kung Wen Wei Media Group, delivering continuous industry insights. Taking Consensus 2025 as a key milestone, we are systematically analyzing the evolution of Hong Kong’s Web3 ecosystem through the launch of our “HK Web3 Frontline” initiative, aiming to provide a comprehensive understanding of this transformative journey.

Regulation remains the cornerstone of Hong Kong’s Web3 development. Since the 2022 policy statement, the government has introduced a series of regulatory frameworks that provide clarity for market participants and ensure a structured environment for the growth of virtual assets.

Starting with the Virtual Asset Service Provider (VASP) licensing framework, Hong Kong has gradually expanded its compliance structure to stablecoin issuers, custodians, OTC platforms, and other key players, ensuring market security and transparency. These measures have significantly boosted confidence, attracting more capital and businesses to Hong Kong. As of the end of 2024, Cyberport alone has attracted nearly 300 Web3 companies, with total financing exceeding HKD 400 million.

However, in her opening speech at Consensus 2025, SFC CEO Julia Leung repeatedly emphasized “balancing regulation with innovation.” How can Web3 entrepreneurs maintain momentum within Hong Kong’s regulatory framework? Compared to the U.S., can Hong Kong’s regulatory approach foster market growth?

📍 Click the link below to explore OKG Research’s latest insights in the “HK Web3 Frontline” series.

🔥 Recommended Reads:

• After the Hype: Will Hong Kong Become the “Promised Land” for Web3
• Exploring the Future Opportunities and Challenges of Hong Kong Web3.0: A Deep Dive into the SFC’s Consultation Paper on Virtual Asset Trading
• Silvergate Bank in Dire Straits: Will Hong Kong and the United States Follow Different Paths in Virtual Asset Regulation?

Stablecoins are a hot topic at Consensus 2025 and have been a key focus for Hong Kong over the past two years. Standard Chartered Hong Kong, Animoca Brands, and Hong Kong Telecom recently announced a joint venture to apply for a HKMA license to issue an HKD-pegged stablecoin. Circle, issuer of USDC, has also partnered with Hong Kong’s three note-issuing banks to introduce HKDCoin, pegged 1:1 to the HKD.

While the market potential for HKD stablecoins remains uncertain given the dominance of USD-backed stablecoins, Hong Kong sees this as a strategic move to establish financial leadership in Web3. Stablecoins serve as a critical bridge between traditional finance and crypto, enabling seamless fiat-crypto interactions and laying the groundwork for real-world Web3 applications. Additionally, the next phase of Web3 development focuses on integrating virtual and real-world assets, with stablecoins playing a central role as a universally accepted payment tool.

If widely adopted, HKD stablecoins could significantly enhance Hong Kong’s global financial competitiveness. But how should they be developed? How do they compare to the Digital Hong Kong Dollar (e-HKD)? Do the upcoming regulatory policies align with market needs?

📍 Click below for more insights on HKD stablecoins in OKG Research’s “HK Web3 Frontline” series.

🔥 Recommended Reads:

• Seven Key Questions on HKD Stablecoins: Why Are Experts Advocating for It?
• Digital HKD vs. HKD Stablecoin: Why Both Matter for the Future of Finance

RWA tokenization is the hottest topic at Consensus 2025. “Tokenizing real-world assets (RWA) is not just a trend, but an inevitability,” declared John Cahill, Head of Digital Assets at Morgan Stanley, during the Institutional Investment Summit.

As a global financial hub, Hong Kong is actively embracing RWA tokenization. The 2024 Policy Address emphasized the development of RWA tokenization and digital currency ecosystems, while the HKMA launched a Digital Bond Grant Scheme to encourage tokenized capital markets. The HKMA-led “Project Ensemble” has already attracted over 30 institutions, including HSBC and Bank of China, covering bonds, funds, carbon credits, and more.

At Consensus 2025, Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, announced plans to explore gold tokenization, combining physical gold with blockchain technology for enhanced security and liquidity. But why is Hong Kong well-positioned for RWA development? Which sectors should it focus on? Compared to the U.S., does Hong Kong have a competitive advantage in tokenization?

📍 Explore more in OKG Research’s “HK Web3 Frontline” series.

🔥 Recommended Reads:

• Why OKG Research Identified RWA Tokenization as Hong Kong’s Key Web3 Track in 2023
• RWA’s Future Lies in Institutional Adoption, Not Just Web3 Technology
• How Can Hong Kong Take the Lead in the Tokenization Wave?

One of Hong Kong’s most significant Web3 developments in 2024 was the launch of virtual asset spot ETFs. In just over 100 days, Hong Kong’s SFC approved six crypto ETFs, which were officially listed on HKEX in April 2024. By the end of 2024, Hong Kong’s Bitcoin spot ETF assets under management exceeded HKD 3 billion, accounting for 0.66% of the city’s ETF market.

In addition to ETFs, Hong Kong has developed a three-tiered capital flow network: licensed exchanges, compliant OTC platforms, and banks. Since 2023, Hong Kong’s OTC market has surged, processing nearly $10 billion in transactions annually, driven by unique regional crypto money exchange shops, attracting both retail and institutional investors.

📍 Discover more about Hong Kong’s ETF & OTC landscape in OKG Research’s “HK Web3 Frontline” series.

🔥 Recommended Reads:

• Why Hong Kong’s Crypto Spot ETF Trading Volume Lags Expectations
• Hong Kong Virtual Asset ETF Channel Opens: Is the $500 Million Scale Expectation Conservative or Optimistic?
• A Brief Analysis of the Security of HK Virtual Asset ETFs: The Long-term Foundation for Market Prosperity

With the spotlight on Consensus 2025, Hong Kong has proven itself as not just a policy innovator but an ecosystem builder. Regulation can be designed, and technology can evolve, but only deep respect for market forces can drive sustainable growth. OKG Research will continue to track Hong Kong’s Web3 industry, offering insights to support a thriving ecosystem.

📍 Explore the “HK Web3 Frontline” series: https://medium.com/@OKGResearch/list/hk-web3-frontlineweb3-4cf8b8cf5622