According to Odaily, the Hong Kong Securities and Futures Commission (SFC) has released its Q2 2024 report, highlighting several key developments in the virtual assets sector. The report includes the following major points:

Firstly, the SFC has added nine entities to its list of suspicious virtual asset trading platforms to warn the public about potential fraud and unlicensed activities related to virtual assets. The commission has also launched television and radio advertisements to caution the public against investment scams and unlicensed virtual asset trading platforms. Additionally, the SFC has participated in community outreach activities and provided tips to foreign domestic workers to promote anti-fraud messages.

Secondly, the SFC has optimized the regulatory framework for virtual assets, allowing retail investors to access virtual asset trading services and advisory services provided by intermediaries regulated by the SFC. The commission has also further clarified the requirements applicable to intermediaries involved in the distribution of investment products related to virtual assets.

Thirdly, the trading of Asia's first six virtual asset spot ETFs, which are listed in Hong Kong, has remained smooth. As of mid-August, the total market value of these ETFs was HKD 2.4 billion.

Fourthly, the SFC has enhanced the digital submission capabilities of the WINGS platform for virtual asset trading platform operators, facilitating their compliance with relevant record-keeping requirements.

Lastly, to promote the development of Hong Kong's tokenization market, the SFC has provided regulatory guidance on tokenization on multiple occasions. The SFC is also a founding member of the Ensemble project framework working group established by the Hong Kong Monetary Authority (HKMA). This working group aims to develop industry standards for wholesale central bank digital currency (wCBDC), tokenized currency, and tokenized assets.