China Asset Management Partners with HashKey Exchange and Hamsa to Promote Web3 in Hong Kong

Published: November 20, 2023 at 3:06 am Updated: November 20, 2023 at 3:06 am

Edited and fact-checked:
November 20, 2023 at 3:06 am

In Brief

China Asset Management has signed a memorandum of cooperation with HashKey Exchange and Hamsa to promote the Web 3.0 in Hong Kong.

China Asset Management Cooperates with HashKey Exchange and Hamsa to Promote Web 3.0 in Hong Kong

China Asset Management — a fully-owned international subsidiary of China Asset Management Company, announced it has signed a memorandum of cooperation with HashKey Exchange and real asset tokenization company Hamsa to promote the Web3 innovations in Hong Kong’s asset management industry.

The partnership is designed to introduce cutting-edge and high-quality innovative products to the Hong Kong market.

China Asset Management, a leading asset manager in Hong Kong, has been at the forefront of driving the transformation of the conventional asset management industry. As of September this year, the asset management scale of the company reached $265 billion.

Being one of the first licensed retail virtual asset exchanges in Hong Kong, HashKey Exchange has been approved by the Hong Kong Securities and Futures Commission and holds Type 1 and Type 7 licences. Likewise, Hamsa has tokenized assets globally, reaching a total of $3.2 billion.

Hong Kong Pro-actively Embraces Web 3.0

Hong Kong’s government and financial regulators have actively proactively embraced the transformative wave of Web3.

Earlier this year, the Financial Services and the Treasury Bureau (FSTB) unveiled a series of substantial initiatives aimed at fostering fintech development in Hong Kong, including the promotion of real-economy-related applications and innovations within the realms of virtual assets and Web3.

From a regulatory standpoint, the Securities and Futures Commission (SFC) has implemented new regulations in response to the dynamic development of the virtual assets landscape. These regulations are designed to protect investors while fostering innovation.

With regard to tokenization, the SFC issued a circular on intermediaries engaging in tokenized securities-related activities and a circular on tokenization of SFC-authorised investment products to elucidate regulatory expectations from an investor protection perspective.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and engagement with scientific writing.

Alisa Davidson