The Hong Kong digital asset market has achieved a significant breakthrough, with traditional brokerages actively entering new fields.

Recently, the Hong Kong capital market has迎来了关键时刻 in the era of digital assets. A well-known brokerage firm has obtained the first full license for virtual assets in Hong Kong, sparking heated discussions in the market. The company's stock price has surged by a total of 466% within just three trading days, showcasing investors' enthusiasm for the digital asset sector.

Subsequently, several brokerages completed the upgrade of License No. 1, further promoting a positive market response. At the same time, the Hong Kong SAR government released the latest version of the digital asset development policy declaration, providing strong policy support for the wave of brokerage licenses. This series of events marks a substantial turning point in the integration of traditional finance and digital assets in Hong Kong.

Hong Kong is actively building a完善的digital asset生态系统. In May this year, the Legislative Council passed the "Stablecoin Regulation Draft", becoming the world's first comprehensive regulatory framework for fiat stablecoins. Shortly after, the latest policy declaration issued by the SAR government clearly stated that it would support the creation of a global digital asset innovation center through policy.

The Hong Kong Securities and Futures Commission is also accelerating the implementation of the licensing system. As of now, 41 companies have successfully upgraded to License No. 1 and obtained qualifications for virtual asset licenses. The stock prices of related Hong Kong-listed companies have generally seen a significant increase, reflecting investors' confidence in the new era of digital assets in Hong Kong.

In this wave of enthusiasm, some brokerages have stood out due to their early positioning and compliance awareness. For example, a well-known brokerage started to proactively lay out its virtual asset business as early as last year, including engaging in brokerage services for related products, issuing and distributing business, and introducing agents for trading platforms. This strategy of early positioning has earned it a leading market position.

Analysts point out that, under the demonstration effect of state-owned enterprises and large securities companies, the Hong Kong subsidiaries of mainland brokerages are expected to accelerate the application for relevant licenses, and the process of securities companies engaging in digital asset-related businesses may further speed up.

Faced with the dilemma of sluggish growth in traditional business, the digital asset business is becoming a key incremental engine for brokerages seeking transformation breakthroughs. The high activity brought by high-frequency trading users significantly enhances platform traffic and onboarding efficiency, while diversified revenue sources create a new growth curve that is relatively independent of fluctuations in traditional capital markets.

However, to succeed in the "traditional finance + digital asset" arena, institutions need to possess a strong compliance awareness, solid technical capabilities, a broad customer base, and a risk control system that adapts to the characteristics of digital assets. It is understood that several large brokerage firms' subsidiaries in Hong Kong are actively advancing their license applications, especially those leading brokerages with a wide customer base, which are viewed by the market as potential targets for the next round of investment hotspots.

Although market enthusiasm is high, it is equally important to think calmly. As more institutions gradually obtain licenses, the initial scarcity effect will inevitably fade over time. The diminishing marginal effects of policy dividends, the gradual disappearance of license scarcity, and the actual landing of digital asset businesses will all be key factors in testing whether this wave of capital enthusiasm can be sustained.

The digital asset space is not a short-term speculative game, but a deep participation in the reconstruction of the global financial order. The institutions that can achieve long-term success in this field will be those that can maintain a robust business structure after the hype subsides and have the ability to define the standards for the next generation of financial platforms.