Is the Hong Kong government the only one involved in self-indulgence? How do the people really feel about the licensing system?

Are only Hong Kong officials self-indulgent? How do citizens feel about licensing?

On June 1st, new virtual asset trading regulations came into effect in Hong Kong. Ouke Cloud Chain, based on years of practical experience with the OKLink product and as an advisory party, provided recommendations to the Hong Kong Securities and Futures Commission on trading platform security and risk. The Ouke Cloud Chain Research Institute is a professional institution dedicated to in-depth analysis and professional content output to help global commercial, public, and social sectors better understand the evolution of fintech and blockchain economics. A survey questionnaire was designed for the Hong Kong virtual asset new regulations, revealing users’ views and market trends through exclusive data.

The survey is mainly targeted at Web3 industry users in Hong Kong and overseas areas. Within 24 hours, a total of 191 respondents participated in the survey. Over 85% of the respondents were under 36 years old; more than 70% were male; and over 65% were distributed in the financial, technology, and Web3 industries.

Key Points

Among the Hong Kong people who participated in the survey, the United States is regarded as Hong Kong’s top competitor for the Web3 center, followed by Singapore.

After the licensing system is implemented, in addition to the virtual asset trading platform business, safety audit and compliance services are the most promising businesses for respondents.

Even as virtual asset users, 6.3% of respondents know nothing about Hong Kong’s licensing system.

Almost half of the respondents believe that virtual asset trading platforms should be clearly distinguished from the traditional financial system due to their uniqueness.

Specific data is as follows

Through in-depth analysis of the survey results on the implementation of the Hong Kong virtual asset issuance system, the Ouke Cloud Chain Research Institute reached the following conclusions:

  • Significant support but needs to be strengthened: The survey shows that 61.8% of respondents strongly support the implementation of the Hong Kong virtual asset issuance system, reflecting the recognition of investors and market participants for the system. They believe that the system will help enhance investor protection and market stability, and create a credible virtual asset trading environment in Hong Kong. 35.1% of respondents are still adopting a wait-and-see attitude, reflecting the investors’ doubts about regulatory measures. They are unsure whether there are sound compliance systems to reduce market manipulation, fraud, and investment risks. Only a small number of 3.1% of respondents do not support the system.

  • High trust but lack of balance: 63.4% of respondents believe that the virtual asset issuance system can enhance user trust and promote more people to participate in virtual asset trading in Hong Kong, reflecting the positive impact of the system on market transparency and reliability. This enhances investors’ confidence in the virtual asset market and promotes the healthy development of the market. However, 18.8% of respondents are concerned that the system may increase transaction difficulty and restrict choice, reflecting the concerns of some people about the inconvenience that the issuance system may bring. Therefore, when formulating regulatory policies, it is necessary to balance security and convenience factors to ensure that the implementation of the system does not overly hinder market development and user experience.

  • Strong willingness to participate: 77.5% of respondents stated that they will continue to participate in Hong Kong’s virtual asset trading after the virtual asset issuance system takes effect. This indicates that market participants recognize the system and expect the implementation of the system to improve market stability and investor confidence, thereby promoting continuous participation and market activity. 18.8% of respondents are still uncertain, reflecting that some participants may have doubts at the initial stage of system implementation, and need transparent information disclosure and educational activities to increase everyone’s confidence and willingness to participate.

  • Intense competition: Although the US SEC is tightening its grip on virtual asset giants and Singapore’s virtual asset development is also hindered, the survey results show that most respondents believe that Hong Kong will face fierce competition from the US and Singapore in the international virtual asset center. However, with the rapid growth of the Asian market and Hong Kong’s financial advantages, Hong Kong still has the opportunity to become a global virtual asset trading center. Hong Kong can create competitive advantages for itself by continuously strengthening regulatory compliance, promoting the application of innovative technologies, and attracting international projects and investors.

Onchain AML

Based on the above data, we observe that most users hold a supportive and optimistic attitude towards the new regulations in Hong Kong. However, with the development of this positive trend, the industry also faces greater challenges such as compliance, asset security, risk control, and more. In response to this demand, Onchain AML Compliance Technology was born, which can fill the gap in compliance technology and provide the industry with more efficient and reliable solutions for anti-money laundering and compliance review. We believe that through continuous innovation and application, the industry will usher in a healthier and more sustainable development, creating a safer and more transparent financial environment for users and the market.

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