Hong Kong Announces the Declaration of Virtual Assets, and Metaverse Concept Stocks Rise

On October 31, the Metaverse plate was agitated, and concept stocks rose sharply. By the end of the day, $AAC TECH(02018.HK)$ had risen by more than 12%, and $TENCENT(00700.HK)$ and $XIAOMI-W(01810.HK)$ had followed suit.

At the Hong Kong Financial Technology Week, the Hong Kong SAR Government stated that Hong Kong is an international financial center, and also mentioned three experimental projects under way, including the issuance of NFT for the Hong Kong Financial Technology Week in 2022, token issuance of government green bonds, and digital Hong Kong dollars.

At the same time, ETF financial products will become one of the first trading tools to open institutions or the public to virtual assets. However, due to the transaction varieties and transaction threshold, retail investors may still have a very high threshold for participation.