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This article details the background, functions, and potential impact of Futu Securities launching encryption currency deposit services, comparing Futu Securities with other global financial technology platforms in the field of encryption, revealing its position in the industry and the potential for future development.

In 2025, Hong Kong's crypto industry is expanding rapidly, with securities firms, asset managers, banks, internet giants, and crypto-native firms all competing for position. The dynamic interplay between innovation and compliance, ideals and reality, drives both fragmentation and integration. This process is creating a crypto-financial ecosystem with characteristics unique to Hong Kong.

At least four Chinese-backed financial institutions have either withdrawn their applications for Hong Kong stablecoin licenses or put their RWA business initiatives on hold. This signals a shift toward more cautious regulatory oversight. As Chinese-backed institutions cool their activities, the Hong Kong stablecoin and RWA markets are entering a phase of structural adjustment.

The Securities and Futures Commission of Hong Kong has officially announced the list of approved virtual asset spot ETFs, including Huaxia (Hong Kong), CSOP International, Bosera International's Bitcoin spot ETF, and Ethereum spot ETF. These six Hong Kong spot ETFs have obtained a decent initial scale through subscription, but their trading volume on the first day was far smaller than their counterparts in the United States. SoSoValue researcher Tom Analysis provided analysis based on supply and demand dynamics.

Against the backdrop of intensifying China-U.S. decoupling and accelerating de-dollarization, this article delves into how global capital is progressively shifting from traditional financial systems to on-chain ecosystems. It examines the convergence trend of CeDeFi, the pivotal role of stablecoins as payment infrastructure, and the transformative potential of RWA (Real World Assets) in on-chain restructuring—outlining the emergence of a new decentralized global financial order.

This text provides a comprehensive review of major events, data analysis, and industry trends, from a macro market perspective to a micro race track perspective. It takes readers on a journey to review the panorama of 2023 and look ahead to 2024.