22 Oct - Introduction on the proposed Asset Tokenization Standard

Aug 28, 2024

Hong Kong’s Virtual Asset (“VA”) industry has seen significant growth following the publication of the “Policy Statement on Development of Virtual Assets in Hong Kong” in 2022. The regulatory framework for Virtual Asset Trading Platform Operators issued by the Securities and Future Commission (“SFC”) and the proposed regulatory regime for Stablecoin Issuers due soon be issued by the Hong Kong Monetary Authority (“HKMA”) will fuel further transformation of the VA industry in Hong Kong. Against continuous fluctuation of cryptocurrencies, the tokenisation of Real World Asset will be a key component that drives the development of the virtual asset market.

After the SFC issued the “Circular on tokenisation of SFC-authorised investment products” in November 2023, IX Asia Tokenization Advisory Committee (“ITAC”) formed under IX Capital International Limited (“IXCI”) has been leading the development of an Asset Tokenization Standard (“Standard”). The proposed Standard facilitates the adoption of a robust and standardized approach to tokenization of real-world assets, providing a flexible framework that fosters innovation while reduces risks associated with the introduction of asset-backed tokens. The proposed Standard is intended to set a benchmark for the virtual assets sector in relation to the launch of asset-backed tokens, covering five key pillars. It is intended to form the basis of an assessment program to demonstrate conformance with requirements under each of the five pillars.

This webinar was designed to introduce the nature and attributes of Real World Asset tokenisation and will focus on discussing the design and content of the proposed Asset Tokenization Standard, and the relevance of the five pillars of the proposed Standard to safeguarding the quality of asset-backed tokens. Discussions and feedback from the webinar will help further refine and elevate the quality of the proposed Standard.

Speakers:

Ms. Irene WONG, Founder & CEO, IX Capital International Limited

Irene is a US CPA and CGMA. She is currently the CEO of the award-winning IX Fintech Group Limited (“the Group”). The Group produced the first crypto index in Hong Kong and the first post-quantum safe digital asset machine & wallet which are well recognized in the Fintech market. For consecutive two years, 2022 and 2021, the Group won the “Start-up of the Year” of the Hong Kong Fintech Impetus Award by Metro Radio and KPMG. Since 2019, the Group has had five platforms which received Fintech awards covering traditional finance and new digital finance. Each platform has its mission which includes promoting financial literacy, nurturing youth, and promoting financial inclusion etc. Before founding IX Fintech Group, Irene held various senior positions including senior vice president of Hong Kong Stock Exchange, Head of Hang Seng Indexes Company, and Head of trade execution (Asia) for three global hedge funds including Eton Park Asia. She is experienced in the use of derivatives and hedge fund strategies.

Mr. William GEE, Member of IX Asia Tokenization Advisory Committee

William is a Chartered Accountant with extensive experience relating to the commercial deployment and risk management of digital assets, covering cryptocurrencies, stablecoins, and CBDCs. William is also experienced in the adoption of blockchain/DLT enabled platforms for industry deployment, and knowledgeable of the related risks and transformational impact of blockchain technologies on the traditional economy. He has advised governments and regulators on technology adoption, including Public Key Infrastructure, digital identities, data standards, blockchain and virtual assets. William is one of the early pioneers in blockchain assurance, he participated in the development of audit methodology for the virtual asset sector, including the design and deployment of a blockchain audit platform to support audits of cryptocurrency exchanges and cryptocurrency funds. William is currently leading the development of assurance guidance relating to the audit of stablecoin reserves for the accounting profession, and supporting the securities industry in development a series of training for industry practitioners on virtual assets.