Scores of listed companies in Hong Kong have formed a new industry body for virtual assets, seeking to strengthen collaboration with local authorities and support the creation of a transparent regulatory framework in a move to contribute to the city’s ambition to become a global virtual assets hub.

The Hong Kong Virtual Assets Listed Companies Association (HKVALA), which was inaugurated on Wednesday, counts nearly 40 companies listed in the special administrative region among its founding members.

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They include digital asset trading platform operators such as OSL Group and HKE Holdings, as well as traditional financial institutions like China Renaissance Holdings, which earlier announced a $100 million investment in Binance Coin. The members also span two Chinese mainland-listed enterprises and nine listed in the United States.

Speaking at the inauguration ceremony, HKVALA Chairman Zhang Huachen said the association aims to provide a platform for efficient communication and broader cooperation, pool the strengths of different industry participants, and foster compliance and healthy development in Hong Kong’s virtual assets sector.  

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Zhang, who is also co-chief executive officer of investment holding company GoFintech Quantum Innovation, added that HKVALA will also focus on talent cultivation, working with universities and research institutes to organize training seminars and other activities to nurture new professionals and foster the industry’s growth.

Contact the writer at gabylin@chinadailyhk.com