Guangdong and Hong Kong Join Hands to Promote Digital Asset Innovation

Guangzhou Data Exchange signed a memorandum of cooperation with a Hong Kong digital asset financial service group on June 17. With the support of the governments of Guangdong and Hong Kong, both parties will promote the construction of a cross-border flow innovation pilot zone for digital assets in Nansha, Guangzhou, establish a compliant investor mechanism, explore compliant issuance channels for data circulation transactions and innovative digital asset trading services in the Guangdong-Hong Kong-Macao Greater Bay Area, and help the Greater Bay Area create a new highland for digital economic development.

This cooperation is an important initiative for both parties to respond to the national strategic deployment and to deeply integrate into the development of the Guangdong-Hong Kong-Macao Greater Bay Area. Taking the collaborative development in the digital asset field as a breakthrough point, it aims to promote the deep integration of Hong Kong's financial resources with the technological and industrial resources of the mainland. It fully leverages the advantages of the mainland's real industry resources and Hong Kong's strengths as an international financial center, which includes the gathering of global capital and the professional and efficient financial services, forming organic linkage and deep complementarity.

Both parties will take specific practical cases as a starting point to comprehensively connect the digital asset trading rule systems of Guangdong and Hong Kong, jointly formulate standards related to data circulation and innovative digital asset trading services, and actively cultivate a compliant digital asset service ecosystem. Through deep cooperation between exchanges in Guangdong and Hong Kong, the digital asset industry ecosystem, compliance, and trial-and-error iteration paths can be clarified. Based on a clear understanding of the safety red lines of institutional innovation and compliance matters, the underlying assets will be anchored on-chain, pressing the acceleration button for innovative digital asset trading services in the Guangdong-Hong Kong-Macao Greater Bay Area.

This collaboration will promote the full-chain development of digital asset projects from creative incubation to industrial implementation, building a digital asset innovation ecosystem with global resource allocation capabilities, and comprehensively enhancing the region's strategic position in the global digital economy landscape.

It is worth noting that recently the People's Bank of China, the Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the Guangdong Provincial People's Government jointly issued the "Opinions on Financial Support for the Deepening of Comprehensive Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area in Nansha, Guangzhou", proposing to support the Guangzhou Data Exchange in improving comprehensive services for data circulation and trading, and to strengthen cooperation and connection with licensed digital asset trading platforms in Hong Kong, innovating the service methods for digital asset trading. This cooperation is a positive response to this policy.

Since its establishment in Nansha in September 2022, the Guangzhou Data Exchange has built a full-chain data circulation and trading ecosystem that integrates "horizontal to municipalities and vertical to industries." Its business covers 25 industries including intelligent manufacturing, finance, and health care, and has established 14 data fusion application service bases nationwide. As a key node for data element circulation in the Guangdong-Hong Kong-Macao Greater Bay Area, the exchange has deeply explored mechanisms for cross-border two-way data circulation, promoting the cross-border flow of data elements through the "Data Special Zone." It has facilitated the completion of data asset registration for cross-border data products "offshore trade," helping Guangzhou achieve a "zero" breakthrough in cross-border data asset registration. Additionally, it has facilitated the transaction of "ESG rating data" with partners located in Hong Kong, assisting in the implementation of the country's first ESG-related cross-border transaction.

This cooperation will undoubtedly further promote the in-depth collaboration between Guangdong and Hong Kong in the digital asset field, injecting new momentum into the development of the digital economy in the Guangdong-Hong Kong-Macao Greater Bay Area.