Move over, Silicon Valley. Hong Kong’s financial secretary, Paul Chan Mo-po, has declared that the city will remain an open market for crypto as it tries to position itself as a regional crypto hub. In a keynote address at Consensus 2025, Mo-po said that Hong Kong would “remain a stable, open and vibrant market for digital assets.”
But wait, there’s more! Hong Kong is investing heavily in related infrastructure and talent development. Their cyberpunk and science park have become vibrant hubs for Web3 innovation and fintech. Plus, their universities and partnerships with the industry are nurturing generations of blockchain experts. 🤓
Hong Kong has been trying to position itself as a center for financial innovation for quite some time now. Their Cyberport Web3 network, a state-run business hub promoting digital asset innovation, now features over 270 blockchain firms. That’s a lot of blockchain enthusiasts in one place! 🏢
In addition to being a crypto haven, Hong Kong has also proposed initiatives such as exempting crypto gains from taxes for hedge funds, private equity, and family investment vehicles, among other regulations. Mo-po says the key to success lies in maintaining an open, fair, balanced, and forward-looking regulatory approach that is conducive to the sustainable and responsible development of financial innovation, including Web3.
So far, the region’s Securities and Futures Commission has only issued nine crypto licenses since starting a licensing drive in mid-last year. The two most recent came in January when the SFC awarded operational licenses to two Hong Kong-based crypto exchanges, PantherTrade and YAX. 💸
But wait, there’s more! Mo-po says one of the more “exciting developments” on the horizon is the intersection of artificial intelligence and blockchain. “AI is constantly evolving and increasingly applied to finance,” he said. “Its convergence with blockchain will create more use cases, with both new opportunities to be captured and challenges to be addressed.”
Hong Kong’s Financial Services and Treasury Bureau issued a dual-track policy for AI adoption in finance last October. Additional reporting by Ciaran Lyons.
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2025-02-19 09:14