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The adoption and popularity of cryptocurrencies have been growing at an appreciable pace in Hong Kong, and a report by the University of Science and Technology, HK, notes that among four adults, one is eager to hold digital assets in the near future.
It is worth noting that an increase of 6% was observed in the survey conducted in 2024; the survey was conducted among 5,863 adults.
Over the past few quarters, crypto adoption has significantly shifted among youth and youngsters in Hong Kong. The last survey on crypto adoption in HK was conducted in September 2023.
Hong Kong might become a crypto hub at the global level
From dozens of conducted surveys, the majority of them say that, despite the growing adoption of crypto globally, there is uncertainty among HK investors about whether to invest in crypto or not.
The survey done in November 2024 says that 20% of residents of HK are willing to invest in crypto exchanges if they get regulated. The majority of the respondents favor trade under a regulated and supervised environment to avoid getting fooled or scammed.
However, the effects of the collapse of FTX are now fading from the broader market as investors and traders prefer centralized exchanges more than any other similar service.
Each nation with the highest crypto preference is Bitcoin, followed by Ethereum, XRP, Solana, and Dogecoin. Yet, the usage of penny crypto has also marked a milestone that it has never achieved.
In wholesome, Bitcoin currently dominates 62.30% of the crypto market, and its dominance has continued to grow, increasing by more than 7% since the beginning of this year.
Hong Kong has continued to work on its digital assets sector, and in the last few years, the region’s regulators have issued licenses to dozens of crypto-based firms.
According to the information, the government does not impose any form of taxes or charges for the capital gains made from cryptocurrencies. The region’s set of rules and regulations has opened new paths for investors, users, and companies seeking to offer services in Hong Kong.
In January 2025, it was reported that Hong Kong regulators will help the banks explore the potential of blockchain technology, allowing them to meet the changing stance of financial infrastructure.
On March 29, it was also reported that Hong Kong had approved the World’s 1st tokenized money market ETF by Hashkey and Bosera; the Securities and Futures Trading Commission of HK approved.
In the past 24, the crypto market cap fell more than 1.40%, and as of writing, it was $2.66 trillion, and the trading volume was $62.28 billion with a surge of 27.22%. Similarly, Bitcoin fell 1.62%, now trading below the mark of $85k at $82,169.
