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- Hong Kong has been trying for a long time to position itself as a hub for the financial revolution.
- The Securities and Futures Commission of the region has so far issued nine crypto licences since initiating a drive in mid-2024.
- The country has also offered some measures, such as freeing crypto gains from taxes for hedge funds, private equity as well as family investment vehicles, among other laws.
The financial secretary of Hong Kong, Paul Chan Mo-po, reveals that an exciting forthcoming advancement is the meeting point of AI and blockchain technology, which, in his view, will make more use cases.
The financial secretary further stated that the city will still be an open market for crypto as it attempts to be in the position of a regional crypto hub. He revealed in a keynote address at Consensus 2025 that as the Web3 ecosystem carries on to evolve, Hong Kong would be a stable, open and vibrant market for virtual assets.
He also mentioned that we are putting our money heavily into the associated infrastructure and talent development. Our cyberpunk and science park is now a vibrant hub for the Web3 revolution as well as fintech. At the same time, our universities and collaborations with the industry are nourishing generations of blockchain experts.
The open and fair regulatory approach
Hong Kong has been trying for a long time to position itself as a hub for the financial revolution. The Cyberport Web3 network of the country that promotes digital asset innovation now stars more than 270 blockchain companies, having added over 120 in the last 17 months.
The country has also offered some measures, such as freeing crypto gains from taxes for hedge funds, private equity as well as family investment vehicles, among other laws.
Mo-po also said that the key to success resides in keeping an open, fair, balanced and forward-looking regulatory approach that is helpful to the sustainable and responsible advancement of the financial revolution, consisting of Web3.
The dual-track policy
The Securities and Futures Commission of the region has so far issued nine crypto licences since initiating a drive in mid-2024. The two most recent came last month when the SFC gave operational licences to PantherTrade and YAX, two prominent exchanges in Hong Kong.
Meanwhile, Mo-po mentions one of the most exciting advancements includes the meeting point of AI and blockchain, as AI is continuously evolving and growingly applied to finance. The intersection with blockchain will create new cases, with new opportunities to be grabbed and challenges to be managed. Hong Kong has also made a clear policy regarding the use of AI in financial services.
The government, along with our financial regulators, are working with the crypto sector to oversee technology and market advancement and set up a transparent supervisory substructure. The Financial Services and Treasury Bureau of Hong Kong proposed a dual-track policy for adopting AI in October 2024.
