Walking through the streets of Hong Kong, one can't miss the bold headlines in Sing Tao Daily announcing the establishment of the "Hong Kong Web3.0 Association." Giant billboards promoting Bitcoin and other cryptocurrencies light up bustling intersections, while LED screens flash ads for crypto exchanges. ATMs converting crypto to HKD dot the cityscape, completing transactions in under a minute...
Entrepreneurs are launching crypto schools where middle-aged and elderly residents enthusiastically enroll. Financial institution employees now handle crypto-related operations—their first collaborations with digital asset firms. Locals notice cryptocurrency elements proliferating: in restaurants, street ads, office buildings, newsstands, even football fields...
Post-pandemic, Hong Kong urgently seeks to reclaim its status as an international financial hub—and cryptocurrency is rapidly integrating into its urban fabric.
The Catalysts
"From top to bottom, every government department and official层级 is promoting Hong Kong’s goal to become a global virtual asset center," says Lily Z. King, COO of digital asset custodian Cobo.
During Hong Kong Web3 Week in April 2023, over 50,000 attendees flooded the "2023 Hong Kong Web3 Carnival," with 150+ side events. Three key figures embodied the government’s pro-crypto stance:
- Chief Executive John Lee: Declared Web3’s "golden起点" at the Hong Kong Web3.0 Association launch.
- Financial Secretary Paul Chan: Addressed the carnival, framing Web3 as both "golden opportunity" and "rollercoaster."
- InvestHK’s Jason Leung: Met daily with Web3 founders, scaling his team from 1 to 6 specialists post-2022 policy宣言.
"Officials like Paul Chan actively schedule meetings if you reach out—a strong signal attracting firms from Singapore, China, and the US," notes King. Cobo, a 200-employee Asian custody leader, relocated its HQ to Singapore in 2021 but is now expanding in Hong Kong after the policy shift.
The Crypto Gold Rush
With a市值 exceeding $1.1 trillion (peaking at $2.6T), crypto rivals silver ($1.4T) and inches toward gold ($13T). Hong Kong aims to mint itself as the industry’s global capital.
Local firms like智能投顾 platform DCBot are staying put. "We considered Singapore but chose Hong Kong post-policy," says CIO Eric Wang. Meanwhile, talent pours in globally. "Developers are migrating from the US due to监管 pressure—many to Hong Kong," observes Cobo CEO神鱼.
The turning point? October 31, 2022: Hong Kong’s Policy Declaration on Virtual Assets formally pledged to become a virtual asset hub. Six months of sustained pro-crypto measures followed, contrasting with Singapore’s and the US’s tightening regulations.
Web3 Week: A Milestone
April 10–16, 2023: 150+ events, including:
- Foresight HK Summit (3,000 attendees, 3M+ online views)
- Web3 Carnival (50,000 participants)
- Hotel rates near venues quadrupled; taxis cost $1,000/day for serial attendees.
Why Crypto? Why Hong Kong?
- Economic Necessity: Traditional sectors (shipping, real estate) stagnate; crypto injects vitality.
- Dual Advantage: Crypto merges金融 (Bitcoin) and科技 (blockchain)—aligning with Hong Kong’s金融 infrastructure and tech ambitions.
- Regional Shift: Japan’s PM Kishida and HK’s John Lee now frame Web3 as "next-gen互联网," unlike 2017’s skepticism.
NFTs: The Game Changer
Non-security NFTs thrive in Hong Kong’s unregulated space—for now. "If rules change, firms get a 1-year transition window," clarifies InvestHK’s Leung.
Challenges Ahead
- Web3 Lag: "Hong Kong missed Web1/Web2 waves," notes an insider. Crypto金融 thrives, but decentralized互联网 ventures remain scarce.
- Regulatory Growing Pains: Licensed exchanges like Hashkey and OSL delay launches. "Can合规 markets match crypto’s profitability?" asks OKX Ventures’ Jeff.
👉 Explore Hong Kong’s crypto-ready ecosystem
FAQs
Q: How long will Hong Kong’s crypto policies last?
A: Analysts predict 2–3 years of sustained support.
Q: Is Hong Kong truly decentralized-web friendly?
A: Currently stronger in crypto金融 than Web3 infrastructure.
Q: What’s the biggest regulatory hurdle?
A: Balancing合规 with crypto’s inherent市场 dynamism.
👉 Why global traders are eyeing Hong Kong
Hong Kong’s crypto journey has just begun—but its融合 of金融 heritage and tech ambition makes it a contender worth watching.