Hong Kong’s crypto faithful see regulations as a strength, unsure of ‘unpredictable’ Trump

The chair of the Silk Road Economic Development Research Centre said the city still has a chance to lead in Web3 in the next decade

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Some still see room for Hong Kong to be a global leader in cryptocurrency, even as momentum shifts to the US in anticipation of Donald Trump’s return to the presidency. Photo: Shutterstock

Published: 7:00am, 7 Dec 2024Updated: 7:47am, 7 Dec 2024

Hong Kong officials and industry insiders touted the city’s cryptocurrency trials and regulatory stability as strengths for the market at the Belt and Road Forum on Thursday, as the crypto euphoria surrounding the re-election of Donald Trump to the US presidency pushed the price of bitcoin past US$100,000 this week.

“Trump is unpredictable. He may change his mind tomorrow; you never know,” said Joseph Chan – chair of the think tank Silk Road Economic Development Research Centre, one of the organisers of the event – who moderated a panel at the forum on Web3 and the digital economy.

“Hong Kong’s regulation is more consistent, which I believe is the right approach.”

The local Belt and Road Forum event held at the Conrad Hong Kong this week is one of a series of events promoting China’s state-backed Belt and Road Initiative.

It aims to promote trade and development across Asia, Europe and Africa. Hong Kong has been a key pillar of the initiative in its role as a facilitator of cross-border payments, with the local government recently emphasising the role that blockchain could play in this area.

Hong Kong Chief Executive John Lee Ka-chiu said in opening remarks delivered via video that tokenisation – putting real-world assets on a blockchain – is growing in influence as a key technology in the finance sector.