Hong Kong supports the growth of DeFi, Web3, crypto, and other diverse areas.
Wong Wai-lun, Acting Financial Secretary of Hong Kong, assures the region will take initiatives to establish a crypto hub.
SFC and CSRC introduced five capital market cooperation measures to ensure Hong Kong’s financial growth.
Hong Kong Acting Financial Secretary Wong Wai-lun affirmed the city’s active engagement in the establishment of a crypto hub, a vision that Hong Kong has long embraced. Wai-lun asserted that Hong Kong envisions financial innovation and promotes the growth of diverse areas, including financial technology, green finance, decentralized finance (DeFi), Web3, and cryptocurrencies.
During the 2024 Caixin Summer Summit, Wai-lun highlighted Hong Kong’s key advantage of being “backed by the motherland and connected to the world.” In his keynote address, he added that Hong Kong’s unique position is advantageous for the city’s venture to develop a full-fledged crypto ecosystem.
The government official promised that Hong Kong would continue to take initiatives across different areas, ensuring the region’s financial and technological prosperity. The Government of the Special Administrative Region (SAR) of China has taken steps to stabilize financial risks and potential threats to a controllable level.
Previously, on April 19, 2024, the Securities and Futures Commission (SFC) of Hong Kong approved the China Securities Regulatory Commission’s (CSRC) five capital market cooperation measures. The measures focus on Hong Kong’s “status as an international financial center.” Julia Leung, SFC’s Chief Executive Officer, shared her pleasure in cooperating with Hong Kong’s strategic moves. She stated,
“We believe the expansion of the Stock Connect and the enhancements of the mutual recognition of funds will enrich product choice for Mainland and international investors, thus enabling Hong Kong to better leverage its unique role and advantages in the high-quality opening-up of the country’s capital market.”
Hong Kong has been embracing measures to foster financial security and regulatory adherence. In a related development, Hong Kong suspended Worldcoin’s services in the region, citing the platform for violating the city’s Privacy Ordinance.
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