Hong Kong as a test field for crypto innovations: China's attitude towards digital currencies could change

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Hongkong und die sich wandelnde Haltung gegenüber Krypto und Web3 Chao Deng von Hashkey Capital, einem Hong Kong Exchange Traded Fund (ETF), äußerte sich kürzlich über die wachsenden Ambitionen Hongkongs im Bereich Web3 und Kryptowährungen. Trotz des Verbots von Kryptowährungen in Festlandchina zeigt die chinesische Regierung ein zunehmendes Interesse an der Blockchain-Technologie, was möglicherweise zu einer Neubewertung ihrer Haltung gegenüber digitalen Währungen führen könnte. Hongkong als Testlabor für finanzielle Innovationen In einem Interview mit CNBC erklärte Deng, dass Hongkong als Tor zum chinesischen Festland fungiert und oft als Testgelände für neue finanzielle und technologische Innovationen dient. „Hongkong wird immer als …
Hong Kong and the changing attitude towards Krypto and Web3 Chao Deng from Hashkey Capital, a Hong Kong Exchange Traded Fund (ETF), recently commented on the growing ambitions of Hong Kong in the area of ​​web3 and cryptocurrencies. Despite the ban on cryptocurrencies in mainland china, the Chinese government shows an increasing interest in blockchain technology, which could possibly lead to a re-evaluation of its attitude towards digital currencies. Hong Kong as a test laboratory for financial innovations In an interview with CNBC, Deng explained that Hong Kong acts as a gateway to the Chinese mainland and often serves as a test site for new financial and technological innovations. "Hong Kong is always as ... (Symbolbild/KNAT)

Hong Kong and the changing attitude towards crypto and web3

Chao Deng from Hashkey Capital, a Hong Kong Exchange Traded Fund (ETF), recently commented on the growing ambitions of Hong Kong in the area of ​​Web3 and cryptocurrencies. Despite the ban on cryptocurrencies in mainland china, the Chinese government shows an increasing interest in blockchain technology, which could possibly lead to a re-evaluation of its attitude towards digital currencies.

Hong Kong as a test laboratory for financial innovations

In an interview with CNBC, Deng explained that Hong Kong acts as a gateway to the Chinese mainland and often serves as a test site for new financial and technological innovations. "Hong Kong is always used as a laboratory for experiments, be it in economies or in new sectors," he emphasized. The discussions with the supervisory authorities suggested that there are efforts to use the framework of politics "a country, two systems" to explore crypto and web3 applications.

China's changed view of crypto

china was once the epicenter of the international crypto trade, with 80% of the global Bitcoin volume being handled in Yuan. However, after a regulatory approach in 2013, the authorities tightened the restrictions and prohibited cryptocurrency exchanges and initial coin offerings (ICOS). According to Deng, China's attitude-especially after Donald Trump's election as US President in November 2024-changed from an "enemy" towards a supporting position.

"With the support of Trump and the new administration, the regulatory framework becomes clearer. Now institutions and financial institutions feel comfortable if they are more regulated in the area of ​​web3 and crypto," said Deng.

Nevertheless, the Chinese central bank does not recognize cryptocurrencies as a legal means of payment and has so far refused to fully accept. A circular from 2013 cited Bitcoin as a "virtual goods" and not as a currency, which allowed citizens to act at their own danger.

Deng notes that the regulation in the crypto industry takes longer than expected, which is the case in many emerging industries. This slow development could also influence the regulatory approaches in other regions such as Europe, Singapore and Hong Kong.

Positive signals from the financial supervisory authorities

Yifan He, CEO of Red Date Technology, reports on a possible change of direction in the Chinese financial supervisory authorities. "I see a signal that you start talking about Bitcoin and thinking more about digital assets," he said. Two years ago he was convinced that there was no "chance" for loosening the crypto restrictions; In the meantime, he estimates the probability of "more than 50% in three years".

Influence of Hong Kong's regulation on the mainland

Deng is convinced that a successful implementation of regulations for digital assets in Hong Kong could affect the mainland's attitude. "If it is successful, I think the government of the Chinese mainland will rethink its attitude towards crypto and web3 industry," says Deng.

Hashkey Capital and the expansion of regulated offers

In other messages, Hashkey Capital received a license from the Hong Kong Securities and Futures Commission (SFC) to offer crypto-assisted brokerage services for retail and professional investors. The company already considers licenses for asset management as well as securities and advice in the area of ​​virtual assets and has now also received approval to provide services for the management of virtual assets.

Vivien Wong, partner at Liquid Funds, expressed itself optimistically: "The type 1 license improves our skills and offers investors considerable value because it enables us to offer a broader spectrum of investment options and to take into account different risk preferences."

FAZIT

Hong Kong shows signs of a change in attitude towards crypto and web3, which could possibly also have an impact on the mainland China. While the regulatory landscape is still in river, innovative approaches and a face change of the Chinese regulatory framework could help to better use the potential of blockchain technologies and digital assets.