Hong Kong has signalled its ambitions for greater global influence in the digital asset industry, with a lawmaker taking a subtle swipe at US crypto regulatory efforts at one of the city’s largest Web3-themed events.
“We can be a little bit more aspirational now that we have a strong hold locally,” said Eric Yip Chee-hang, executive director of intermediaries at the Securities and Futures Commission (SFC). “We should also expand our influence by [increasing] exposure internationally.”
Hong Kong had been “in the spotlight” at international conferences because it had “achieved so much”, Yip said at the Hong Kong Web3 Festival on Monday.
The remarks came as the city touted its progress in developing and regulating its digital asset industry while Beijing maintains a strict ban on related business activities on the mainland.
Hong Kong earlier this month granted its first two licences for stablecoin issuers, and is simultaneously pushing forward regulations on crypto dealers and custodians.
Duncan Chiu Tat-kun, a Legislative Council member for the Technology and Innovation functional constituency, acknowledged on Monday that there had been “a lot of advancement” in the US, and that Hong Kong was paying close attention to the progress of US bills including the Genius Act, which focused on stablecoins, and the Clarity Act, which aimed to regulate crypto market structure.