Hong Kong's New Crypto Policy: Can It Become the Web3 Center of Asia?
Since Hong Kong opened retail cryptocurrency trading in 2023, it has attracted exchanges like Binance and OKX, trying to compete for the title of Asia's crypto financial center. Compared to the strict regulations in mainland China, Hong Kong's policies are more open, but the compliance framework for stablecoins and DeFi still needs improvement. If Hong Kong can provide a clear regulatory environment, it may attract more Chinese capital and projects, challenging Singapore's leading position. However, geopolitical risks and liquidity issues remain potential obstacles.