appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageFloatingButtonConfigArticle

appConfig

filter

json

liveArticle

Xinmei Shen

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.

However, the Clarity Act has stalled as the Senate struggles to address a stablecoin yield argument between banks and crypto firms, two influential and deep-pocketed sectors.
Hong Kong needed to keep observing US progress on the Clarity Act, which, if not passed this month, would be pushed out to the end of 2027, according to Chiu. That would “delay a lot of the legislation side in the US”, especially given the uncertainty around the result of midterm elections in the US in November, he said.
“I think they’ve written a very good bill, but the political situation will not give clarity [for] some time to the development of the market,” Chiu said.
The Hong Kong lawmaker then touted the “steady progressive build-up” in digital asset regulations in Hong Kong compared with the ever-shifting ground in the US. Before Donald Trump took office in January 2025 and declared the goal of making America the “crypto capital of the world”, the Biden administration had cracked down on crypto firms.

“I let you think about it, whether a progressive steady regime is better, or you have something that will support you in four years and then take a reverse [course] in another four years,” Chiu said.
The annual Hong Kong Web3 Festival, organised by Wangxiang Blockchain Labs and HashKey Group, this year drew the support of cryptocurrency firms and initiatives that would typically have kept a low profile in Hong Kong in previous years as the city tightened its digital asset regulatory regime.
Tron, a blockchain started by cryptocurrency entrepreneur Justin Sun, for the first time became one of the conference’s title sponsors and set up a large booth near the entrance.
Finanx AI, a company that rewards buyers of its cryptocurrency with equity shares – and has said it would list on Nasdaq later this year – drew a small crowd of older attendees clad in red sweatshirts and red baseball caps.
Employees at the company’s booth said the firm was founded by Zhang Baolong, a self-proclaimed “Warren Buffett of China”, and that its main market was mainland China but it also covered South Korea and Southeast Asia.


US crypto bill stumble sparks call for Hong Kong to seize ‘critical strategic window’

Singapore man Malone Lam pleads guilty after massive US bitcoin heist and spending spree

Why Chelsea football shirts are making Hong Kong fans nervous about crypto laws

Inside Hong Kong’s red-hot Pokemon card market, where Pikachus sell like stocks

Cryptocurrency

Hong Kong lawmaker swipes at US lack of ‘clarity’ as city eyes global crypto lead

The Hong Kong Web3 Festival is organised by Wangxiang blockchain labs and HashKey Group. Photo: Handout

A representation of Tether stablecoin seen in this illustration taken September 10, 2025. Photo: Reuters

US President Donald Trump displays the Genius Act cryptocurrency legislation he signed into law. Photo: AP

Tech

Tech Trends

Hong Kong has granted its first two licences for stablecoin issuers, and is pushing forward regulations on crypto dealers and custodians


Hong Kong has granted its first two licences for stablecoin issuers, and is pushing forward regulations on crypto dealers and custodians.


Hong Kong lawmaker swipes at US lack of ‘clarity’ as city eyes global crypto lead

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Hong Kong has granted its first two licences for stablecoin issuers, and is pushing forward regulations on crypto dealers and custodians

Hong Kong has granted its first two licences for stablecoin issuers, and is pushing forward regulations on crypto dealers and custodians