Hong Kong remains committed to digital assets but feels competition from an ‘aggressive’ UAE

Hong Kong, a major financial hub, remains committed to digital assets and blockchain technology but acknowledges significant competition from the United Arab Emirates (UAE), which panelists described as "aggressive." Johnny Ng noted that Dubai and Abu Dhabi have established solid, centralized regulatory frameworks for virtual assets. Ng suggested Hong Kong's legislative council recommend creating a single oversight position for digital assets, similar to structures in other regions like Korea. Conversely, Joseph Chan from the Hong Kong Treasury emphasized that Hong Kong's regulatory strength lies in its transparency, certainty, and predictability, ensuring "no surprises" for the industry, contrasting this with other jurisdictions that might change stances during market downturns. Hong Kong continues to implement its framework, having granted 11 licenses under its mandatory regime for virtual asset trading platforms (VATPs) and targeting the first batch of stablecoin licenses in the first quarter of this year, with further licensing regimes for dealers and custodians expected later in the year.

(Source：CoinDesk)