Interest in cryptocurrencies in Hong Kong continues to grow, as shown by a new survey indicating that a quarter of adults plan to invest in the sector. However, uncertainty remains a significant factor.
Rising Interest in Cryptocurrencies
A survey conducted by the Hong Kong University of Science and Technology in November 2024 found that 25% of respondents plan to hold cryptocurrencies, up 6% from September 2023. Despite this, more than 40% of those surveyed still express uncertainty about holding cryptocurrencies in the future.
Regulated Exchanges and Trust
Despite the FTX collapse in 2022, the survey showed that more Hong Kong residents are willing to use crypto exchanges if they are regulated. 20% more respondents expressed willingness to trust their funds to regulated platforms than to unregulated ones.
Limited Understanding of Tokenized Money
While interest in cryptocurrencies has increased, public understanding of tokenized money is limited. About 72% of respondents admitted to being unfamiliar with central bank digital currencies, 65% with e-HKD, 61% with stablecoins, and 81% with tokenized deposits.
Hong Kong continues to advance towards being a crypto hub, as evidenced by issuing licenses to crypto exchanges and allowing companies to issue tokenized investment products. New initiatives, such as the 'Project Ensemble Sandbox', are aimed at testing and refining the use of tokenized money in financial operations.
