In recent years, Hong Kong has been actively advancing its digital economy transformation, integrating a "mega event economy" strategy to inject new momentum into its overall economic growth. With the SAR government increasing investments in technological infrastructure, promoting cross-boundary data flow, and attracting global enterprises through international financial summits and large-scale exhibitions, these efforts have not only diversified the economy and facilitated the financial sector's upgrade but also spurred growth in tourism, consumption, and related industries through hosting world-class events, creating boundless opportunities for investment attraction.
Against the backdrop of Bitcoin reaching a new all-time high of US$112,000, the upcoming Bitcoin Asia 2025 in Hong Kong is expected to draw even greater attention. Analysts highlight that the development of the digital economy not only enhances business efficiency and creates wealth opportunities but also strengthens Hong Kong's role as an Asian innovation hub, serving as a critical springboard for multinational capital and emerging industries, thereby reinforcing its competitiveness as a global financial center.
Hong Kong has spared no effort in fostering its digital asset ecosystem, including the release of the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong and the introduction of a licensing regime for HKD-backed stablecoins, which has attracted over 40 companies to apply for licenses. Concurrently, Hong Kong has hosted numerous high-profile digital asset events featuring prominent figures from the cryptocurrency and financial sectors, further solidifying its status as an economic hub and attracting global capital. The development of the digital asset ecosystem has also laid a new foundation for Hong Kong's digital economy.
Global experts gather at Bitcoin Asia 2025
Meanwhile, Hong Kong continues to showcase its vibrancy in digital assets, synergizing with major events to create fresh economic momentum. Bitcoin Asia 2025, scheduled for August, will see the participation of key industry figures and political-economic leaders, including Eric Trump, son of US President Donald Trump, alongside heavyweight guests such as:
- Johnny Ng, Member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and Chairman of the Legislative Council's Subcommittee on Issues Relating to the Development of Web3 and Virtual Assets;
- David Bailey, CEO of BTC Inc;
- John Riggins, Partner at BTC Inc;
- King Leung, Global Head of Financial Services, FinTech and Sustainability at InvestHK;
- Jack Kong, Director of Cyberport and Founder of Nano Labs;
- Caspar Wong, CEO of Web3 Labs.
Bailey noted earlier that Bitcoin's surge past US$100,000 per coin marks its entry into the mainstream era. Hong Kong, as a nexus between East and West, underscores its role as a "super-connector" in digital assets. Ng added that following the event's editions in the US and the Middle East, its choice of Hong Kong as the next host carries significant meaning.
Indeed, Bitcoin's performance has not disappointed investors, with the event's announcement further buoying its price. The cryptocurrency market surged yesterday, with gains ranging between 2% to 7%, and Bitcoin briefly touched US$112,000—its fifth breakthrough past the US$110,000 mark—becoming a focal point for global investors. Hong Kong-listed crypto-related stocks also saw broad gains, highlighting the city's appeal as a destination for foreign capital.
Hong Kong's compliant digital platforms gain traction
Stablecoins represent a transformative class of digital assets that harmonize innovation, technology, finance, and legal frameworks, holding immense potential to reshape the global financial system, according to Nicholas Chan, Director of AALCO Hong Kong Regional Arbitration Centre.
Chan emphasized that the fundamental value proposition of stablecoins—their "stability"—hinges critically on market confidence and the credibility of reserve backing. "A crisis of confidence or mass redemption can trigger systemic disruptions," he noted, referencing the 2023 depegging of USDC following the collapse of its reserve bank.
To address these risks, Hong Kong has introduced its Stablecoin Regime, establishing a comprehensive legal and regulatory framework for fiat-backed stablecoin issuance. Key requirements include:
- 1:1 reserve backing with full asset segregation
- Minimum capital requirements for issuers
- Transparent use cases and redemption mechanisms
"This initiative enhances local financial stability while contributing to global digital finance governance," Chan stated.
Industry analysts observe that Hong Kong's early mover advantage in stablecoin regulation could attract billions in institutional capital as traditional finance increasingly adopts blockchain-based settlement solutions.
(With input from Wen Wei Po; Journalists: Chow Siu-kei, Darius; English Editor: Darius)
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