The founder of Binance, Changpeng Zhao (CZ), recently stated in an interview with the South China Morning Post that if Hong Kong wishes to compete with global financial centers like the United States and the UAE, it must expand the types of cryptocurrencies that licensed exchanges can trade. He criticized the current restriction that allows Hong Kong retail traders to only trade four types of cryptocurrencies as overly strict and suggested that Hong Kong should adopt a model similar to Japan's, granting exchanges greater autonomy in deciding which crypto assets to list.
Hong Kong's Crypto Market Under Strict Regulatory Constraints
According to the rules established by the Hong Kong Securities and Futures Commission (SFC) in August 2023, Hong Kong retail traders can currently only trade four cryptocurrencies on licensed platforms: Bitcoin, Ether, Avalanche, and Chainlink. These tokens must be included in at least two major investable indices, one of which must come from an independent provider in the traditional financial sector. Zhao believes that limiting to just four tokens is "far from enough" and restricts Hong Kong's competitiveness as a global cryptocurrency hub.
He pointed out that Japan's regulatory model allows exchanges more freedom in choosing which crypto assets to list, and this flexibility is worth emulating for Hong Kong. Zhao stated that Hong Kong has shown "very clear support" for Web3 technology and praised the government's swift actions. However, he also believes that Hong Kong's regulatory stance is relatively conservative, primarily to avoid potential risks.
Hong Kong's Cryptocurrency Ecosystem and Global Competition
Currently, there are 11 licensed virtual asset trading platforms in Hong Kong, but Binance has not yet applied for a Hong Kong license. Zhao stepped down as CEO of Binance at the end of 2023 due to a settlement agreement with the U.S. government, but he continues to provide advice to entrepreneurs in a "backseat coach" role and supports the development of the BNB chain. The BNB chain currently hosts over 4,000 projects, and although Zhao emphasized that he does not hold shares in most of these projects, he remains the largest holder of BNB tokens, controlling nearly two-thirds of the circulating supply.
Zhao pointed out that the U.S. and the UAE have not adopted any "magical" measures that Hong Kong cannot achieve, and Hong Kong is fully capable of catching up by relaxing restrictions. He believes that if Hong Kong can offer a broader range of cryptocurrency options, it will attract more investors and innovative projects, further solidifying its position as a global financial center.
Hong Kong Plans to Release Detailed Digital Asset Policy by Year-End
To promote the development of the cryptocurrency industry, Hong Kong plans to release a more detailed digital asset policy framework by the end of 2025. This will build on the first virtual asset policy released in October 2022, aiming to further clarify the goals of promoting growth in the industry. Hong Kong's efforts come at a time when global regulators are adopting different strategies toward cryptocurrencies. For example, the U.S. and the UAE have attracted significant investment through more lenient policies, while Hong Kong is trying to find a balance between innovation and risk control.
Conclusion
Zhao's suggestions provide a new perspective for the development of Hong Kong's cryptocurrency market. In the context of increasing global competition, if Hong Kong can relax restrictions on the types of cryptocurrencies and learn from markets like Japan, it could significantly enhance its attractiveness as a global digital asset center. With the new policy expected to be released by the end of the year, Hong Kong is likely to further clarify its positioning in the global cryptocurrency ecosystem, creating more opportunities for investors and innovators.
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