Real world solutions for Hong Kong’s virtual ambitions

Hong Kong’s undertaking for cryptocurrencies challenges Singapore’s endeavours as Asia’s virtual asset hub. But the city’s new enthusiasm comes amid contagion worries surrounding the collapse of trading platform FTX, which galvanises traditional regulatory support for new digital money.

When Hong Kong’s financial secretary, Paul Chan, delivered his keynote address during the city’s FinTech Week conference at the end of October, it was seen as both a watershed and somewhat of an awkward moment.

The meeting of blockchain experts, policymakers, and investors was held alongside other large gatherings, including the Global Financial Leaders' Investment Summit and the Rugby Sevens, ostensibly with the aim of showcasing Hong Kong’s return to normality after stringent social restrictions since the start of the pandemic.

But after testing positive for Covid-19 during a work trip in the Middle East, secretary Chan was unable to attend the gathering in...

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