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Is Hong Kong the Next Big Thing in Crypto?

Is Hong Kong the Next Big Thing in Crypto? DeFi and Metaverse Plans Unveiled

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Hong Kong is positioning itself as a leader in the global fintech landscape by focusing on crypto-related sectors such as decentralized finance (DeFi) and the Metaverse.

Recent government-backed studies conducted by the Hong Kong Institute for Monetary and Financial Research (HKIMR), part of the Hong Kong Academy of Finance (AoF), have underscored the importance of these digital frontiers in shaping the future of finance in Hong Kong.

The reports released on June 25 analyze the impact and potential of DeFi and Metaverse technologies, highlighting their rapid growth and emerging opportunities.

Related Reading: Ethereum Staking Could Be A Reality In Hong Kong’s ETFs Soon, Expert Reveals

Hong Kong’s Push Into DeFi And The Metaverse

The research on DeFi revealed a notable increase in market capitalization, from $6 billion in 2021 to over $80 billion in 2023, signaling an expansion that underscores the sector’s potential.

Despite DeFi accounting for only 4% of the overall crypto-asset market, it remains largely untapped, with roughly 71% of crypto businesses in Hong Kong surveyed not yet exploring this avenue.

Respondents' involvement in the development or operation of DeFi protocols.
Respondent’s involvement in the development or operation of DeFi protocols. | Source: aof.org.hk

The report remains optimistic about DeFi’s capabilities to “re-organize” financial services with innovations such as “liquid staking, flash loans, and automated market makers,” promising reduced transaction times and increased financial inclusion.

In parallel, the study on the Metaverse reveals that while local financial institutions have shown high interest, their engagement remains moderate.

However, over half of the survey respondents expressed skepticism about the Metaverse’s potential, a sentiment not reflective of some Hong Kong fintech businesses’ proactive stance.

These firms are keenly pursuing Metaverse-related developments, exploring how virtual environments can play a pivotal role in financial services.

Enoch Fung, CEO of the AoF and executive director of the HKIMR, emphasized the intertwined nature of DeFi, the Metaverse, and broader Web3 technologies as crucial for the future of Hong Kong’s financial services industry. Fung particularly noted:

The emerging technologies of DeFi and the metaverse, which are closely connected to the broader virtual asset and Web3 developments, will likely present various opportunities for the financial services industry in Hong Kong.

Moves To Cement Crypto Hub Status

Hong Kong’s broader strategy includes becoming a central cryptocurrency innovation and activity hub. This intention is supported by recent regulatory milestones, such as the Hong Kong Securities and Futures Commission (SFC) granting initial approvals to 11 cryptocurrency exchanges.

This development is part of a larger effort to issue virtual asset trading platform (VATP) licenses, which began in 2022 and aims to assist Hong Kong’s stature alongside leading global crypto hubs like Singapore and Dubai.

Further promoting this environment, industry leaders suggest that Hong Kong could soon introduce staking options for spot Ethereum exchange-traded funds (ETFs), enhancing the attractiveness and functionality of crypto-based financial products in the region.

The global crypto market on TradingView
The global crypto market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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