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Dubai and Abu Dhabi person established a coagulated regulatory model for virtual assets, and each portion has brought this nether the auspices of a single, dedicated regulatory authority.
Feb 11, 2026, 6:18 p.m.
Hong Kong, 1 of the world’s large fiscal hubs, has agelong been committed to cryptocurrency and blockchain exertion — but it faces a competitory situation from the crypto-friendly UAE.
This was a information acknowledged by panelists Joseph Chan, nether caput for fiscal services and the treasury successful Hong Kong, and Johnny Ng, laminitis of web3 concern steadfast Goldford Group, who spoke astatine Consensus Hong Kong.
“The UAE is truly aggressive,” said NG, who served arsenic a subordinate of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) since 2018.
He said places specified arsenic Dubai and Abu Dhabi person established a coagulated regulatory model for virtual assets, and each portion has besides brought this nether the auspices of a single, dedicated regulatory authority. Korea, which boasts galore millions of crypto users and investors, besides has a peculiar authorities assemblage liable for crypto issues, Ng added.
“I deliberation Hong Kong's legislative assembly tin urge that the authorities bash more, peculiarly by creating 1 presumption to oversee each those things,” Ng said. “As a lawmaker, I volition really assistance the authorities to link with congressmen from different countries, for example, Korea.”
Chan of the Hong Kong Treasury said an enduring attraction of Hong Kong is that determination are “no surprises” from regulators, who person shown a accordant committedness to integer assets.
“Our regularisation is transparent, definite and predictable, and we person stuck to that each along,” Chan said. “This compares with immoderate different jurisdictions, without naming immoderate names. Be it during a crypto wintertime oregon not, Hong Kong has stood by the improvement of the integer plus industry. If you look astatine different jurisdictions, arsenic things alteration and determination are ups and downs, they mightiness flip-flop.”
Under Hong Kong's mandatory licensing authorities for virtual plus trading platforms (VATPs), 11 licensees person been granted nether the framework, which came into effect 2 and a fractional years ago.
Regarding the stablecoin regulatory authorities that kicked disconnected past August, Chan said the archetypal batch of licenses is targeted for the archetypal 4th of this year.
The licence authorities for integer plus dealers and custodians is next, and expected to beryllium tabled by Hong Kong’s fiscal caput aboriginal this year, Chan added, pointing to aggregate consultations and measure speechmaking that indispensable archetypal instrumentality place.
“It sounds similar a agelong process, but it's precise important,” Chan said. “Because it means everyone from the manufacture knows what's coming, determination is capable clip to rise your concerns, truthful determination volition beryllium nary surprises and everybody knows what's going to hap next.”
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