back to article Hong Kong wants to be the world’s home for virtual assets

Hong Kong is trying to push its vision of a local virtual asset (VA) industry in the hopes of developing a new revenue stream for the country. The plan includes licensing regimes for asset providers, regulatory regimes for cryptocurrencies, pilot programs and the opening of retail investments. “The government, in conjunction …

  1. Steve Button Silver badge


    Hong Kong? Is this the same Hong Kong which is part of China and is increasingly being controlled by the CCP?

    How about NO to that idea then.

    Singapore on the other hand...

    1. The Man Who Fell To Earth Silver badge

      Re: No.

      Agreed. Hong Kong is the last place to use for financial transaction of any kind. (Well, besides the rest of China.)

      1. druck Silver badge

        Re: No.

        As crackdown continues, virtual assets will be the only assets left in HK.

    2. Anonymous Coward
      Anonymous Coward

      Re: No.

      You got there before I did. As I said in response to a similar story a couple of weeks back, it's clear that "one country, two systems" has been effectively dead in all but name since the 2019/20 crackdown, as are any supposed protections it offered.

      The legal distinction and bureaucratic machinery might still be in place, but the Chinese government has made clear that it can- and will- interfere with and override anything they don't like. No-one with any sense would risk relying upon that any more; to all intents and purposes, Hong Kong is now simply a part of Mainland China.

      Couple this with the increasingly autocratic and hostile direction in which Xi Jinping is taking the country (particularly from the point of view of foreign investors), and no-one with half a brain is going to touch this proposal with a bargepole.

      1. Andy Non

        Re: No.

        Fully agree and if China's sabre rattling about Taiwan being part of China devolves into an invasion, then the subsequent sanctions on China (if not substantially worse) wouldn't bode well for accessing any investments held there.

  2. Howard Sway Silver badge

    We recognize the potential of Web 3.0 to become the future of finance and commerce

    Yes, replacing physical commodities with cartoon monkeys and pretend money is the way the entire global economy is definitely going to go.

    1. Big_Boomer Silver badge

      Re: We recognize the potential of Web 3.0 to become the future of finance and commerce

      Why not, it seems people pay more attention to unconfirmed drivel than they do to reality these days. The ongoing rise of Homo Stupidi Gulliblus continues. As for Hong Kong, my advice is get out whilst the getting is good.

    2. Sorry that handle is already taken. Silver badge

      Re: We recognize the potential of Web 3.0 to become the future of finance and commerce

  3. Richard Jones 1

    This Is A Joke?

    I can think of no one in their right mind who would give Hong Kong, sorry PRC, the time of day with their money.

    1. crayon

      Re: This Is A Joke?

      Don't let the facts cloud your ignorance.

      FDI into China 2019 (141B), 2020 (149B), 2021 (180B)

      HK 2019 (73B - for much of the year it was mired in protests and riots)

      2020 (134B - despite or because of National Security Law enacted),

      2021 (144B)

      Taiwan 2019 (8B), 2020 (6B), 2021 (5B)

      Singapore 2019 (106B), 2020 (75B), 2021 (99B)

      Of course you're within your rights to argue that those people aren't in their right minds and only you are.

  4. Czrly

    What's a Virtual Asset?

    Do you mean Intellectual Property? I trust European courts and am fairly certain that Hong Kong and China hold no jurisdiction over anything I'd be remotely interested in.

    Do you mean some cultish, misguided fantasy of "ownership" of something accessible by a URI, the requestor of which is NOT authenticated by the server? Because that's just crazy shit!

    I really wish that people would be more blatantly accepting of this craziness or else, one day, we might all wake up in a world where someone actually relevant – not I – begins to recognise these claims of "ownership" and "home" and, then, we're properly fucked!

  5. TVU Silver badge

    "Hong Kong wants to be the world’s home for virtual assets"

    Nope, not going to happen. Xi Jinping has now gone into full on Maoist mode and Hong Kong has now been relegated from a highly autonomous province to just another Chinese city such as Dongguan.

    This return to Communist orthodoxy will have severe implications for China because of the huge negative impact on the economy. While China is run this way, it is just not going to now catch up and surpass the USA in terms of economic size or military capability. Indeed, China is now almost certain in the next few years to fall back into third place behind both the USA and EU in economic size.

    If any country in Asia is going to be a home for virtual asset trading then it far more likely to be Singapore.

  6. Sorry that handle is already taken. Silver badge

    We recognize the potential of distributed ledger technology (DLT)
    It's only been around for 13 years and it's only had billions of dollars thrown at it without anyone finding a legal use for it but no, we're still early.

    1. Ace2 Silver badge

      Hey! That’s so unfair! There are lots of legal uses! There’s… uh not that one. And whatabout… nope neither. But you could… nope, eh, never mind.

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