Hong Kong remains committed to digital assets but feels competition from an ‘aggressive’ UAE

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Hong Kong remains committed to digital assets but feels competition from an ‘aggressive’ UAE Dubai and Abu Dhabi have established a solid regulatory framework for virtual assets, and each region has brought this under the auspices of a single, dedicated regulatory authority. By Ian Allison | Edited by Stephen Alpher Feb 11, 2026, 6:18 p.m. Make us preferred on Google (L to R) Johnny Ng, Joseph Chan, Gary Liu (CoinDesk) What to know : Hong Kong could take lessons from the UAE and Korea regarding crypto regulation, said a member of the China National Committee, speaking at Consensus Hong Kong. The undersecretary from Hong Kong's Treasury said an enduring attraction of Hong Kong is that there are “no surprises” from regulators. Hong Kong, one of the world’s major financial hubs, has long been committed to cryptocurrency and blockchain technology — but it faces a competitive challenge from the crypto-friendly UAE. This was a fact acknowledged by panelists Joseph Chan, under secretary for financial services and the treasury in Hong Kong, and Johnny Ng, founder of web3 investment firm Goldford Group, who spoke at Consensus Hong Kong. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . “The UAE is really aggressive,” said NG, who served as a member of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) since 2018. He said places such as Dubai and Abu Dhabi have established a solid regulatory framework for virtual assets, and each region has also brought this under the auspices of a single, dedicated regulatory authority. Korea, which boasts many millions of crypto users and investors, also has a particular government body responsible for crypto issues, Ng added. “I think Hong Kong's legislative council can recommend that the government do more, particularly by creating one position to oversee all those things,” Ng said. “As a lawmaker, I will actually help the government to connect with congressmen from other countries, for example, Korea.” Chan of the Hong Kong Treasury said an enduring attraction of Hong Kong is that there are “no surprises” from regulators, who have shown a consistent commitment to digital assets. “Our regulation is transparent, certain and predictable, and we have stuck to that all along,” Chan said. “This compares with some other jurisdictions, without naming any names. Be it during a crypto winter or not, Hong Kong has stood by the development of the digital asset industry. If you look at other jurisdictions, as things change and there are ups and downs, they might flip-flop.” Under Hong Kong's mandatory licensing regime for virtual asset trading platforms (VATPs), 11 licensees have been granted under the framework, which came into effect two and a half years ago. Regarding the stablecoin regulatory regime that kicked off last August, Chan said the first batch of licenses is targeted for the first quarter of this year. The license regime for digital asset dealers and custodians is next, and expected to be tabled by Hong Kong’s financial secretary later this year, Chan added, pointing to multiple consultations and bill reading that must first take place. “It sounds like a long process, but it's very important,” Chan said. “Because it means everyone from the industry knows what's coming, there is enough time to raise your concerns, so there will be no surprises and everybody knows what's going to happen next.” Consensus Hong Kong 2026 More For You Gen Z 'nihilism' is fueling a $100 trillion crypto derivatives boom in response to a broken system By Francisco Rodrigues | Edited by Sheldon Reback 12 minutes ago A significant increase in housing costs makes home ownership unattainable for many Gen Z individuals, leading to financial nihilism, said CoinFund's David Pakman. What to know : Gen Z’s embrace of high-risk investments is a rational response to limited traditional wealth-building opportunities, such as affordable housing, CoinFund's Pakman said. The significant increase in housing costs compared with previous generations makes home ownership unattainable for many Gen Z individuals, leading to financial nihilism. With limited traditional options, Gen Z is turning to perpetual contracts, memecoins and other high-risk investments to build wealth. Read full story Latest Crypto News Gen Z 'nihilism' is fueling a $100 trillion crypto derivatives boom in response to a broken system 12 minutes ago Ondo and Securitize execs say utility, not hype, will drive tokenization’s next phase 30 minutes ago SEC's Paul Atkins grilled on crypto enforcement pull-back, including with Justin Sun, Tron 36 minutes ago JPMorgan bullish on crypto for rest of year as institutional flows set to drive recovery 44 minutes ago Why crypto VCs at Consensus Hong Kong are playing a 15-year game 1 hour ago Crypto Long & Short: Gen Z trusts code over bank promises 1 hour ago Top Stories Cryptos crumble, bitcoin falls through $66,000, as Friday's bounce fades 2 hours ago Institutional crypto platform BlockFills reportedly halts withdrawals, restricts trading 1 hour ago BlackRock takes first DeFi step, lists BUIDL on Uniswap as UNI jumps 25% 3 hours ago Analysts react as Robinhood slumps 10%, with slowdown in crypto trading weighing on results 3 hours ago U.S. added stronger than expected 130,000 jobs in January, with unemployment rate falling to 4.3% 4 hours ago Recapping day 1 of Consensus Hong Kong 5 hours ago