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First Digital Trust, a company providing crypto custody services, has urged Hong Kong to accelerate its efforts in regulating the cryptocurrency sector, warning that the city may lag behind the rapid pace of industry development if action isn’t taken swiftly. Although Hong Kong aims to become a global hub for cryptocurrency, only two fully licensed virtual asset trading platforms—Hash Blockchain and OSL Digital Securities—are currently operational, with many others awaiting approval.
Vincent Chok, CEO of First Digital, acknowledged that Hong Kong’s cautious approach prioritizes investor protection but expressed concern that the slow regulatory progress could hinder the city’s position in the fast-evolving crypto space. He emphasized the need for Hong Kong to act faster to keep up with industry trends.
As of June 1, operating an unlicensed virtual asset trading platform in Hong Kong became a criminal offense, with the city’s Securities and Futures Commission (SFC) publishing an “alert list” of suspicious or unlicensed crypto platforms. While regulation for USD-backed stablecoins is not yet in place, Chok hopes that Hong Kong will implement such measures soon. He noted that cities like Dubai have adopted a more global approach to stablecoin regulation.
In a related move, Jingdong Coinlink Technology Hong Kong Limited recently announced plans to launch a stablecoin pegged to the Hong Kong dollar (HKD), marking a step forward in local stablecoin development, supported by the Hong Kong Monetary Authority’s Sandbox program.
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