Growing Interest in Crypto Among Hongkongers
A poll conducted in November 2024 by the Hong Kong University of Science and Technology (HKUST) discovered 25% of adults plan on owning cryptocurrencies. This is 6% up from a similar survey in September 2023, indicating that interest is on an upward path despite market volatility and past exchange failures.
Faith in Controlled Exchanges
While uncertainty surrounding cryptocurrencies is still high—with at least 40% of respondents in all surveys uncertain about future crypto participation—trust in regulated platforms has increased. The survey discovered 20% more respondents feel at ease using regulated exchanges compared to unregulated ones, indicating that regulation and transparency are the drivers of increased adoption.
Bitcoin Reigns Supreme as NFT Interest Fades
Bitcoin is still the preferred option for potential investors, with more than 80% showing interest—a 7% boost from the first survey. Non-fungible tokens (NFTs), however, have seen decreasing popularity, with interest dropping by 11%.
Interest in Tokenized Money Low
Despite growing interest in investment, knowledge of tokenized financial products is low. The survey states:
- 72% not aware of central bank digital currencies (CBDCs)
- 65% not aware of the e-HKD
- 61% not aware of stablecoins
- 81% tokenized deposits
This is indicative of a knowledge deficit since Hong Kong is still positioning itself as a crypto-friendly center.
Hong Kong’s Quest to be a Crypto Hub
In order to encourage innovation, the Hong Kong Monetary Authority launched the “Project Ensemble Sandbox” in August 2024. The project aims to test tokenized money for interbank settlements and tokenized asset trades. The city also licensed crypto exchanges and allowed tokenized investment products, further solidifying its position as a global leader in digital assets.
