Director of the Institute of Financial Studies, Chinese Academy of Social Sciences: Hong Kong could consider taking the lead in the field of crypto assets to gain more initiative in the digital asset sector

ChainCatcher news reports that, according to the Hong Kong Commercial Daily, Zhang Xiaojing, director of the Financial Research Institute of the Chinese Academy of Social Sciences, stated that Hong Kong can play a unique and important role as an international financial center. He suggested that Hong Kong should boldly innovate in the fields of financial technology and digital finance, and consider taking the lead in the area of crypto assets. Zhang pointed out that the more solid Hong Kong's status as an international financial center, the safer China's finance will be, which is very important. Once the regulatory framework in the United States is established, the world may rush to imitate it, and China should also explore this field; otherwise, it may lose its initiative in the digital asset sector. It is necessary for Hong Kong to conduct important pilot projects in the fields of digital assets and cryptocurrencies.

Zhang mentioned that, compared to the digital yuan and the central bank digital currency bridge project, another track worth paying attention to is the crypto assets and cryptocurrencies created by the private sector. The first six virtual asset ETFs in Hong Kong have been approved, and Hong Kong has done a lot of work in the virtual asset field, but there is still a significant gap compared to the United States. To connect with the future digital world, it is necessary to open up the digital field and embrace digital assets.

Zhang particularly emphasized that in the field of digital assets and cryptocurrencies, Hong Kong must take the lead, conducting bold innovative experiments to gain more initiative for China in the digital asset sector and to defend this important position. Whether in technology finance, digital finance, or future digital (tokenized) assets, these areas will be significant advantages and distinctive fields for Hong Kong.