In 2022, Hong Kong initiated plans to establish itself as a center for virtual asset trading, a response to Beijing's comprehensive ban on cryptocurrency transactions in mainland China the year prior.
Since then, the city has introduced Asia's first spot crypto exchange-traded funds and various other initiatives.
Julia Leung, CEO of the Securities and Futures Commission (SFC), mentioned at CoinDesk's Consensus Hong Kong 2025 conference that they are exploring derivative products for professional investors and margin lending for specific clients in the realm of digital assets.
Financial Secretary Paul Chan noted that regulators have issued nine virtual asset trading platform (VATP) licenses to date.
Bullish Group, which operates the cryptocurrency exchange and news platform CoinDesk, announced it received one of these licenses on Tuesday.
Leung indicated that there are eight additional applications under review, while Chan highlighted that the government is also focused on advancing regulations for stablecoin cryptocurrencies.
Later on Wednesday, the SFC is expected to unveil a virtual asset roadmap outlining detailed growth strategies, according to Leung.
In addition to Hong Kong, both Singapore and Dubai are striving to position themselves as global leaders in the virtual asset sector.
Consensus Hong Kong marks the first significant gathering of the crypto industry since U.S. President Donald Trump assumed office last month, with promises of crypto-friendly policies, leading to an optimistic outlook on the regulatory landscape.
Richard Teng, CEO of Binance Holdings, remarked on the notable shift in sentiment in the U.S., noting that some sovereign wealth funds and institutional investors have transitioned from questioning whether to invest in crypto to contemplating the extent of their investments.
Justin Sun, the founder of the Tron blockchain network, shared with a panel that he has invested in World Liberty Financial, a recently established cryptocurrency firm partially owned by Trump. He emphasized that the company aims to connect traditional finance with the cryptocurrency sector.
Last year, the price of bitcoin more than doubled, reaching an all-time high of $109,071 on January 20, coinciding with Trump's inauguration. However, it has since retraced to approximately $96,000.