Interest in cryptocurrencies continues to thrive in Hong Kong, with a recent survey indicating that 25% of adults are considering investments in this space.
A survey conducted in November 2024 by the Hong Kong University of Science and Technology revealed that one in four participants intends to invest in cryptocurrencies, reflecting a 6% increase since a similar poll in September 2023.
The survey, which included responses from 5,863 adults over three weeks, also highlighted a persistent sense of uncertainty. Throughout all three surveys conducted, at least 40% of respondents expressed doubts about holding cryptocurrencies in the future, as noted by the research team.
Despite the fallout from the FTX collapse in November 2022, a greater number of respondents expressed confidence in utilizing regulated exchanges. The data showed that Hongkongers are significantly more inclined to trust crypto exchanges that operate under regulation, with 20% more participants indicating they feel secure depositing funds in these platforms compared to unregulated ones.
Bitcoin (BTC) remains the top choice among respondents, with over 80% showing interest, marking a 7% increase from the initial survey. Conversely, enthusiasm for non-fungible tokens has declined, dropping by 11% since the first round of polling.
While there is a growing interest among Hongkongers in purchasing cryptocurrencies, awareness regarding tokenized forms of money appears to be lacking. The survey found that 72% of participants were unfamiliar with central bank digital currencies, followed by 65% unaware of e-HKD, 61% not knowing about stablecoins, and a staggering 81% unfamiliar with tokenized deposits.
Hong Kong is actively positioning itself as a leading crypto hub, particularly by issuing licenses to crypto exchanges and facilitating the launch of tokenized investment products. In August 2024, the Hong Kong Monetary Authority introduced an initiative called “Project Ensemble Sandbox,” aimed at testing and improving the use of tokenized money for interbank settlements and transactions involving tokenized assets.