Hong Kong Reaffirms Commitment to Digital Assets Amid UAE Competition
### Hong Kong Stays Committed to Digital Assets Amid Strong Competition from UAE
Hong Kong is reaffirming its dedication to the digital asset sector, as it faces increasing competition from the United Arab Emirates (UAE), which is being described as "really aggressive," according to lawmaker Ng. The landscape for digital currencies and assets is growing rapidly, and Hong Kong is keen to maintain its position as a crucial player in this evolving market.
Key government officials, including Chan, have articulated the importance of a clear and stable regulatory framework. "Our regulation is transparent, certain and predictable, and we have stuck to that all along," Chan stated. He emphasized that while other jurisdictions may waver in their commitment during challenging economic periods, Hong Kong remains steadfast in supporting the development of the digital asset industry, regardless of external fluctuations.
In discussions about potential improvements, Ng suggested that the legislative council could encourage the government to take further steps. He proposed the idea of establishing a dedicated position focused on overseeing developments in the digital asset sector. "I think Hong Kong's legislative council can recommend that the government do more, particularly by creating one position to oversee all those things," he noted.
Chan also highlighted the importance of international collaboration, remarking, "As a lawmaker, I will actually help the government to connect with congressmen from other countries, for example, Korea." The city’s officials aim to foster partnerships and knowledge exchange to better solidify its standing in the global digital asset community.
While the road ahead may appear lengthy and intricate, Chan assured that such efforts are imperative for maintaining Hong Kong's competitive edge. "It sounds like a long process, but it's very important," he concluded, underscoring the necessity of coordinated action in the face of aggressive competition from the UAE.
This report is for informational purposes only and is not financial advice.