Changpeng Zhao" Hong Kong, potential to be a virtual asset hub to rival the US and UAE… policy speed is the key'"

Changpeng Zhao (CZ), the founder of the global virtual asset (cryptocurrency) exchange Binance, said Hong Kong can grow into a virtual asset hub on par with the United States and the United Arab Emirates (UAE). However, he emphasized that the speed of regulatory authorities' policy shifts is decisive to achieve this.

On the 29th (local time), Zhao said in an interview with the Hong Kong South China Morning Post (SCMP), "The Hong Kong government has shown a clear attitude of wanting to embrace Web3 and has the capacity to move quickly," adding, "The potential of a region should be assessed not by the current situation but by the speed of change."

He added, "There is no special secret in what the US or the UAE are doing," and "Perhaps tomorrow in Hong Kong officials may gather and (like the US) declare, 'We will change the system.'"

Zhao pointed out that immediate change is needed, noting that the current regulatory allowance in Hong Kong is limited to four assets: Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), and Chainlink (LINK). He proposed, "This is not sufficient. It would be preferable to have a system like Japan's where exchanges can independently decide which tokens to list."