Share this article
Hong Kong 'Needs to Commit to DLT', Advisory Group Says
Hong Kong’s government should lead the way on blockchain, a financial services advisory group said today.
By Stan Higgins
Updated Sep 11, 2021, 1:18 p.m. Published May 9, 2017, 3:05 p.m.
Make us preferred on Google
The government of Hong Kong should lead the way on blockchain, a financial services advisory group said today.
The Financial Services Development Council (FSDC), formed in 2013 to provide guidance on industry issues, put out a new discussion paper published this morning that calls for government action in several key areas.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Here are the key recommendations from the FSDC report:
- Prep for digital currencies: The FSDC wants Hong Kong to get ready for digital currencies, naming China specifically and citing "the likely issuance of digital RMB".
- Establish R&D spaces: Tentatively called a "DLT Hub", the plan would include the development of a research-and-development center focused on public-private collaboration. If established, that initiative would dovetail with efforts by Hong Kong's de facto central bank.
- Prove the concepts: The group is pressing Hong Kong's government to get hands-on with blockchain. The FSDC also wants Hong Kong to up its spending on blockchain: "To provide effective demonstration of DLT’s capabilities and benefits, this work should be given higher priority, backed by more substantial funding, and extended under 'Finance', 'Smart City' and 'Trade and Logistics' themes."
- Take the lead: Hong Kong needs a "DLT lead function" to spearhead public-sector initiatives around blockchain. This individual or office (the report doesn’t specify) would serve as a catalyst for public-sector applications who, in part, would "promote the technology".
Striking a somewhat dramatic tone, the report urges Hong Kong to move expeditiously – or risk being left behind.
"Hong Kong needs to commit to DLT now in order to reserve a place for itself in a potentially very different world," the group concluded.
Read the full report here.
Hong Kong bridge image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Cathie Wood’s ARK Invest files for two crypto index ETFs tied to CoinDesk 20
One proposed fund will attempt to exactly mimic the CoinDesk 20, but the other would track the index, excluding bitcoin.
What to know:
- ARK Invest has filed with U.S. regulators to launch two cryptocurrency ETFs tracking the CoinDesk 20 index.
- One proposed fund would track the CoinDesk 20, which provides exposure to major tokens, including bitcoin, ether, solana, XRP, and cardano. The other would track the same index, but exclude bitcoin, by pairing long index futures with short bitcoin futures.
- The funds, which would list on NYSE Arca if approved, aim to offer diversified crypto exposure without direct token custody and follow similar, still-unapproved crypto index ETF proposals from WisdomTree and ProShares.
Top Stories
