According to Forkast, Neil Tan (Chen Wenli), chairman of the Hong Kong Financial Technology Association, said: “Due to the challenging regulatory environment in the United States, cryptocurrency companies are being forced to explore more friendly jurisdictions. Hong Kong’s strategic position as a gateway to China , coupled with its strong access to capital, is strengthening its ambition to become a leader in the virtual asset space. However, Hong Kong faces stiff competition from Dubai and Singapore.”

Neil Tan said: "What is happening in other jurisdictions is that there is a setback in terms of retail investor access. Hong Kong is leading the way in this space. Encryption is banned in China, but it is completely legal here. It is A sandbox, it's an access point for a lot of this cross-border activity. China has said that's how they can operate, and it seems to have been approved. So I think it's very welcome."
In addition, for the e-HKD (Digital Hong Kong Dollar) use case, Neil Tan said that companies participating in the e-HKD pilot are trying to use smart contract technology to try to test online and offline payments. In addition, these companies are also researching tokens deposits and tokenized assets. They partnered with Taiwanese bank Fubon Bank, primarily to tokenize real estate.
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