Curiosity in cryptocurrencies exhibits no indicators of slowing down in Hong Kong as 25% of adults planning to speculate, a brand new survey finds.
A November 2024 survey by the Hong Kong College of Science and Expertise discovered {that a} quarter of respondents plan to carry cryptocurrencies, up 6% from a ballot carried out in September 2023, The Commonplace experiences.
The survey, which polled 5,863 adults over three weeks, additionally discovered that uncertainty nonetheless stays excessive. Throughout all three surveys, not less than 40% of respondents indicated uncertainty in holding cryptocurrencies sooner or later, the HKUST analysis workforce said.
On the identical time, regardless of the FTX collapse in November 2022, extra respondents nonetheless expressed confidence in utilizing regulated exchanges. The survey discovered that Hongkongers are considerably extra prepared to make use of crypto exchanges if they’re regulated, with 20% extra respondents saying they’d really feel protected depositing cash into regulated platforms than unregulated ones.
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Bitcoin (BTC) stays essentially the most favored cryptocurrecy, with greater than 80% of respondents displaying curiosity, a rise of seven% from the primary survey. In the meantime, curiosity in non-fungible tokens has declined, with a drop of 11% for the reason that first ballot.
Whereas extra Hongkongers expressed their curiosity in shopping for cryptocurrencies, public understanding of tokenized cash seems restricted as 72% of respondents stated they have been unfamiliar with central financial institution digital forex, adopted by 65% for e-HKD, 61% for stablecoins, and 81% for tokenized deposits, the survey confirmed.
Hong Kong has made strides to advance itself right into a crypto hub, specifically by means of issuing licenses to crypto exchanges and made it potential for firms to challenge tokenized funding merchandise. In August 2024, the Hong Kong Financial Authority launched a sandbox initiative dubbed “Mission Ensemble Sandbox” that’s designed to check and refine using tokenized cash for interbank settlements and transactions involving tokenized belongings.
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