Headline: Hong Kong doubles down on crypto but warns of “aggressive” UAE competition At Consensus Hong Kong, senior officials and industry figures painted a picture of two competing approaches to crypto regulation — with Hong Kong emphasizing predictability and the UAE pushing an aggressive, centralized playbook. Speaking at the conference, Joseph Chan, Hong Kong’s Under Secretary for Financial Services and the Treasury, reiterated the city’s long-standing commitment to digital assets and blockchain. Chan argued Hong Kong’s regulatory stance is a selling point: “Our regulation is transparent, certain and predictable… Be it during a crypto winter or not, Hong Kong has stood by the development of the digital asset industry.” He contrasted that steadiness with jurisdictions that, in his words, may “flip‑flop” as markets ebb and flow. But competition is real. Johnny Ng, founder of web3 investment firm Goldford Group and a member of the CPPCC since 2018, warned that the UAE is pushing hard to capture market share. “The UAE is really aggressive,” Ng said, noting that Dubai and Abu Dhabi have built comprehensive virtual-asset frameworks and concentrated oversight under single, dedicated authorities. He also pointed to Korea’s model, where a specific government body handles crypto issues. Ng urged Hong Kong’s legislature to consider streamlining oversight — proposing that a single position be created to coordinate digital-asset policy — and said he would help connect Hong Kong with international counterparts, including lawmakers in Korea. Where Hong Kong stands on licensing and timelines - The city’s mandatory licensing regime for virtual asset trading platforms (VATPs) has been in force for about two and a half years, and 11 licensees have been approved under that framework. - The stablecoin regulatory regime launched in August; Chan said the first batch of stablecoin licenses is targeted for the first quarter of this year. - A license regime for digital-asset dealers and custodians is next on the agenda. Chan said Hong Kong’s financial secretary is expected to table that framework later this year, but warned that multiple consultations and bill readings must take place first. Chan framed the deliberate pace as deliberate policy: “It sounds like a long process, but it’s very important… everyone from the industry knows what’s coming, there is enough time to raise your concerns, so there will be no surprises and everybody knows what’s going to happen next.” Bottom line: Hong Kong is doubling down on a predictable, consultative regulatory model as it seeks to defend market position — even as the UAE’s centralized, aggressive approach ramps up the competition for crypto business and talent. Read more AI-generated news on: undefined/news