Michaela
Binance founder Changpeng Zhao, also referred to as “CZ”, has said that Hong Kong has the foundations to emerge as a leading virtual asset hub, but warned that swift regulatory action and broader token access are needed to keep pace with global competitors like the U.S. and the United Arab Emirates (UAE).
In an interview with the South China Morning Post, Zhao noted that allowing retail traders access to only four tokens may be too limited. He suggested Hong Kong could look to Japan’s approach, where exchanges are given more flexibility in deciding which cryptocurrencies can be listed.
Zhao spotlighted Hong Kong’s clear stance on supporting Web3 development, adding that the progress seen in the U.S. and UAE is not beyond what the city can achieve.
Currently, licensed platforms in Hong Kong permit retail investors to trade only four cryptocurrencies, Bitcoin, Ether, Avalanche, and Chainlink. The restriction was introduced in August 2023, when the Securities and Futures Commission legalized retail crypto trading. To qualify, tokens must appear in at least two major investible indices, including one issued by an independent traditional finance provider.
“We shouldn’t evaluate a place’s future potential based on its current status,” Zhao stated in the interview. “We should assess it based on the speed of change,” he added.
Hong Kong’s Exchange Access: Boosting SHIB and DeFi Growth
Hong Kong’s limited token list has also spotlighted a bigger challenge: access to exchanges. When licensed platforms only offer a handful of cryptocurrencies, it restricts trading options for investors and makes it harder for emerging projects to gain traction.
For SHIB holders, broader exchange availability would simplify trading locally, improve liquidity, and create smoother pathways for Shibarium-based projects to reach global users.
Expanding the range of tokens that exchanges can list could also encourage more active participation in the SHIB ecosystem, giving both retail and institutional users more opportunities to engage.
Ultimately, greater exchange freedom would not just benefit individual projects, it could strengthen the entire decentralized finance landscape in Asia, fostering innovation, adoption, and cross-border integration in a region increasingly focused on blockchain development.
Read More
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- CZ Blasts MSM: ‘Baseless Hit Pieces’ Fueled by Anti-Crypto Agenda
- Hong Kong Approves Stablecoin Bill, Licensing to Start by Year-End
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
