Bitcoin Magazine hosted the Bitcoin Asia conference on May 9-10, which successfully attracted over 5,500 participants to Hong Kong this year, alongside hundreds of speakers and sponsors. The conference’s conclusion in Hong Kong is not surprising. Curious investors have closely followed the city’s recent embrace of cryptocurrency, from hosting Web3 events to the controversial approval of Asia’s first six spot Bitcoin and Ethereum ETF funds.
Bitcoin Asia Conference Continues
According to a report at the conference in South Korea, Hong Kong, as a special administrative region of China, has some freedom in setting its own policy, but some crypto investors see Hong Kong’s ETF approvals as an implicit message of support for cryptocurrency from the mainland.
Moreover, David Bailey, co-founder of Bitcoin Magazine and organizer of the conference, estimated that half of the attendees were from mainland China and hoped that Hong Kong could further develop its relationship between its crypto economy and the mainland, which bans cryptocurrency. Bailey shared his thoughts on the matter:
“I think the ETF funds are a kind of acknowledgment that Bitcoin is here to stay.”
Bailey also praised Hong Kong’s ETF funds for enabling the purchase of Bitcoin and Ethereum through in-kind subscriptions, which he described as very important. While qualified investors from outside Hong Kong can purchase the ETF funds, mainland investors are still prohibited from buying shares.
Hong Kong and the Crypto Space
Data from SoSoValue shows that Hong Kong’s spot Bitcoin ETF funds currently have just under $200 million in assets under management (AUM), while spot Ethereum ETF funds have about $28 million in AUM.
Hong Kong is taking significant steps towards crypto regulations, especially led by the US and UK. The government, which fully opens its doors to centralized cryptocurrency exchanges, also continues to invite blockchain-focused companies to the region. Many projects in the increasingly popular GameFi sector continue to choose Hong Kong as their hub.
