Hong Kong’s crypto plans could be a ‘test center’ opportunity for China, PCG’s Li says

Hong Kong is still a great financial hub for capital, for the world and particularly the Asia market, Richard Li, chairman at Pacific Century Group, a private investment group.

“I still feel that Hong Kong is a very good hub for Asia… a very good financial hub for capital.”

Li made the comments during an interview with Bloomberg that aired on Tuesday.

Hong Kong still top financial hub

According to the latest Global Financial Centers Index, Hong Kong is fourth among global financial hubs – behind New York, London and Singapore. The GFCI’s 32nd edition published in September highlighted that city’s like Hong Kong had their normal business levels impacted by travel restrictions.

Li told Bloomberg on the sidelines of the Hong Kong Fintech Week that the former British colony remains a top hub for capital despite many challenges that’s impacted its global outlook, including COVID-19, rising interest rates and geopolitical pressures. But the billionaire investor says the city’s DNA has not changed.

“I think that all the right DNA of what makes Hong Kong tick is still here and I’m optimistic. But I think we need to be a little bit patient… I think our administration here in Hong Kong has to navigate between Hong Kong’s economic needs, as well as the concern of the greater population of the nation as a whole.”

Richard Li on Hong Kong’s crypto plans

Li, also the founder of PCG’s insurance arm FWD, believes plans by Hong Kong to mainstream retail cryptocurrency trading could be a key step for the digital assets space in mainland China.

China’s ban on crypto trading after another crackdown in 2021 remains in place. But as we recently covered, Hong Kong has initiated plans to make it easy for the retail market to trade digital assets. What could this mean for the digital assets sector in China?

According to Li, Hong Kong’s push to become Asia’s leading financial and innovation hub, especially on the issue of crypto, could become a kind of “test center for China.” He opined:

“I have no inside information, but I think taking advantage of this opportunity, for Hong Kong, is a very, very good opportunity.”

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