Animoca Brands chairman foresees growth in Hong Kong’s crypto space with local stablecoins

Hong Kong dollar-pegged stablecoins, when allowed in Hong Kong, may secure their unique territory in the already saturated crypto market, Animoca Brands Chairman Yat Siu told The Block at the BUIDL Asia conference in Seoul on Thursday.

Hong Kong stablecoins could find a pool of sizable, unique demand as the HKD is a U.S. dollar equivalent that is not the U.S. dollar and is outside the U.S. territory, Siu explained. At the same time, Hong Kong is moving closer to approving its first line of spot bitcoin exchange-traded funds , with multiple local finance firms, including Venture Smart Financial Holdings , submitting their applications to the Securities and Futures Commission.

“It’s entirely possible that after Hong Kong approves bitcoin spot ETFs, it may actually have different types of ETFs ahead of the U.S. because it has broadly, more clarity in the regulatory framework,” said Siu, who also saw potential for spot ether ETFs or funds based on GameFi tokens. The Animoca chairman said that the Web3 market is “back in a pretty big way” in the crypto bull cycle, and that the market is “fundamentally much stronger” from the perspective of a Web3 investment company.

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