As Asia’s role in the global cryptocurrency market grows, the success of Bitcoin Asia 2024 in Hong Kong signals the region’s influence and innovation potential in this emerging sector.
The summit was held at the Kai Tak Cruise Terminal in Hong Kong from May 9 to 10, attracting more than 5,500 participants, setting a new record for the number of participants and demonstrating Asia’s great enthusiasm and market vitality for cryptocurrencies.
The summit brought together representatives of Hong Kong regulators, well-known scholars in Asia, outstanding Bitcoin ecosystem developers, technical experts, project owners and investors to discuss and share the latest industry trends and innovative achievements. During the two-day meeting, many special discussions and seminars were held, covering many aspects of blockchain technology, such as security, legal environment, market trends, etc. In addition, more than 50 exhibitors showcased the latest Bitcoin and Web3 technology applications and ecosystems, providing participants with opportunities for in-depth understanding and experience.
As a special administrative region of China, Hong Kong enjoys a unique regulatory environment and market openness, which provides fertile soil for the development of cryptocurrencies. At the summit, participants had in-depth discussions on Hong Kong's regulatory environment and the newly approved Bitcoin and Ethereum ETFs. These newly approved ETFs not only provide new investment channels for international investors, but are also seen as a positive signal of mainland China's attitude towards the legalization of cryptocurrencies.
It is particularly worth mentioning that the Hong Kong Securities and Futures Commission recently approved the first six spot Bitcoin and Ethereum ETF funds in Asia. This move is regarded as an important milestone in the development of the cryptocurrency market. This not only provides investors with a more compliant investment channel, but also enhances the accessibility of cryptocurrency investment.
Experts and scholars gathered together to exchange ideas
In his speech, Dr. Wu Jiezhuang, a member of the Legislative Council of Hong Kong, emphasized that Hong Kong, as an international financial and innovation center, is actively promoting the development of Web3. Since Hong Kong issued the "Policy Declaration on the Development of Virtual Assets in Hong Kong" in October 2022, the virtual asset market has developed rapidly, demonstrating the government's commitment to exploring financial innovation in the industry.
At the summit, experts from different backgrounds had an in-depth discussion on the differences between the East and the West in developing Bitcoin. David Bailey, co-founder of Bitcoin Magazine, pointed out at the meeting that despite the ban on cryptocurrencies in mainland China, the enthusiastic participation of many participants from mainland China reflects the market's great enthusiasm for Bitcoin and the cryptocurrency market, as well as the expectation for potential synergies between Hong Kong and the mainland in the field of cryptocurrency.
During the meeting, experts discussed the role of cryptocurrencies in the post-epidemic era and how they will affect our economy and society. Experts pointed out that although the cryptocurrency market has experienced price uncertainty and an increase in cybercrime, the epidemic has actually accelerated the popularity and development of cryptocurrencies. At the same time, experts also emphasized the importance of continued regulation of cryptocurrencies and the impact of the regulatory environment on market success.
Some experts also believe that the Western market focuses more on underlying technology innovation and infrastructure construction, while the Asian market focuses more on the commercial application of Bitcoin and rapid market implementation. This difference reflects the diversity of resources, culture and development stages in different regions.
In addition, the summit also revealed the strategic value of newly approved ETFs. These ETFs allow investors to purchase Bitcoin and Ethereum through physical subscription, greatly enhancing the regulatory compliance of cryptocurrency investments. Although these ETFs are currently mainly aimed at international investors, their potential opening to mainland investors is still highly anticipated.
At the same time, during the discussion at the summit, some experts emphasized the original concept of Bitcoin as a currency, believing that Bitcoin is a currency rather than a speculative asset, and its ultimate purpose is to be used for transactions and daily use. This view was recognized by some participants, who believed that the long-term value of Bitcoin lies in its potential as a global universal currency.
Overall, the successful holding of the Hong Kong Bitcoin Asia Summit 2024 not only demonstrates Asia's active position in the field of cryptocurrency, but also provides a platform for global investors to understand and participate in the Asian cryptocurrency market. With the continuous maturity of the Asian market and the gradual improvement of the regulatory environment, cryptocurrency is expected to usher in a broader development prospect in the region. #香港 #BitcoinAsia2024