Blockchain community open to more regulations to make technology more mainstream

54% of respondents to FinTech Association of Hong Kong’s blockchain survey state that providing a clear legal and regulatory framework should be top challenge to be addressed in 2019.

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The FinTech Association of Hong Kong has today released the results of its latest survey, based on interviews with 160+ companies from across the Hong Kong blockchain ecosystem ranging from blockchain start-ups to technology service providers. The majority of respondents were open to more regulations around blockchain in order for the technology to achieve its full potential and go mainstream in the coming years.

 

The survey also revealed optimism for the sector’s future in general and for digital assets in particular.  Despite bitcoin and other cryptocurrencies experiencing a turbulent year, an overwhelming majority of respondents (80%) stated that they would be willing to invest in crypto in 2019. In addition, the blockchain industry is anticipated to grow rapidly over the course of this year.  Survey respondents expect service providers specially geared towards this market appearing on the scene, including blockchain-focused lawyers, tax, PR and recruitment advisors.

 

Commenting on the results, Henri Arslanian, Chairman of FinTech Association of Hong Kong, said:

 

“The Hong Kong blockchain community has grown tremendously in recent years and has made Hong Kong a global blockchain hub. The FinTech Association of Hong Kong looks forward to working with not only our FinTech start-up or traditional financial services members but also our regulators and policy makers to ensure that Hong Kong retains this leading position both regionally and globally.”

 

Other highlights from the survey include:

 

  • The top three mandates for the blockchain community in 2019 are blockchain adoption, technological development and public awareness
  • More than one third of respondents would like to see more events organised and more varied blockchain applications developed in 2019 
  • Financial institutions make up the majority of companies actively developing blockchain projects at 35%, while technology firms account for 28%

 

As part of the survey, the FinTech Association of Hong Kong also undertook a mapping exercise to understand and gain a full picture of the current state of Hong Kong’s blockchain ecosystem. The resulting map for the first time clearly details all the firms involved in building Hong Kong’s blockchain ecosystem, and demonstrates Hong Kong’s emerging position as one of the world’s most sophisticated and interconnected blockchain hubs.