Hong Kong is welcoming one of the biggest Web3 industry events, testing its ambitions to become a global hub for virtual assets. Meanwhile, the event’s organisers, Consensus Hong Kong, aim to expand their presence across Asia.
The three-day conference will focus on cryptocurrency and blockchain technology starting on Tuesday. Organisers are leveraging Hong Kongโs reputation as a financial centre to attract interest from traditional finance sectors.
“Naturally, we know our strength, capital markets,” said King Leung, global head of financial services, fintech, and sustainability at InvestHK. Michael Lau, chairman of Consensus Hong Kong and head of business development at cryptocurrency exchange Bullish, echoed this view.
“Choosing Hong Kong was a strategic decision because we understand that one of the major themes in this space is how traditional finance is being enhanced by blockchain technology,” Lau said in a joint interview with Leung at InvestHKโs offices on February 13.
A key moment for Hong Kongโs virtual asset sector
Consensus Hong Kong marks a significant expansion for one of the industry’s biggest conferences. The eventโs organiser, CoinDesk, is a major crypto news outlet that exposed financial irregularities at FTX, leading to the exchangeโs downfall. CoinDesk was acquired by Bullish in November 2023.
Hong Kong aims to showcase its commitment to the virtual asset industry while proving it can host large-scale events for the sector. One of the biggest topics currently is stablecoinsโcryptocurrencies pegged to traditional currencies like the US dollar, making them more suitable for mainstream financial applications. The Hong Kong Monetary Authority, the cityโs de facto central bank, is preparing regulations for stablecoins.
“Stablecoins found a strong product-market fit when launched,” Lau said. “People quickly realised they were an excellent tool for remittances and payments, improving efficiency while retaining value for users.”
However, CoinDeskโs expansion into Hong Kong came shortly after the publication was caught in controversy. CoinDesk allegedly dismissed several editors, including its editor-in-chief, two months ago over a story involving Tron founder Justin Sun. The article took a lighthearted approach to Sun publicly eating a banana from the conceptual artwork Comedian, which he had purchased for US$6.2 million.
In December, Fortune reported that Bullish fired the editors, raising concerns about editorial independence and potential conflicts of interest. The journalist who wrote the article, Callan Quinn, later resigned, accusing Tron of undue influence. Tron, a major sponsor of Consensus Hong Kong, denied any involvement.
“We respect journalists and the role of the media,” Tron stated when asked for comment. “Internal matters at CoinDesk are their business; we cannot speculate or comment on their behalf.” Bullish did not respond to requests for comment.
Global interest in crypto grows amid shifting industry landscape
Even before the CoinDesk controversy, InvestHK had talked with the publication about bringing Consensus to Hong Kong. The city has a large crypto community, many of whom have attended the Consensus conference for years. “We already have a strong fan base here,” Leung said.
Hong Kong is pushing to become a major player in the crypto world at a time of significant industry change. The re-election of Donald Trump, now seen as more crypto-friendly, has driven Bitcoinโs price to record highs.
Lau pointed out that Consensus Hong Kong is the first major industry event since Trumpโs inauguration on January 20. While he did not disclose exact attendance figures, he noted that participants from over 100 countries had registered. He believes the surge in global interest is tied to regulatory changes and government support.
“More governments publicly support crypto, and regulators provide clearer guidelines. These factors are all positive,” Lau said. “The sentiment has shifted, and weโre seeing accelerating adoption and excitement around the space.”
Crypto adoption has historically been strong in Asia, partly due to a large underbanked population. With Hong Kong now positioning itself at the heart of the industry, the next few days will be a crucial test of its ability to take the lead in the global virtual asset sector.
