Quick Breakdown:
- Binance founder Changpeng Zhao urged Hong Kong to expand the number of tokens listed on licensed exchanges to stay competitive.
- Hong Kong currently allows only four tokens, a limitation Zhao says is “not enough” compared to Japan’s more flexible model.
- Zhao praised Hong Kong’s Web3 push but warned that excessive conservatism could drive investors to the U.S. or UAE.
Binance founder Changpeng Zhao has called on Hong Kong to broaden the range of cryptocurrencies available on licensed exchanges if it wants to compete with global financial hubs such as the United States and the United Arab Emirates. Speaking to the South China Morning Post on Friday, Zhao said the city’s current listing framework is too limited to position it as a leader in the global digital asset race.
Call for Wider Token Access
Zhao, widely known as CZ, noted that Hong Kong currently permits only four tokens on licensed exchanges, a restriction he described as “not enough” to meet market demand or attract serious institutional adoption. He argued that giving exchanges greater autonomy to decide on token listings, similar to the approach taken in Japan, would provide the flexibility needed to foster growth and innovation.
Exclusive | Hong Kong can rival US, UAE as a crypto hub, Binance founder CZ says https://t.co/kGtcWhrQ60
— South China Morning Post (@SCMPNews) August 29, 2025
“The U.S. and UAE haven’t done anything magical beyond Hong Kong’s reach,”
Zhao said, suggesting that the city could quickly close the gap by adjusting its stance on digital asset availability. He emphasized that Hong Kong’s regulators have shown a clear willingness to embrace Web3, but their cautious approach risks holding the market back.
Balancing Regulation and Competition
Zhao acknowledged that Hong Kong’s regulatory conservatism stems from a desire to avoid mistakes as it develops its digital asset framework. However, he warned that if the market remains too restrictive, investors and companies may turn to other jurisdictions offering more expansive crypto access.
With institutional interest in digital assets accelerating worldwide, Zhao stressed that expanding the list of tradable tokens is key to Hong Kong’s competitiveness. By striking a balance between regulation and accessibility, he said, the city could position itself as a global hub for Web3 and digital finance.
Notably, Zhao has dismissed Central Bank Digital Currencies (CBDCs) as “outdated,” arguing that stablecoins have already overtaken them in both relevance and adoption. Speaking at the WebX conference in Tokyo on August 25, he said stablecoins now represent the more practical and widely embraced solution for digital payments.
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