Hong Kong is reinforcing its commitment to regulatory clarity in the digital asset sector amid growing competition from the UAE. At Consensus Hong Kong, Joseph Chan, under secretary for financial services and the treasury, and Johnny Ng, founder of Goldford Group, highlighted the need for a dedicated regulatory authority similar to those in Dubai and Abu Dhabi. Ng suggested that Hong Kong's legislative council could enhance oversight by creating a single position to manage crypto regulations. Chan emphasized Hong Kong's consistent regulatory approach, noting that the region's transparent and predictable framework has been a key attraction for digital asset businesses. Since the implementation of Hong Kong's mandatory licensing regime for virtual asset trading platforms, 11 licenses have been issued. The first batch of stablecoin licenses is expected in the first quarter of this year, with further regulations for digital asset dealers and custodians anticipated later in the year.