A recent report by InvestHK reveals that the number of blockchain applications, or dApps, and software companies has jumped to more than 1700 firms in two years. Blockchain applications have seen explosive growth, jumping by 250% from 2022 to 2024.
Hong Kong stands as a leading hub for crypto adoption in the Asian market. In 2023, it ranked first globally for crypto readiness with a Crypto Readiness Score of 8.36, according to Forex Suggest.
By 2024, Henley’s Crypto Adoption Index placed Hong Kong second worldwide with a score of 42.1 out of 60, trailing only Singapore (45.7), but still ahead of other Asian markets like the UAE (41.8).
In Eastern Asia specifically, Hong Kong drives institutional adoption alongside South Korea, as noted in Chainalysis’ 2024 report, with an 85.6% year-over-year growth in crypto activity, ranking 30th globally on their adoption index.
Government policies and financial support
InvestHK credits government support as a key driver of growth. In June 2021, the Hong Kong Monetary Authority (HKMA) introduced its “FinTech 2025” plan, urging the financial sector to fully embrace technology by 2025.Sixteen months later, the Financial Services and the Treasury Bureau (FSTB) released a policy statement about virtual assets in Hong Kong.
While other government policies support the region, InvestHK emphasized that financial backing is crucial for advancing the industry. The Hong Kong Science & Technology Park established HKSTP Ventures, managing US$0.13 billion (HK$1 billion).
Cyberport launched the Cyberport Macro Fund with US$51 million (HK$400 million) under its control. Cyberport is a digital technology hub in Hong Kong that supports the development of innovation and entrepreneurship in the tech industry.
It provides a range of services, including office spaces, funding, and networking opportunities for startups and tech companies. It focuses on key areas such as fintech, smart city technologies, digital entertainment, and e-commerce.
The government has also established a US$0.26 billion (HK$2 billion) Innovation and Technology Venture Fund (ITVF), which pairs with a co-investment scheme where the ITVF puts in 1 part and the co-investment partner adds 2 parts.
The Innovation and Technology Venture Fund (ITVF) is a Hong Kong government initiative that co-invests with private venture capital firms in local tech startups. Launched to boost the innovation and technology ecosystem, the fund aims to provide financial support to high-potential startups, encouraging private sector investment in early-stage companies.
Read also: Governments are increasingly paying attention to Bitcoin—but why?
The SME Financing Guarantee Scheme also started offering up to a 100% loan guarantee, with loans repayable over a maximum of 8 years and an amount of US$0.77 million (HK$6 million) per borrower.
The SME Financing Guarantee Scheme (SFGS) is a Hong Kong government initiative that helps small and medium-sized enterprises (SMEs) secure loans by providing guarantees to lenders. It offers different guarantee levels to reduce lending risks and support economic growth.
Some Hong Kong universities also set up venture funds to boost startup programs. For instance, City University created HK Tech 300 with US$63.8 million (HK$500 million) to help 300 startups over 3 years.
Growth of digital assets and Web3 firms
Animoca Brands stands out as a leading Web3 enterprise in Hong Kong, having carved out a prominent niche in blockchain gaming, NFTs, and digital entertainment. Firmly rooted in Hong Kong, the company has utilized the city’s burgeoning Web3 network to solidify its presence, gaining recognition for initiatives like The Sandbox and investments in more than 400 Web3 ventures.
A recent report highlighted a 30% rise in digital assets within Hong Kong, with fintech companies employing over 25,000 individuals, including 12,000 at billion-dollar “unicorn” startups.
Between 2022 and March 18, 2025, firms such as Huobi Global, which transitioned its Asia headquarters from Singapore in 2023, ShucangCN, launching NFT China in 2022, and Kaiko, which transferred its Asia-Pacific base in 2023, have flocked to Hong Kong due to its welcoming stance on cryptocurrency.
In 2022, Hex Trust secured $88 million in funding with local support. Analysts foresee the fintech sector hitting $606 billion by 2032, with an annual growth rate of 28.5%, while Hong Kong holds a strong third place on the Financial Centers Index worldwide.
