The School of Business and Management of The Hong Kong University of Science and Technology (HKUST Business School) released findings from the latest edition of a survey series tracking public attitudes and perceptions towards virtual assets (VAs) Note 1 and tokenized money Note 2 in recent years. About 25 percent respondents say they would like to hold VAs in the future, up by 6 percentage points compared with one conducted after an alleged fraud incident involving a cryptocurrency platform in mid-September 2023.
Conducted in November 2024, this latest survey gathered 5,863 responses from the Hong Kong adult population over a three-week period. The previous two surveys were conducted before (Apr/May 2023) and shortly after (Sep/Oct 2023) the above-mentioned financial incident.
According to the HKUST research team responsible for this survey, by the time of this survey, interest in holding virtual assets had returned to levels similar to those in the first survey, reflecting that the negative impact of the financial incident had diminished, and interest of the public in holding virtual assets had rebounded. Across all three surveys, at least 40% of the respondents indicated uncertainty in holding virtual assets in the future.
Survey respondents were significantly more willing to use crypto exchanges if they were regulated, with 20% more respondents indicating they would feel safe depositing money into regulated platforms than unregulated ones. Bitcoin remains significantly more popular than other types of virtual assets across all three surveys, with 81% of respondents expressing interest in holding it—an increase of 7 percentage points since the first survey. Interest in NFTs has declined, dropping 11 percentage points from the first to the latest survey and showing shift in investor preference away from speculative digital collectibles.
The survey has also looked into public awareness and perceptions of tokenized money, views on its regulation and usage.
Public awareness of tokenized money remains to be developed, with many respondents saying that they were unfamiliar with Central Bank Digital Currency (CBDC) (72%), e-HKD (65%), Stablecoins (61%), and Tokenized deposits (81%). About 34% of respondents supported allowing private-sector issuance of stablecoins or tokenized deposits under proper regulation. A majority (52%) of the respondents agreed that tokenized deposits should have the same legal status and protection as traditional bank deposits.
Commenting on this survey, Prof. TAM Kar Yan , Chair Professor of Information Systems at HKUST, said, “Hong Kong is actively promoting a VA sector that balances regulation with market development. By collating and analyzing public opinions on a wide spectrum of VA-related topics, including investment experience, intentions, and regulatory safeguards, we hope this latest survey will help foster the development of a strong VA asset sector in Hong Kong. With virtual assets being an integral part of the digital economy, it is crucial to implement more educational programs to enhance public knowledge and awareness of both the opportunities and risks associated with this evolving domain.”
Recommendations by the HKUST research team to promote the development of the VA sector:
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Read the full report HERE.
Notes:
1. A virtual asset (VA) is a digital representation of an asset that can be traded and transferred. Examples of VAs include cryptocurrencies, such as Bitcoin and Ether, and non-fungible tokens (NFTs), which are unique VAs that often represent digital artwork or other digital or real property.
2. Tokenized money represents a specific class of virtual assets, focusing on the digital representation of fiat currencies or valued commodities which provide a storage of value as well as a medium of exchange. Examples of tokenized money include retail and wholesale Central Bank Digital Currencies (CBDCs) issued by central banks and stablecoins which are digital assets designed to maintain a stable price over time.
The HKUST Business School releases the latest edition of a survey series tracking public attitudes and perceptions towards VAs.
HKUST Business School’s research team offers recommendations to promote the development of the VA sector.
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