Report contents
APAC · Established
Hong Kong
Crypto Livability Index 2025·data to 31 Dec 2025
Scoreboard
Five pillars, then the 22 sub-pillars scored 0 to 4. Empty sub-scores are held out of the total, not zeroed.
The number behind the rank
| Raw capability score | 59 / 84 |
| P2P liquidity bonus (tie-breaker) | +1 |
| Inflation 1.8% · unbanked 3% · remittances 0.1% GDP · capital controls 0 · sanctions 0 | CNI 0.013 |
| Need multiplier | ×0.520 |
| Livability score | 0.365 |
Raw 59/84 = 0.702 capability. Crypto-Necessity Index 0.01, from five components: inflation 1.8% (three-year average 2023 to 2025), unbanked 3% of adults, remittances 0.1% of GDP, capital-control intensity 0.00 (KAOPEN 2023), sanctions exposure 0. Need multiplier ×0.52. Livability score 0.365, rank #55 of 79.
Three findings
Institutional capability, minimal household need: minus 28 places
Hong Kong ranks #27 on raw capability but falls to #55 once need is applied. The Crypto-Necessity Index is 0.01: inflation 1.8%, 3% of adults unbanked, remittances 0.1% of GDP. As a financial centre and net remittance sender, its crypto market is built for institutions and capital markets, not for residents who need a workaround.
Asia's institutional anchor, with a 0% capital-gains shield
Individuals pay no general capital-gains tax on crypto, the same structural position as Singapore, and the city became Asia's institutional anchor in 2025: Consensus held its first non-US edition there, transaction volumes on local exchanges grew 233% year on year in the first half, and 12 platforms held SFC virtual-asset trading licences by year-end. The Stablecoins Ordinance commenced 1 August 2025.
The stablecoin rails were licensed but not yet running
Despite the ordinance taking effect, the monetary authority had licensed zero stablecoin issuers by 31 December 2025, with first licences expected in the first quarter of 2026, so utility-bill payment scores 0 and retail USDT and USDC access was being phased out for non-professional investors. The framework exists ahead of the operational rails.
In one line
"Hong Kong won the race to be Asia's regulated crypto capital, with the licences, the ETFs and the conferences to match. What it does not have is a population that needs any of it to get by."
Watch in 2026
Trajectory 4/4, actively liberalising. The SFC virtual-asset regime is fully operational with retail trading live, spot Bitcoin and Ether ETFs trading since 2024, tokenised government bonds issued, and the Stablecoins Bill tabled in the legislature in December 2025. The first stablecoin issuer licences, expected in the first quarter of 2026, are the concrete item to watch as the regulated rails go live.