The Securities and Futures Commission (SFC) on Thursday said the SAR has a key role to play in contributing to global regulations on cryptocurrency, as industry players called for further expansion of the industry ecosystem.

The remarks were made as cryptocurrency-focused conference Bitcoin Asia 2025 got underway at the Convention and Exhibition Centre in Wan Chai.

It comes after the city's new regime governing stablecoins, a type of cryptocurrency typically pegged to fiat money, took effect earlier this month, marking another milestone in the city's push to develop its digital asset sector.

At a panel, Clarence Shen, an SFC manager responsible for fintech policy formulation, said Hong Kong's cryptocurrency industry has seen "incremental" progress in recent years, adding that the SAR can contribute to global governance of the blockchain-based virtual asset.

"What we've been seeing in SFC is there has been a convergence globally in terms of regulations, [and] we see many major jurisdictions moving from a more light-touched regime to a more investor protection-oriented and centric regime. And Hong Kong, in particular, is playing a key role in this change as well," he said.

"We've been actively participating in many different multilateral organisations and bilateral communications with different regulators. What Hong Kong and SFC are trying to do is that we are not just a participant in the global regulations, but we are also an active player and writer of the global rule book."