At the 2026 Crypto Finance Forum, Professor Wang Yang, Vice President of Hong Kong University of Science and Technology, delivered a keynote speech urging Hong Kong to fully leverage its regulatory sandbox mechanism as a strategic “bridgehead” and pilot zone for the country’s overall financial strategy. Wang highlighted that Hong Kong’s inherent advantages in financial regulation, legal systems, and international connectivity allow it to pilot innovative products such as digital assets and tokenized assets within a controlled sandbox, creating replicable models for the mainland and Belt & Road countries.
Strategic Positioning of the Sandbox
Wang emphasized that Hong Kong should not be seen merely as an independent international financial center but as a platform for implementing macro-level financial strategies. Through the sandbox, key applications like cross-border CBDC payments, supply chain finance tokenization, and green asset tokenization can be tested, accelerating the internationalization of the renminbi. The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority have already established regulatory frameworks for virtual asset trading platforms and stablecoin issuers. Expanding the sandbox scope would allow more financial institutions and tech companies to innovate in a compliant environment.
Strengthening Belt & Road Financial Connectivity
Under the Belt & Road Initiative, Hong Kong can act as an investment and financing bridge. Wang suggested using the sandbox to cooperate with sovereign wealth funds and exchanges in the Middle East and Southeast Asia to issue blockchain-based infrastructure financing instruments, reducing cross-border settlement costs and improving capital efficiency. Such trials would not only bring incremental business to Hong Kong’s financial sector but also expand the use cases for the renminbi in partner countries.
Boosting International Financial Discourse
Wang argued that Hong Kong’s pioneering role in digital assets could help China gain more influence in global rule-making. As major economies compete for dominance in Web3, DeFi, and other emerging fields, Hong Kong can use its sandbox to deliver compliant and efficient innovation cases, offering “China solutions” on international regulatory standards and cross-border data flows. This would enhance China’s voice in international financial organizations.
Wang concluded that Hong Kong should leverage the institutional flexibility of “one country, two systems” to explore boldly under controlled risk, contributing experience to China’s financial opening and modernization. Industry participants at the forum widely agreed that if Hong Kong’s sandbox mechanism can further coordinate with mainland regulatory policies, it will secure a vital position in the global digital finance wave.