In response to the rapidly evolving virtual asset landscape and recent market developments, HKUST Business School conducted a two-phase survey study between April and October 2023 to gauge public perceptions of virtual assets. The findings are documented in the report titled Public Awareness and Perception of Virtual Assets, which consolidates the experiences and attitudes of the Hong Kong population towards virtual assets investments, as well as their views on related regulations.

The results indicated that while there was a relatively high level of awareness about virtual assets among the survey respondents, understanding of and experience with virtual asset investment were generally low. The survey also revealed a significant increase in the number of respondents who would not want to hold virtual assets in the future between Phase 1 and Phase 2 of the study.

Key findings from the report include:

  • 87.3% of the respondents had heard of virtual assets, which was slightly increased by 3.4 percentage points from Phase 1.
  • Close to 70% of the respondents had a limited understanding of virtual assets, while less than 3% considered themselves to fully understand virtual assets.
  • Financial regulators (87.9%), financial institutions (81.2%), and law enforcement (76.9%) were ranked as the top three most accountable parties if investors experience scams in virtual asset investments.

From the survey findings, it is believed that proper regulation of virtual assets and their service providers can help increase Hong Kong investors’ confidence in virtual assets. Additionally, more public education is needed to equip investors with sufficient knowledge about virtual assets to help them make informed investment decisions.

Click here to read the full report.