Himo Liu

About 35 percent of family offices hope to increase investment in blockchain technology, with 27 percent expecting to increase cryptocurrency investment, according to a research by Grant Thornton.

The report illustrates that more than half of the family offices have invested in virtual assets, but only 38 percent of them allocate less than 1 percent of their portfolio to such investments.

Mian Wong, advisory director of Grant Thornton Hong Kong, said that despite regulatory challenges globally for cryptocurrency companies, virtual assets will continue to be vital for alternative investments.

She urged the government to adapt to the evolving technological landscape, establish necessary safeguards and ensure a more orderly virtual asset trading market after the anticipated issuance of platform licenses in the second half of 2024.

Deputy managing partner Eugene Ha said that the government has actively pursued policies, such as attracting family offices, to encourage investments. He believed there is no need to be overly concerned.

Following a major marketing campaign in March, Hong Kong has attracted 30 family offices and received 100 inquiries from the mainland, Southeast Asia, Europe and the Middle East, according to the SAR’s FamilyOfficeHK.