Race Capital 的 Edith Yeung 討論香港作為加密貨幣中心的持續發展

Yeung 將在 Consensus Hong Kong 上發表演講，她討論了香港作為加密貨幣中心的持續發展，以及她對中國對加密貨幣立場的看法

As a co-founder and general partner at early stage venture capital fund Race Capital, Edith Yeung has had a ringside seat on the development of the crypto sector, especially in Hong Kong, where she was born and raised. Notably, she was a seed investor in Solana, putting in $250,000 when SOL was valued at just $0.04, and was also an early investor in Lightning Network. Since 2017, Yeung has also authored the China Internet report, an influential annual survey of technology trends in China.

身為早期創投基金 Race Capital 的共同創辦人和普通合夥人，Edith Yeung 一直參與加密貨幣產業的發展，尤其是在她出生長大的香港。值得注意的是，她是 Solana 的種子投資者，在 SOL 估值僅為 0.04 美元時投資了 25 萬美元，同時也是閃電網絡的早期投資者。自2017年以來，楊還撰寫了《中國互聯網報告》，這是一份有影響力的中國技術趨勢年度調查。

Here, Yeung, who will be a speaker at Consensus Hong Kong, discusses Hong Kong’s ongoing development as a crypto hub, her take on China’s stance towards crypto, what she foresees for Solana and one big crypto prediction for 2025.

即將在 Consensus Hong Kong 上發表演講的 Yeung 在此討論了香港作為加密貨幣中心的持續發展、她對中國對加密貨幣立場的看法、她對 Solana 的展望以及對 2025 年加密貨幣的一項重大預測。

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本系列由Consensus Hong Kong 為您帶來。 2 月 18 日至 20 日，快來體驗 Web3 和數位資產領域最具影響力的活動。立即註冊並使用代碼 CoinDesk15 可節省 15%。

Interview has been condensed and lightly edited for clarity.

為了清晰起見，採訪經過精簡和輕微編輯。

How do you see crypto regulations developing in HK in 2025? Do you think more crypto companies will become licensed by the SFC in 2025?

您如何看待 2025 年香港的加密貨幣法規發展？您認為 2025 年會有更多加密貨幣公司獲得證監會發牌嗎？

It’s exciting to see that Hong Kong now has seven SFC-licensed virtual asset trading platforms. From an investor’s perspective, having a clear licensing regime is a major step forward. Regulatory clarity and predictability are like well-lit roads — they give investors the confidence to drive forward without worrying about unexpected detours.

令人興奮的是，香港目前擁有七家獲得證監會許可的虛擬資產交易平台。從投資者的角度來看，擁有明確的許可證制度是向前邁出的重要一步。監管的明確性和可預測性就像燈火通明的道路——讓投資人有信心繼續前進，而不必擔心意想不到的彎路。

That said, licensing alone isn’t enough. Liquidity is the other critical piece of the puzzle. Think of a trading platform like a brand-new highway: you can have the smoothest pavement and clearest signs, but if no cars are on it, drivers won’t bother. Similarly, no matter how many licenses you have, if there’s no active trading and liquidity, investors will hesitate to come aboard.

也就是說，僅獲得許可是不夠的。流動性是這個難題的另一個關鍵部分。把交易平台想像成一條全新的高速公路：你可以擁有最平坦的路面和最清晰的標誌，但如果上面沒有汽車，司機就不會打擾。同樣，無論你擁有多少牌照，如果沒有活躍的交易和流動性，投資者就會猶豫是否加入。

The key for Hong Kong now is to build not just the infrastructure but the traffic flow — because a great platform without liquidity is like an empty highway going nowhere.

現在香港的關鍵不僅是建造基礎設施，還要建造交通流量——因為一個沒有流動性的偉大平台就像一條空蕩蕩的高速公路，無處可去。

What kind of role do you see Hong Kong developing in terms of the crypto sector, especially in relation to the US? What about Asia more broadly?

您認為香港在加密貨幣領域發揮什麼樣的作用，特別是相對於美國？更廣大的亞洲又如何呢？

Hong Kong is the New York of Asia. Exchange Square is basically Wall Street — a 24/7 financial powerhouse with soaring skyscrapers and streets full of traders, investors and bankers with energy that never quits. If you are a crypto builder or investor, you will find many TradFi talents (traders, market makers, etc.) in Hong Kong.

香港是亞洲的紐約。交易廣場基本上就是華爾街——一個 24/7 的金融中心，摩天大樓高聳入雲，街道上擠滿了充滿活力的交易員、投資者和銀行家。如果您是加密貨幣建造者或投資者，您會在香港發現許多 TradFi 人才（交易者、做市商等）。

To build a successful TradFi or DeFi company, you need to recruit specific types of talent that are hard to find even in Silicon Valley. Hong Kong boasts a rich financial history, with its stock market origins dating back to 1866 — over 150 years — which means there is a deep pool of experienced professionals who can drive innovation and growth in your venture.

要建立一家成功的 TradFi 或 DeFi 公司，您需要招募即使在矽谷也很難找到的特定類型的人才。香港擁有豐富的金融歷史，其股票市場的起源可以追溯到 1866 年，至今已有 150 多年的歷史，這意味著香港擁有大量經驗豐富的專業人士，可以推動您企業的創新和成長。

What would you say is distinctive about HK/Southeast Asia for crypto compared to the US and Europe?

與美國和歐洲相比，您認為香港/東南亞的加密貨幣有何獨特之處？

The U.S. is home to the largest crypto addressable market in terms of institutional investors, regulators and builders. But Asia is home to the highest growth potential for the crypto market. In 2024, half of the top 10 countries in the world ranked by crypto adoption were located in Asia.

就機構投資者、監管機構和建造者而言，美國擁有最大的加密貨幣市場。但亞洲是加密貨幣市場成長潛力最大的地區。 2024 年，全球加密貨幣採用率排名前 10 名的國家中有一半位於亞洲。

With the new Trump administration, the U.S. will continue to set the tone for crypto regulation and institutional adoption (e.g., BlackRock ETF). Asia will follow their lead with its massive usage base that is young and crypto-native.

隨著新川普政府的上台，美國將繼續為加密貨幣監管和機構採用（例如貝萊德 ETF）定下基調。亞洲將以其年輕且加密原生的龐大使用基礎追隨他們的腳步。

Do you view China as generally pro or anti-crypto? There’s been a lot of crypto activity there, but at the same time, the government is officially against mining and speculation.

您認為中國整體支持加密貨幣還是反對加密貨幣？那裡有很多加密貨幣活動，但同時，政府正式反對採礦和投機。

Hong Kong is part of China. Seeing pro-crypto regulation slowly forming in Hong Kong is a great sign and indicator for China. That said, China literally has an army of 220 million retail investors sitting on almost $21 trillion worth of savings. However, with a lingering property crisis and a meek economy, it is very difficult to say when China will open up for crypto business again, as the government focuses on these larger issues.

香港是中國的一部分。看到香港支持加密貨幣的監管慢慢形成，對中國來說是一個很好的跡象和指標。儘管如此，中國確實擁有一支由 2.2 億散戶投資者組成的大軍，擁有價值近 21 兆美元的儲蓄。然而，由於揮之不去的房地產危機和疲軟的經濟，很難說中國何時會再次開放加密貨幣業務，因為政府關注的是這些更大的問題。

You were a seed investor in Solana; do you still have your initial investment there? Do you think Solana will continue to attract as much memecoin activity as it did in 2024?

您是 Solana 的種子投資者；你的初始投資還有嗎​​？您認為 Solana 會繼續像 2024 年那樣吸引這麼多 memecoin 活動嗎？

Yes. I met Solana co-founders Anatoly Yakovenko and Raj Gokal and became their seed investor back in March 2018. I am a long-term Solana holder and supporter. What I love about them is their dedication to building and their support for the developer community. The developer energy at the 2024 Breakpoint conference was high not only because of

是的。我認識了 Solana 聯合創始人 Anatoly Yakovenko 和 Raj Gokal，並於 2018 年 3 月成為他們的種子投資者。我喜歡他們的是他們對建構的奉獻精神以及對開發者社群的支持。 2024 Breakpoint 大會上開發者的熱情高漲不僅是因為