Race Capital 的 Edith Yeung 讨论香港作为加密货币中心的持续发展

Yeung 将在 Consensus Hong Kong 上发表演讲，她讨论了香港作为加密货币中心的持续发展，以及她对中国对加密货币立场的看法

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.

作为早期风险投资基金 Race Capital 的联合创始人和普通合伙人，Edith Yeung 一直参与加密货币行业的发展，尤其是在她出生和长大的香港。值得注意的是，她是 Solana 的种子投资者，在 SOL 估值仅为 0.04 美元时投资了 25 万美元，同时也是闪电网络的早期投资者。自2017年以来，杨还撰写了《中国互联网报告》，这是一份有影响力的中国技术趋势年度调查。

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.

即将在 Consensus Hong Kong 上发表演讲的 Yeung 在此讨论了香港作为加密货币中心的持续发展、她对中国对加密货币立场的看法、她对 Solana 的展望以及对 2025 年加密货币的一项重大预测。

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本系列由Consensus Hong Kong 为您带来。 2 月 18 日至 20 日，快来体验 Web3 和数字资产领域最具影响力的活动。立即注册并使用代码 CoinDesk15 可节省 15%。

Interview has been condensed and lightly edited for clarity.

为了清晰起见，采访经过精简和轻微编辑。

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 年香港的加密货币法规发展？您认为 2025 年会有更多加密货币公司获得证监会发牌吗？

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.

令人兴奋的是，香港目前拥有七家获得证监会许可的虚拟资产交易平台。从投资者的角度来看，拥有明确的许可制度是向前迈出的重要一步。监管的明确性和可预测性就像灯火通明的道路——让投资者有信心继续前进，而不必担心意想不到的弯路。

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.

也就是说，仅获得许可是不够的。流动性是这个难题的另一个关键部分。把交易平台想象成一条全新的高速公路：你可以拥有最平坦的路面和最清晰的标志，但如果上面没有汽车，司机就不会打扰。同样，无论你拥有多少牌照，如果没有活跃的交易和流动性，投资者都会犹豫是否加入。

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.

现在香港的关键不仅是建设基础设施，还要建设交通流量——因为一个没有流动性的伟大平台就像一条空荡荡的高速公路，无处可去。

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?

您认为香港在加密货币领域发挥什么样的作用，特别是相对于美国？更广泛的亚洲又如何呢？

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.

香港是亚洲的纽约。交易广场基本上就是华尔街——一个 24/7 的金融中心，摩天大楼高耸入云，街道上挤满了充满活力的交易员、投资者和银行家。如果您是加密货币建设者或投资者，您会在香港发现许多 TradFi 人才（交易员、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，您需要招募即使在硅谷也很难找到的特定类型的人才。香港拥有丰富的金融历史，其股票市场的起源可以追溯到 1866 年，至今已有 150 多年的历史，这意味着香港拥有大量经验丰富的专业人士，可以推动您企业的创新和增长。

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

与美国和欧洲相比，您认为香港/东南亚的加密货币有何独特之处？

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.

就机构投资者、监管机构和建设者而言，美国拥有最大的加密货币市场。但亚洲是加密货币市场增长潜力最大的地区。 2024 年，全球加密货币采用率排名前 10 位的国家中有一半位于亚洲。

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.

随着新特朗普政府的上台，美国将继续为加密货币监管和机构采用（例如贝莱德 ETF）定下基调。亚洲将以其年轻且加密原生的庞大使用基础追随他们的脚步。

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.

您认为中国总体上是支持加密货币还是反对加密货币？那里有很多加密货币活动，但与此同时，政府正式反对采矿和投机。

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.

香港是中国的一部分。看到香港支持加密货币的监管慢慢形成，对中国来说是一个很好的迹象和指标。尽管如此，中国确实拥有一支由 2.2 亿散户投资者组成的大军，拥有价值近 21 万亿美元的储蓄。然而，由于挥之不去的房地产危机和疲软的经济，很难说中国何时会再次开放加密货币业务，因为政府关注的是这些更大的问题。

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 的种子投资者；你的初始投资还有吗？您认为 Solana 会继续像 2024 年那样吸引那么多 memecoin 活动吗？

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。我认识了 Solana 联合创始人 Anatoly Yakovenko 和 Raj Gokal，并于 2018 年 3 月成为他们的种子投资者。我是 Solana 的长期持有者和支持者。我喜欢他们的是他们对构建的奉献精神以及对开发者社区的支持。 2024 Breakpoint 大会上开发者的热情高涨不仅是因为