51 Insights

51 Insights

CEO Notes

Hong Kong built the rails. Will the trains arrive?

Marc Baumann's avatar
Sangam Bharti's avatar
Marc Baumann and Sangam Bharti
Feb 05, 2026
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Hey, it’s Marc & 51 team,

Hong Kong’s crypto market doesn’t look like a casino anymore. It looks like a bank.

Over the past two years, the SAR methodically dismantled the unregulated exchange model, pushed out crypto-native giants like OKX and Bybit, and rebuilt itself as an institutional settlement hub. By Q1 2026, it has completed the infrastructure: V…

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