Consensus 2026 kicks off in Hong Kong amid tighter Beijing oversight

As Consensus 2026 officially kicks off in Hong Kong this week, digital asset firms are rolling out product updates to coincide with one of the industry’s most significant events. Digital asset custodian Hex Trust launched Aura on Wednesday, a wealth management platform for private investors that integrates trading, investment and estate planning. “Aura marks a new evolution for Hex Trust,” said the firm’s CEO and co-founder Alessio Quaglini in a press release. He noted that while Hex Trust had historically built infrastructure for financial institutions, Aura represented the firm’s expansion into the private wealth sector. Fosun Wealth Holdings, a subsidiary of Chinese conglomerate Fosun International, announced on Tuesday that it was launching a stablecoin, FUSD, on the blockchain platform Avalanche. Issued via Fosun’s Web3 arm, FinChain, the stablecoin is backed by traditional financial instruments, including money market funds and government bonds. Additionally, FUSD holders are eligible to earn returns on its underlying assets. Hong Kong is taking steps to bolster its ambition of becoming a global digital asset hub. The city was expected to issue its first batch of stablecoin licences in the first quarter of this year, Financial Secretary Paul Chan Mo-po said at the World Economic Forum in Davos last month. The return of Consensus this week after its local debut last year is part of the city’s efforts in the field. Organised by CoinDesk, the event is considered one of the industry’s most important gatherings for digital finance and cryptocurrency professionals. This year’s event features government officials, including Chief Executive John Lee Ka-chiu and the financial secretary, alongside regulators such as Julia Leung Fung-yee, CEO of the Securities and Futures Commission. The event, however, comes as Beijing has emphasised its strict controls on virtual assets. Several Chinese government agencies issued a notice on Friday that extended the country’s cryptocurrency restrictions to the tokenisation of real-world assets (RWA). Under the new regulations, onshore RWA activities are strictly prohibited, while offshore initiatives now require approval from relevant authorities. The directive further clarified that no entity may issue yuan-pegged offshore stablecoins without authorisation. Domestic firms and their overseas affiliates are barred from issuing virtual currencies abroad without prior official consent. The global cryptocurrency market is navigating a bear market cycle at the moment. Bitcoin is currently hovering near the US$70,000 mark, representing a 44 per cent decline from its October 2025 peak of over US$126,000.