Blockchain and Crypto-Assets 2026

HONG KONG SAR, CHINA Trends and Developments

Trends and Developments Contributed by: Pang Lee, Joyce Wang, Mark Liang and Francis Li Cooley

Cooley is a global law firm with approximately 1,400 lawyers across 19 offices in the United States, Eu- rope and Asia, supported by over 3,000 profession- als. The firm partners with clients on transformative deals, complex IP and regulatory matters, and on high-stakes litigation across various sectors, includ- ing crypto and blockchain, financial services, new technology, life sciences, healthcare, retail, commu- nications, media and many more. With nearly four decades of experience in Asia, the firm’s offices in Beijing, Hong Kong, Shanghai and Singapore sup-

port innovative companies and investors across all growth stages, from private fundraisers and licens- ing to IPOs and M&A. Cooley is a market leader in blockchain and crypto. The lawyers advise some of the earliest Bitcoin companies and continue to rep- resent major players in blockchain and tokenisation. The firm is also a trusted resource for regulators and Congressional staff on legal and policy matters. The collaborative, cross-border approach ensures clients benefit from the full depth of the firm’s global capa- bilities.

Authors

Pang Lee advises on partnership, corporate and securities law matters related to private funds, strategic tech investments, blockchain ventures, tokenised funds and Web3 infrastructure. He has particular experience advising fund managers and institutional investors on HK and US regulatory, corporate governance and risk issues. Active in Hong Kong’s startup ecosystem, he focuses on healthcare and emerging technology companies, providing strategic legal counsel to support their growth and innovation. Pang sits on Cooley’s global risk, pro bono committee and DEI committees, and is a member of the Legal & Regulatory Council of the Global Private Capital Association.

Joyce Wang is a special counsel of Cooley HK focusing on corporate, partnership and securities law. She advises institutional investors, including sovereign wealth funds, multinational corporations, financial

institutions and university endowments, on their global private fund investments. She also has extensive experience representing fund managers in their private fund offerings, and in fund-related primary and secondary transactions, often involving innovative structure and design. Joyce regularly counsels on matters relating to the formation of blockchain-focused funds, digital asset platforms, tokenised fund structures and distributed ledger technologies. She is active in Hong Kong’s start-up ecosystem, with a focus on fintech and biotech companies.

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