Now the crypto industry has found a new refuge: Hong Kong

Hong Kong is the great hope of the crypto world. While the United States and Europe choose to regulate and limit, the Asian metropolis is preparing to welcome the thousands of investors who are looking for a free and legal environment with which to buy and sell cryptocurrencies with open arms.

Faced with pressure from Europe and the United States, the crypto industry has found a new refuge: Hong Kong
Faced with pressure from Europe and the United States, the crypto industry has found a new refuge: Hong Kong

Changes from June. As described by Reuters , the Hong Kong government, through the Secretary of Finance, Paul Chan, has explained that it plans a new regulation that would take effect from June 1. The legalization of ‘smart contracts’ will be explored, as well as scheduled transactions.

Hong Kong’s proposal contrasts with China’s and even Singapore’s. These two powerhouses support blockchain technology but are more conservative with crypto. Meanwhile, Hong Kong plans to allow operators to legally trade tokens .

Applauded by large exchanges. Brian Armstrong, CEO of Coinbase, has made his opinion clear. In a tweet he has expressed that "the United States risks losing its status as a financial center in the long term, without clear rules on cryptocurrencies and a hostile environment from regulators. Congress must act soon to pass clear legislation ".

America risks losing it’s status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators.

Congress should act soon to pass clear legislation. Crypto is open to everyone in the world and others are leading. The EU, the UK, and now HK. https://t.co/i9WeUZ7K6H

— Brian Armstrong (@brian_armstrong) February 16, 2023

It is a position shared by other great personalities in the crypto world such as Justin Sun , founder of TRON. In his opinion, Asia is becoming the great focus of crypto investments and the vast majority of investors in the sector are moving their money there.

Cameron Winklevoss , co-founder of Gemini and one of the first billionaires with Bitcoin, has expressed that “the next rise is going to come from the East”, repeating the idea that Asia is now the great hope of crypto investors.

30% of the crypto market is in Asia. Although the United States was the main market and the Middle East and Africa are considered to be the fastest growing, right now the most influential crypto market is South Asia and Oceania. According to a report by the firm Grand View Research, in 2022 30% of the income of the cryptocurrency sector came from that area.

Nor will it be free. Hong Kong is preparing new legislation for virtual asset service providers (VASPs), the name given to cryptocurrencies there. However, as Coindesk points out , it does not mean that they will be “completely legal for everyone”. This regulation will allow a broader framework for accredited investors, but not for retail investors, who will be excluded.

Do I anticipate a change in China? The plan is already attracting players like Huobi, the great exchange of Chinese origin and now in the hands of Justin Sun. These days he has applied for a license to start operating in Hong Kong. Like them, other crypto companies are moving to start their operations there.

Hong Kong wants to differentiate itself from China, but their future strategies could be linked. The crypto sector is not experiencing its best moments , but it is still a market with a huge economic pull. Measures like those in Hong Kong serve to attract foreign investment and it is a movement in which China may be interested.

Sun explains in an interview that Hong Kong is now seen as “one of the experimental zones for crypto development in China” and that “China is moving towards a more crypto-friendly policy.”

Openness to cryptocurrency to encourage the use of digital currencies. For years the Chinese market has been very restrictive with crypto trading, but there are already voices in the crypto world who believe that the great focus of growth in 2023 may be in China. At the moment, the Chinese authorities continue to defend their digital yuan .

Although the proposals of one and the other are different, what does seem clear is that the Asian administrations want to promote the use of these financial assets directly.

Next Post Previous Post
12 Comments
  • axizgear
    axizgear February 27, 2023 at 1:52 AM

    such a fantastic article of blog commenting sites list. Now am being a regular reader of your blogs. Thank you so much for wonderful collection, keep writing.
    https://axizgear.co/

  • Anonymous
    Anonymous March 7, 2023 at 12:50 PM

    This is great. Thank you very much. It works well with what we are doing too. https://www.binarymasterclass.com

  • Anonymous
    Anonymous March 11, 2023 at 12:08 PM

    Nymo is a remittance platform created by a team with extensive experience in biometric technology in Africa. Initially, they were unable to offer a payment solution to the unbanked population because they were not a financial institution. However, with the emergence of blockchain technology, Nymo was born. The platform provides financial services and a digital identity secured by biometrics to the unbanked population, enabling them to access healthcare, education, and government services. The team has received overwhelmingly positive feedback from African banks and has launched an ICO to fund their start-up. The ICO includes a mix of a conventional stablecoin and an awarding token linked to a pool of liquidity that is unique. The token distribution is limited to 10 billion, and the burn mechanism will decrease the number of tokens in circulation after each transaction. This strategic approach will increase the value of each remaining token, providing a unique opportunity for investors…

  • Barbara Kelsey
    Barbara Kelsey March 16, 2023 at 7:13 AM

    An interesting read. Crypto is indeed, dominating the world.

    • Yes it is
      Yes it is March 21, 2023 at 11:55 PM

      We will see if it continues

  • Anonymous
    Anonymous March 16, 2023 at 10:33 PM

    Congress must act soon to pass clear legislation
    https://www.realtorsrobot.com/lead-management-software.php

  • Anonymous
    Anonymous March 20, 2023 at 3:33 AM

    A website that reflects your brand's personality and values can set you apart from the competition. Learn how to create one in 7 easy steps!

    Link to blog - https://www.quixta.in/7-steps-to-create-a-website-that-captures-your-brands-personality-and-values/

  • TEL U
    TEL U March 22, 2023 at 9:25 PM

    thousands of investors who are looking for a free and legal environment with which to buy and sell cryptocurrencies with open arms.
    visit Tel-U

  • Anonymous
    Anonymous March 24, 2023 at 12:16 AM

    Thank you, I really enjoyed reading your taxes.
    I really enjoyed reading your information. Thank you.
    This website is very well explained.



    I am a professional web developer working with wordpress
    I have fiber account and gig on fiber if they want they
    can visit my fiber link thank you all

    https://www.fiverr.com/rakibrone



    I will build a responsive wordpress website design just for you
    https://www.fiverr.com/share/wP8Waw

  • Sebastien
    Sebastien March 24, 2023 at 9:47 AM

    It's important to note that the regulatory landscape in Hong Kong is still evolving, and e-businesses operating in the crypto industry must comply with local laws and regulations to avoid any legal issues. Nevertheless, with its strategic location in the heart of Asia and its strong financial sector, Hong Kong could be a promising destination for e-businesses looking to leverage the potential of the crypto industry.

  • TEL U
    TEL U March 27, 2023 at 6:47 PM

    Hong Kong is the great hope of the crypto world. While the United States and Europe choose to regulate and limit
    please visit link Tel-U

  • TEL U
    TEL U March 27, 2023 at 6:49 PM

    the Asian metropolis is preparing to welcome the thousands of investors who are looking for a free and legal environment with which to buy and sell cryptocurrencies with open arms.
    visit link my websiteTel-U

Add Comment
comment url