Hong Kong shows desire to be crypto hub with new regulation

Hong Kong shows desire to be crypto hub with new regulation

As the U.S. government continues to rein in the crypto industry with a spate of regulations, other places are emerging as new hubs for the virtual asset industry. On Monday, Hong Kong proposed rules that would let retail investors trade certain “large-cap tokens” on licensed exchanges, a stark contrast to mainland China across its border where crypto-related transactions are outright banned.

The city’s Securities and Futures Commission did not specify which large tokens would be allowed, though a spokesperson from the regulatory body said they would likely be Bitcoin and Ether, two of the biggest digital assets by market value.

Since China’s crackdown on crypto trading, the country’s web3 startups have largely given up on their home market and shifted focus abroad. Some of the more resourceful ones have opted to set up new bases in friendlier locations such as Singapore and Dubai, though they normally continue to keep developers in China to tap the country’s large pool of affordable tech talent.

READ MORE: https://techcrunch.com/2023/02/20/hong-kong-crypto-regulation/

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