Hellow everyone ! Today we are going to continue to talk about Hong Kong to explain further why it is becoming the crypto hub of China.
Allowing investment in crypto
Yesterday, HSBC Bank announced the opening of access to three crypto ETFs. As a result, clients in Hong Kong now have the opportunity to invest in two Bitcoin ETFs and one Ethereum ETF.
Following this announcement, things seem to be further accelerating in Hong Kong. Wu Blockchain, a media outlet, revealed that the Hong Kong-based rating agency HKVAC has announced the creation of a crypto index :
As highlighted by Wu Blockchain, the index comprises tokens of various types. It includes both platform tokens and privacy tokens.
US policy about crypto
In the face of legal battles waged by the SEC against platforms such as Binance US and Coinbase, the United States is no longer an ideal haven for industry companies.
On the other hand, Hong Kong aims to capitalize on the general turmoil and attract businesses to its territory.
It seems like the PDG of circle (the company that emits the USDC) ,Jeremy Allaire has confirmed his interest in Hong Kong in an interview with Bloomberg today. The USDC issuer believes that the recent initiatives of the autonomous territory demonstrate strong signals for the ecosystem:
"Hong Kong is clearly seeking to position itself as a significant center for digital asset markets and stablecoins. We are closely monitoring this."
Source : https://techstory.in/
Conclusion :
The fact that the CEO of Circle is so interested in Hong Kong is linked to its favorable policy towards cryptocurrencies but also because governments are pushing crypto startups into exile.
Thumbnail source : https://www.hdwallpaper.nu/
Thank you for reading !
