With a crypto-friendly stance for years, Hong Kong has successfully attracted crypto firms from around the world as a crypto hub.
Contrary to the anti-crypto rules in China, Hong Kong’s credibility as a crypto hub has been a talking point in the crypto industry for some time now. Despite several instances of major crypto firms going bankrupt in the last year due to regulatory and governance issues, Hong Kong has taken it upon itself to create a sustainable regulatory environment for global crypto firms.
Even though it has introduced crypto legislation, its collaboration with countries like UAE and Japan has forged even better policies for its crypto industry.
It has come at a time when various developed economies are also at a crossroads regarding crypto regulation. With political infighting, a lack of experts at the helm and other issues, most countries are still planning on what policies to adopt for their domestic crypto industry.
On the other hand, Hong Kong has become a crypto hub for international firms, with many establishing their offices in the city. Reputed firms like Samsung have launched an ETF in Hong Kong, while other crypto exchanges have also set shop there.
With crypto-friendly regulators, exchanges have become accessible for retail investors, opening up huge potential for the space. The crypto hub has managed to become a friendly destination for crypto firms even though China has shown no signs of crypto-friendly initiatives. Many experts have different opinions on the matter, but the larger role of the underlying technology supporting crypto has been taken into importance by all stakeholders.