The founding father of crypto trade FTX, which moved out of Hong Kong in 2021, stated that the town may emerge as a Web3, blockchain and cryptocurrency hub throughout a webinar at Hong Kong’s FinTech Week 2022 on Monday.
See associated article: Hong Kong set to relaunch itself as digital asset hub with revamped insurance policies
Quick details
“In the event you take a look at what the crypto hubs shall be on the earth, I believe the Bahamas seems to be like certainly one of them, Dubai seems to be like certainly one of them, however in the event you take a look at the East, it’s not as apparent”, stated Bankman-Fried. “It could possibly be Singapore, could possibly be someplace like Busan in Korea, however I believe there’s a actual likelihood it finally ends up being Hong Kong,” he added. Bankman-Fried in 2021 cited regulatory uncertainty when he moved FTX to the Bahamas from Hong Kong.In a coverage assertion launched Monday, the Hong Kong authorities acknowledged that it might begin a session on legalizing crypto buying and selling by retail traders because it seeks to create a hub for digital property. Whereas regulation and Covid curbs pushed many crypto-related firms out of Hong Kong, Bankman-Fried stated the federal government’s announcement alerts a brighter future for crypto within the area. Singapore, which turned a vacation spot for crypto firms fleeing Hong Kong, akin to cryptocurrency trade Crypto.com, is now contemplating tightening its personal crypto regulation on retail traders.
See associated article: One nation, two techniques? Hong Kong appears set to diverge from China on digital property
