The founding father of crypto change FTX, which moved out of Hong Kong in 2021, stated that town might 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
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- “Should you take a look at what the crypto hubs will likely be on the planet, I feel the Bahamas seems to be like one in every of them, Dubai seems to be like one in every of them, however for those who take a look at the East, it’s not as apparent”, stated Bankman-Fried.
- “It may very well be Singapore, may very well be someplace like Busan in Korea, however I feel 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 buyers because it seeks to create a hub for digital property.
- Whereas regulation and Covid curbs pushed many crypto-related corporations out of Hong Kong, Bankman-Fried stated the federal government’s announcement indicators a brighter future for crypto within the area.
- Singapore, which grew to become a vacation spot for crypto corporations fleeing Hong Kong, similar to cryptocurrency change Crypto.com, is now contemplating tightening its personal crypto regulation on retail buyers.
See associated article: One nation, two methods? Hong Kong appears set to diverge from China on digital property
