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Hong Kong Slips Down the Crypto Hub World Rankings – Can it Get Back to Winning Ways?

Hong Kong Slips Down the Crypto Hub World Rankings – Can it Get Back to Winning Ways?

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As cryptocurrency investors become increasingly concerned about Hong Kong’s lack of regulation of the crypto industry, several major crypto-focused companies and events have decided to relocate to Singapore and other countries and regions that are considered friendlier to the industry, as local observers have pointed out.

Hong Kong lawmakers are advancing plans to require licensing of crypto trading platforms change to the city’s anti-money laundering legislation. This legislative change would require firms to offer such services exclusively to professional investors with a portfolio of at least HK$8 million (US$1 million). If approved, the amendment may discourage many crypto investors from doing business in Hong Kong.

“There was a moment when Hong Kong was at the forefront of cryptocurrency and crypto business,” Padraig Walsh, a partner at Hong Kong law firm Tanner De Witt, said. told local daily The South China Morning Post. “That’s not the case anymore, and I think regulation has been a key part of the reasons for that.”

Last July, the bill was considered by the relevant committee of the Hong Kong Legislative Council.

Indicating a negative trend that could affect Hong Kong’s ability to attract crypto-oriented companies in the coming years, this year’s Token2049, a major industry conference held in the Chinese city before the pandemic, will be held in Singapore next week. for the first time in the history of the event.

“A lot of guys were in Hong Kong, but for one reason or another they’ve moved to different places,” said Yang He, founder and CEO of Aspen Digital, a Hong Kong-based crypto asset management company. “Obviously the world is changing and crypto is very fluid, but part of it is the lack of clarity and the lack of speed of things.”

Meanwhile, the Hong Kong Monetary Authority (HKMA), the region actually the central bank plans to launch trials of e-HKD, its central bank digital currency (CBDC). Trials will begin in the last quarter of 2022.



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