Ambre Soubiran, CEO of Kaiko, stated that due to Hong Kong’s welcoming attitude, the city may wind up becoming the “center of gravity” for cryptocurrency trading and investments.
According to Ambre Soubiran, CEO of Paris-based institutional crypto market data company Kaiko, the industry’s “center of gravity” may finally shift to Hong Kong as a result of the U.S. government’s cold approach to cryptocurrency regulation. The United States has led the world in the cryptocurrency industry for a while now, but with the government appearing to be taking a regulation by enforcement approach, there is a growing concern among some that many businesses, developers, and investors will soon leave the country in search of friendlier working conditions.
The Hong Kong government initially laid out plans in January to establish a hub by implementing gradual regulation to aid leading crypto and fintech businesses in 2023.
Hong Kong’s Securities and Futures Commission (SFA) suggested a crypto licensing regime on February 20 with the goal of protecting consumers without stifling innovation, however the law has yet to be fully worked out.
