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 <p class="is-style-lead">Over 11% of global VC <a rel="noopener noreferrer nofollow" title="funding" href="https://thebittimes.com/tag/funding.html">funding</a> in blockchain and <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> was funneled towards ventures based in Hong Kong and Singapore throughout 2023.</p>
 <p class="is-style-default">The findings mark a significant rise from the mere 2% allocation in 2021.&nbsp;</p>
 <p>That’s according to analysts at PitchBook who attributed this change to several factors, including the collapse of Sam Bankman-Fried’s FTX crypto exchange and the subsequent bankruptcy domino effect it created that compelled many U.S.-based crypto companies to reassess their strategies.</p>
 <p>According to the report, regulatory uncertainties and the effect of major <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firms like Binance and Gemini falling foul of authorities have forced many companies to reduce the size and magnitude of their U.S. operations.&nbsp;</p>
 <p>Some have even sought refuge in global <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> hubs overseas. The report quoted Bryan Chow, partner at web3 VC investor Side Door Ventures, who stated that many <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> companies had shifted their base of operations to Hong Kong to leverage its supportive government stance towards web3 and <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>.</p>
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 <p>PitchBook also highlighted the ban on crypto trading in mainland China as an opportunity for Singapore and Hong Kong to position themselves at the forefront of decentralized finance.&nbsp;</p>
 <p>Hong Kong issued its first retail trading licenses for Bitcoin (BTC) and Ether (ETH) in August, while Singapore granted Coinbase a full trading license in October.</p>
 <p>Despite the collapse of local crypto lender Three Arrows Capital (3AC), the Singaporean government still supports the industry, albeit with a much stricter eye on it.</p>
 <p>In November, PitchBook reported that overall <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="funding" href="https://thebittimes.com/tag/funding.html">funding</a> dropped by more than 60% in the third quarter of 2023 compared to the same period in 2022. The situation forced several <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> startup funders, including Coinbase, to scale back their support.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Singapore central bank chief sees no place for private crypto in the monetary scene
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/hong-kong-singapore-attract-increasing-crypto-vc-funding-tbt72396.html">https://thebittimes.com/hong-kong-singapore-attract-increasing-crypto-vc-funding-tbt72396.html</a></p>

Hong Kong, Singapore attract increasing crypto VC funding

TheBitTimes

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