Bank

United

Summit

Hong Kong has rapidly become a cryptocurrency hub, positioning itself as a center for financial innovation alongside the United Arab Emirates (UAE) and Singapore. Ivan Ivanov, global CEO of WOW Summit, said this innovation was fostered by a mixture of strong regulatory policy and Hong Kong’s status as a special economic region.
Ivanov told Cointelegraph that Hong Kong’s special relationship with mainland China and robust regulation allow Hong Kong to be a sandbox for financial and technical innovation, which benefits startups, nascent technologies, and institutional investors. Ivanov wrote:
<blockquote>
 "You get the excitement and potential of crypto, but with the stability and security of a well-established financial system. With Hong Kong's strong connections to the global market, especially Mainland China, it's a really unique and promising place for crypto."
</blockquote>
The WOW Summit CEO added that Hong Kong’s stablecoin policy, which requires issuers of stablecoins to acquire licenses and keep their fiat reserves in local Hong Kong banks, promotes trust and transparency in the nascent asset sector.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hong-kong-central-bank-launch-subsidies-digital-bonds" rel="null" target="null" text="null" title="null">Hong Kong central bank to subsidize companies issuing tokenized bonds</a>
<h2 id="hong-kong-s-recent-crypto-developments">Hong Kong’s recent crypto developments</h2>
Hong Kong’s robust regulatory regime creates an attractive climate for investors who want to experience the upside of cutting-edge technology in finance without fear of losing funds in risky ventures with no legal recourse.
In October 2024, The Hong Kong Financial Services and Treasury Bureau (FSTB) laid out <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hong-kong-ai-policy-financial-services-crypto-otc" rel="null" target="null" text="null" title="null">ground rules for AI in finance</a> to mitigate the risks of AI while still fostering integration into existing systems.
The Hong Kong Monetary Authority (HKMA) also <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hkma-global-tokenization-brazil-thailand" rel="null" target="null" text="null" title="null">announced Project Ensemble</a> in October 2024. The initiative between the HKMA, the Central Bank of Brazil, and the Bank of Thailand explored cross-border tokenized settlements between the three countries.
Hong Kong’s Cyberport Web3 network — a state-run business hub promoting digital asset innovation — now <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hong-kong-cyberport-web3-enterprises-growth-legislative-council" rel="null" target="null" text="null" title="null">features over 270 blockchain firms</a>. The Cyberport network added more than 120 firms in the past 17 months alone.
In November 2024, ZA Bank, Hong Kong’s largest digital bank, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hk-virtual-bank-launches-crypto-trading-service-for-retail-users" rel="null" target="null" text="null" title="null">launched retail crypto trading</a> for its clients. The government of Hong Kong also proposed <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hong-kong-crypto-tax-exemption-hedge-funds" rel="null" target="null" text="null" title="null">exempting institutional investors from capital gains</a> on their crypto holdings to encourage investment.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-100k-china-microstrategy-coinbases-stablecoins-asia-express/" rel="null" target="null" text="null" title="null">‘China’s MicroStrategy’ Meitu sells all its Bitcoin and Ethereum: Asia Express</a>

Why Hong Kong has grown into a crypto hub — CEO of WOW Summit

Inhaltsverzeichnis

Cointelegraph

Weitere Artikel, die am 14. Dez. 2024 veröffentlicht wurden

Avalanche Raises $250M Through Private Locked-Token Sale for Avalanche9000 Upgrade

BTC Price Stabilizes Around $100K, Whales Accumulating, $110K Next?

Senator Lummis’ Proposal for U.S. Bitcoin Reserve Sparks Market Speculation

Mantra Price Could Surge 35% as Buyers Dominate

After Bitcoin, This Popular Crypto is Ready to Explode—Will it End 2024 With 20% Gains?

MicroStrategy Joins Nasdaq-100, Bringing Bitcoin Exposure to Mainstream Investors

Abonniere unseren kostenlosen Newsletter und erhalte tägliche Krypto-Updates!