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<h2 id="header-0">Is crypto shifting to Asia?</h2><p>As the United States becomes more unattractive for companies in the crypto landscape, regions in Asia, and especially Hong Kong, have been making major steps in terms of regulation.</p><p>We all know that China has banned crypto (mining) 300 times already.</p><p>India initially banned crypto in 2016 but has recently taken a more regulatory take on the sector.</p><p>And Indonesia initially classified cryptocurrencies as trading commodities, forbidding banks to get involved with crypto but it has recently introduced a new law, signed by President Joko Widodo.</p><p>The law is a financial regulations overhaul that modified at least 17 outdated local laws to align with technological developments.</p><p>Nearly half of the global trade happens in Asia. Regulators and financial institutions in Hong Kong know this and are trying to make Hong Kong the crypto hub of Asia.</p><h2 id="header-1">Hong Kong is working with crypto companies</h2><p>ZA Bank, the largest virtual bank in Hong Kong, ran a pilot with more than 100 organizations. As a result of the regulatory pilot, it is now providing online banking accounts to Web3 startups and small-to-medium crypto enterprises.</p><p>Later this month, banking and securities regulators will meet up with crypto companies and banks. They hope to learn about the needs and perspectives of these entities.</p><h2 id="header-2">A shift in capital allocation</h2><p>As the United States is increasingly cracking down on crypto, not understanding the needs, and not welcoming innovation, attention is shifting towards Asia.</p><p>More countries in Asia are starting to open up and regulate crypto in favor of the crypto sector. It&#39;s just a matter of time before the next Asian crypto hub arises. With more than 4.5 Billion people living in Asia, and the continent being very tech-friendly, the next Billion crypto users will be onboarded there!</p><p>#hongkongweb3 #hongkong #asia $BTC #Bitcoin</p>

Hong Kong becomes more crypto-friendly | This is what it could mean!

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