Here’s how Hong Kong is opening up to crypto
Sat Jun 03 2023
- Hong Kong is becoming a leading destination for crypto in Asia with the approval of retail crypto trading and the implementation of a virtual asset service provider licensing regime.
- Despite regulatory openness, crypto startups in Hong Kong face challenges with banking support.
- Asian markets are seeing growth in both gaming and financial use cases for crypto, with many large exchanges based in Asia.
- Mobile-based games targeted at Southeast Asia are being developed by many crypto companies due to higher consumer behavior and receptiveness to new applications in the region.
- China is opening up to blockchain but not cryptocurrency, while large funds are being raised in Asia for investing in crypto.
- Family office wealth plays a significant role in the capital for long-tail funds in the crypto industry.
- Decentralized exchanges are gaining market share compared to centralized exchanges, but regulation remains unclear.
- Regulators face challenges in controlling DeFi, which is difficult to ban.
- The speaker is excited about investing in founders who are building zero to one use cases that enable behavior that was not possible before, especially in Asia.