Current regulations in Hong Kong, a special administrative region, allow only institutions and professional investors with portfolios of US$1 million or more to trade digital assets. Hong Kong beckonsAs Hong Kong continues taking a crypto-friendly regulatory approach after it announced its pro-crypto stance in October, the industry may see more Web3 businesses setting up shop in the city, experts said. Crypto exchange Huobi Global, for example, is applying for a crypto trading license in Hong Kong, said Justin Sun, an advisor to the exchange, in a Monday tweet. More exchanges are likely to expand their businesses to Hong Kong if the city continues its crypto-friendly stance. The new regime has also sparked interest from some blockchain firms in Hong Kong that accommodate stablecoin payment.
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