Hong Kong has lost some key crypto players but can still become Asia’s crypto hub
CryptoNewsTerminal Staff03 Jun, 2024
Hong Kong has lost some key crypto players but can still become Asia’s crypto hub
OKX, HTX and Binance have reportedly withdrawn their applications for licenses in Hong Kong, however the President of the Fintech Association of Hong Kong, Calvin Choi, stressed that "Hong Kong still has the potential to become a hub for cryptocurrency in Asia-Pacific". Choi said that "some crypto companies that have withdrawn their applications from Hong Kong have set their sights on North America, Europe and other regions, but we are still exploring ways to use Hong Kong as a hub for cryptocurrency in Asia." However, Paul Tse Wai-chun, a member of the Hong Kong Legislative Council, said that "Hong Kong's regulatory regime for cryptocurrencies is strict and does not allow services to be provided to mainland China. This makes it difficult for crypto platforms to generate revenue."
