HONG KONG’S CRYPTO AMBITIONS GET A BOOST FROM U.S. CRACKDOWN
Hong Kong has been ramping up its efforts to attract cryptocurrency companies as the US intensifies its regulatory crackdown. Prior to this, competition from Singapore and concerns about China's approach to crypto had caused Hong Kong to lose some ground as a crypto hub. The city is now trying to regain its status by offering a more favorable regulatory environment. Hong Kong's Securities and Futures Commission has proposed a new licensing framework focused on investor protection. This effort has gained some traction as 20 crypto companies have indicated plans to move to Hong Kong with 80 firms interested in doing so.