Hong Kong will welcome prominent crypto data companies
Hong Kong is fast becoming a place of attraction for the crypto industry as the city maintains strong efforts to convert its territory into a global crypto hub. In the latest news, a cryptocurrency computing firm, Kaiko, becomes the latest Web3 company to be attracted to Hong Kong’s crypto-friendly regulations.
Kaiko moves its Asian headquarters to Hong Kong
According to a report by Bloomberg on March 17, Kaiko has announced its plans to move its Asian headquarters from Singapore to Hong Kong, citing the city’s pro-crypto policies and impressive recovery from covid-related restrictions as reasons, among other reasons.
Kaiko’s CEO, Ambre Soubrian, provided more insight into the company’s decision: “With all the recent changes and initiatives from Hong Kong’s regulatory bodies, we realized that this is clearly where we need to be, where the capital is going to flow in, and where we see a lot of attractiveness in terms of hedge funds, investors and asset managers.”
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Kaiko was founded in 2014, with headquarters in Paris, France. Over the years, the French company has built a reputation for providing credible market data on digital assets to institutional investors and market participants. Some popular clients of Kaiko include ICE Global Network, Bank of Canada, Bloomberg, etc.
On Hong Kong’s Push To Become A Global Crypto Hub
Due to the recent problems with the crypto market, the $1 trillion industry has seen a stricter approach from most governments worldwide, with notable regulatory actions in the U.S.
In times like this, Hong Kong is one of the few regions that stands out as the administration remains committed to building an enabling environment that facilitates the growth and development of the digital asset industry.
Apart from Kaiko, other players in the crypto industry with plans to build a stronghold in the Chinese territory include Singaporean bank DBS and Seychelles-based crypto exchange Huobi.
However, it is worth noting that much of the attention directed at Hong Kong is driven by existing policies and the region’s regulatory plans for the crypto space. One of these plans includes allowing individual investors to trade major cryptocurrencies such as Bitcoin and Ether, thus signaling the city’s growing faith in the market.
In addition, the Hong Kong government plans to introduce a mandatory license for all cryptocurrency exchanges and stablecoin providers operating within its territory.
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In general, Hong Kong is trying to build a robust regulatory framework that encourages the adoption of digital assets while protecting citizens from industry crises such as the FTX bankruptcy saga that took place in November 2022.
That said, the cryptocurrency market is currently bullish amid the ongoing US banking crisis, which has seen three major US banks shut down due to financial problems. Bitcoin, the premier cryptocurrency and market leader, is currently valued at $25,853.30, having gained 5.31% in the last 24 hours.
