Cointelegraph | Brian Quarmby | Apr 2, 2023
The United States government’s frosty approach to cryptocurrency regulation could ultimately see the industry’s “center of gravity” shift to Hong Kong, says Ambre Soubiran, the CEO of Paris-based institutional crypto market data provider Kaiko.
- The U.S. has been at the forefront of the crypto sector for quite some time. However, with the U.S. government seemingly adopting a regulation-by-enforcement approach, there is a growing feeling by some that a significant amount of companies, developers and investors will soon flock elsewhere to work in friendlier environments.
- The U.S. government has become increasingly aggressive toward crypto since the collapse of FTX in November 2022, with Senator Elizabeth Warren even recently stating that they are building an “anti-crypto army.”
- In January, the Hong Kong government initially outlined plans to become a crypto hub by rolling out progressive regulation to support high-quality crypto and fintech firms in 2023.
- While the regulation is yet to be fully ironed out, Hong Kong’s Securities and Futures Commission (SFC) proposed a crypto licensing regime on Feb. 20, which aims to provide consumer protections without stifling innovation.
- So far, more than 80 virtual asset-related firms have expressed interest in setting up shop there, according to a March 20 speech from Hong Kong’s Secretary for Financial Services and the Treasury, Christian Hu.
See: Consultation Paper for Comment: Hong Kong SFC Sets the Stage for Retail Access to Crypto Platforms
Coinbase Twitter:
1 million tech jobs are at risk of going overseas. As the U.S. goes down a path of regulatory uncertainty, the EU, UK, UAE, Hong Kong, Singapore, Australia, and Japan are all creating environments for crypto to flourish so that they can capitalize on the next wave of innovation.
Ambre Soubiran, CEO, Kaiko:
We want to be where our clients are
Continue to the full article –> here
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- Source: https://ncfacanada.org/kaiko-ceo-predicts-hong-kong-as-the-next-crypto-hub-due-to-us-crackdown/
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