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As the United States grapples with the challenges posed by an evolving cryptocurrency landscape, Asia emerges as a hotbed of innovation and opportunity for digital asset businesses.
Hong Kong, in particular, is quickly turning into a major hub for the booming cryptocurrency market. With Beijing’s backing, the city’s strong regulatory framework for virtual assets is attracting crypto firms from around the world to its fertile shores.
Among those eyeing a possible Hong Kong move is the Sydney-based Centralized Exchange (CEX). independent reserve,
Australian firm recently announced There are plans to explore the possibility of opening an office in the city, as new regulations set to launch on June 1, 2023 are expected to propel Hong Kong to the forefront of the digital asset industry.
Crypto firms race to setup shop in HK
Adrian PrzeloznyIndependent Reserve’s CEO said in an interview on Wednesday that a trip to Hong Kong would be planned in the near future to gain further insight into the upcoming regulations and to evaluate the city as a potential location for a new Asian office.
The CEO revealed in a tweet that this comes ahead of a potentially big year for bitcoin against the backdrop of the fractional reserve banking crisis.
Hong Kong’s booming fintech scene, which currently boasts over 800 companies with 10% engaged in crypto assets, is predicted to grow even further.
This anticipation has prompted US market data provider Caco to announce last week that it will move its Asian headquarters from Singapore to Hong Kong.
Independent Reserve, which recently unveiled its new platform, Bitcoin.com.Au, continues to make strides in the crypto sphere, after acquiring the domain name for a staggering $2 million USD last year.
The company operates a licensed Virtual Asset Service Provider (VASP) in Singapore, which remains a top priority for the firm.
Currently the Australian exchange offers 30 coins and 120 trading pairs with a 24h trading volume of $12.58M. XRP, the largest asset on the platform, accounted for 14.6% of the total trading volume.
Hong Kong to benefit from US regulatory blunder
With its upcoming regulatory regime for the CEX and anticipated stablecoin regulations set for 2024, Hong Kong’s growing crypto ambitions are gaining traction. Tea
The transformation of the city has already begun to unfold as an explosive “Chinese crypto narrative” in February 2023 saw Chinese crypto projects like Conflux up nearly 1,000%.
The allure of cryptocurrencies and their underlying technologies, such as decentralization, self-custody and fixed supply, remains attractive as an alternative financial future where the dominance of the US dollar diminishes.
As Hong Kong continues to make progress in its quest to become a global crypto hub, exchanges such as Independent Reserve may find the city’s regulatory landscape the right environment for growth and expansion.