Jeremy Allaire, co-founder and CEO of stablecoin-issuer Circle, said his company is closely watching regulatory developments in Hong Kong.
Authorities in the former British colony recently allowed investors to trade cryptocurrencies under a new regime as they hold “fundamental value”.
Asia is a ‘huge area of focus’
recently Interview To Bloomberg, Allaire noted Hong Kong’s efforts to establish itself as a “very important center for digital markets and stablecoins.” Thus far, the circle is “paying very close attention to that”, he said.
The executive sees Asia as an important region for the industry. remember that circle Received Regulatory approval from the Monetary Authority of Singapore (MAS) in November last year. The license enabled the firm to offer digital payment token products and conduct cross-border and local transactions in the city-state.
Hong Kong’s ruling body has recently shown a pro-crypto stance, introducing a regulatory framework for the sector at the beginning of the month. According to the new regulations, digital asset providers can provide services to retail clients subject to a disclaimer of potential investment risks.
Some suggested Hong Kong’s positive outlook could signal that China could be starting to warm up to the industry. Government of the world’s most populous country banned All crypto-related activities on its territory in 2021.
In addition, subsidiaries of some of the largest Chinese banking institutions, including the Bank of Communications, Bank of China and Shanghai Pudong Development Bank, have reportedly Supported Crypto companies based in Hong Kong.
Allaire concluded, “What is happening in Hong Kong may ultimately be indicative of how these markets develop in Greater China.”
Jeremy Allaire, Source: CNBC
Hong Kong Says ‘Yes’ to Crypto ETFs
In addition to implementing cryptocurrency regulations, Hong Kong recently jumped On the cryptocurrency ETF bandwagon. Earlier this week, the Hong Kong and Shanghai Banking Corporation (HSBC) – the largest domestic bank – enabled customers to buy and sell bitcoin and ethereum exchange-traded funds.
Approved products include the CSOP Bitcoin Futures ETF, the CSOP Ethereum Futures, and the Samsung Bitcoin Futures Active ETF.
In addition, the bank launched an educational program called the Virtual Asset Investor Education Center, which aims to educate investors about the risks involved in joining the ecosystem.
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Jeremy Allaire, co-founder and CEO of stablecoin-issuer Circle, said his company is closely watching regulatory developments in Hong Kong.
Authorities in the former British colony recently allowed investors to trade cryptocurrencies under a new regime as they hold “fundamental value”.
Asia is a ‘huge area of focus’
recently Interview To Bloomberg, Allaire noted Hong Kong’s efforts to establish itself as a “very important center for digital markets and stablecoins.” Thus far, the circle is “paying very close attention to that”, he said.
The executive sees Asia as an important region for the industry. remember that circle Received Regulatory approval from the Monetary Authority of Singapore (MAS) in November last year. The license enabled the firm to offer digital payment token products and conduct cross-border and local transactions in the city-state.
Hong Kong’s ruling body has recently shown a pro-crypto stance, introducing a regulatory framework for the sector at the beginning of the month. According to the new regulations, digital asset providers can provide services to retail clients subject to a disclaimer of potential investment risks.
Some suggested Hong Kong’s positive outlook could signal that China could be starting to warm up to the industry. Government of the world’s most populous country banned All crypto-related activities on its territory in 2021.
In addition, subsidiaries of some of the largest Chinese banking institutions, including the Bank of Communications, Bank of China and Shanghai Pudong Development Bank, have reportedly Supported Crypto companies based in Hong Kong.
Allaire concluded, “What is happening in Hong Kong may ultimately be indicative of how these markets develop in Greater China.”
Jeremy Allaire, Source: CNBC
Hong Kong Says ‘Yes’ to Crypto ETFs
In addition to implementing cryptocurrency regulations, Hong Kong recently jumped On the cryptocurrency ETF bandwagon. Earlier this week, the Hong Kong and Shanghai Banking Corporation (HSBC) – the largest domestic bank – enabled customers to buy and sell bitcoin and ethereum exchange-traded funds.
Approved products include the CSOP Bitcoin Futures ETF, the CSOP Ethereum Futures, and the Samsung Bitcoin Futures Active ETF.
In addition, the bank launched an educational program called the Virtual Asset Investor Education Center, which aims to educate investors about the risks involved in joining the ecosystem.
Special Offer (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
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