{"id":28061,"date":"2023-04-02T21:55:09","date_gmt":"2023-04-02T21:55:09","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/04\/02\/hong-kong-is-charting-its-own-web3-path-despite-chinas-anti-crypto-stance\/"},"modified":"2023-04-02T21:55:31","modified_gmt":"2023-04-02T21:55:31","slug":"hong-kong-is-charting-its-own-web3-path-despite-chinas-anti-crypto-stance","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/04\/02\/hong-kong-is-charting-its-own-web3-path-despite-chinas-anti-crypto-stance\/","title":{"rendered":"Hong Kong is charting its own web3 path despite China\u2019s anti-crypto stance"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/02\/hong-kong-web3-crypto-hub\/<\/a><\/br>
\nHong Kong is charting its own web3 path despite China\u2019s anti-crypto stance<\/br>
\n2023-04-02 21:55:09<\/br><\/p>\n

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Hong Kong has<\/span> an on-again-off-again relationship with crypto: Before China outlawed all crypto-related activities<\/a> in 2021, the Asian financial hub was the early home to several crypto startups, including the now-defunct FTX, which left for the Bahamas<\/a> after the ban. Now, Hong Kong is again welcoming crypto businesses, only this time with more regulatory clarity.<\/p>\n

During its government-backed fintech week late last year, Hong Kong indicated<\/a> its intention to legalize crypto retail trading and introduce a licensing regime for digital asset providers. The plan took more shape in February when the city published draft rules<\/a> that would allow individual investors to trade certain major cryptocurrencies starting June 1.<\/p>\n

Companies are already responding to the city\u2019s shift in attitude. As of February, the department for foreign direct investment had received \u201cexpressions of interest\u201d<\/a> from over 80 virtual asset-related companies from both mainland China and abroad in establishing a presence in Hong Kong. KuCoin, one of the world\u2019s largest crypto exchanges, already said<\/a> last year that it would open an office in the city.<\/p>\n

While these developments are encouraging signs to some, others question whether the semi-autonomous region has the right conditions for building all forms of web3 organizations and businesses to thrive. The early consensus is that crypto-trading-related firms will probably be the first to reap the fruit of the policy change.<\/p>\n

Too big to miss<\/h2>\n

When Hong Kong was handed back to China in 1997, Beijing established a \u201cone country, two systems\u201d regime that granted the city a high level of autonomy in the legal, economic and social realms. Export-oriented Chinese firms began using the city as a logistics and clearing center, and multinationals set up shops there as their gateway into China.<\/p>\n

In recent years, however, Hong Kong is increasingly losing its allure as a springboard connecting China and the outside world after episodes of political fallout and stringent COVID controls.<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
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\nSource:https:\/\/techcrunch.com\/2023\/04\/02\/hong-kong-web3-crypto-hub\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/02\/hong-kong-web3-crypto-hub\/ Hong Kong is charting its own web3 path despite China\u2019s anti-crypto stance 2023-04-02 21:55:09 Hong Kong has an on-again-off-again relationship with crypto: Before China outlawed all crypto-related activities in 2021, the Asian financial hub was the early home to several crypto startups, including the now-defunct FTX, which left for the Bahamas after the ban. […]<\/p>\n","protected":false},"author":1,"featured_media":28063,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[],"class_list":["post-28061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology"],"yoast_head":"\nHong Kong is charting its own web3 path despite China\u2019s anti-crypto stance - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/04\/02\/hong-kong-is-charting-its-own-web3-path-despite-chinas-anti-crypto-stance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hong Kong is charting its own web3 path despite China\u2019s anti-crypto stance - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/04\/02\/hong-kong-web3-crypto-hub\/ Hong Kong is charting its own web3 path despite China\u2019s anti-crypto stance 2023-04-02 21:55:09 Hong Kong has an on-again-off-again relationship with crypto: Before China outlawed all crypto-related activities in 2021, the Asian financial hub was the early home to several crypto startups, including the now-defunct FTX, which left for the Bahamas after the ban. 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