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Notable businesses like Huobi exchange and DBS bank are planning to expand to Hong Kong. The country is trying to attract businesses with its robust regulatory framework.
Hong Kong is becoming the latest attraction for Web3 businesses as the country adopts a pro-crypto stance. Paul Chan, the Financial Secretary of the country, announced in Jan. that they are committed to becoming a regional crypto hub
And now according to a Bloomberg article, the Singapore-based DBS bank is envisioning building its crypto business in the territory.
DBS plans to apply for a license to allow it to offer crypto to Hong Kong customers as the Chinese territory pushes to become a hub for digital assets https://t.co/5K2AHv7nFF
— Bloomberg Crypto (@crypto) February 13, 2023
DBS Bank and Huobi Announce Hong Kong Expansion Plans
Sebastian Paredes, Chief Executive Officer (CEO) at DBS, said in a statement, “We are planning to apply for a license in Hong Kong so that the bank could sell digital assets to our Hong Kong customers.”
Last year, Singapore’s largest bank opened its door for crypto and enabled trading services for Bitcoin CashEthereum, and Ripple.
Justin Sun’s Huobi exchange also plans to to the territory due to the country’s shifting attitude towards a crypto. Sun believes the territory is “one of the experiment zones for crypto development in China.”
In Jan., he mentioned on Twitter that China would dominate the new bull market through Hong Kong.
As the crypto market continues to mature and mainstream adoption grows, China's dominance in the space is becoming more and more apparent.With this in mind, I've decided to move to Hong Kong to be closer to the action and take advantage of the opportunities in Asia market.
— H.E. Justin Sun??????????? (@justinsuntron) January 29, 2023
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