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The CEO and Founder of crypto exchange Gate.io, Dr. Lin Han, thinks Hong Kong might "become the new mecca for cryptocurrency in Asia," following a policy statement on virtual assets released by the Hong Kong government.
The statement details a revised approach and vision toward virtual assets. Most notably, Hong Kong's Securities and Futures Commission is exploring changes to its stance on crypto trading, which is currently limited to institutional investors with a portfolio worth at least HK$8M (~US$1M).
Aiming to take a more "open and inclusive" approach in regulating virtual asset businesses, Hong Kong seeks to engage and attract innovators in the blockchain and virtual asset industry to promote responsible development. This approach includes reconsidering its stance on crypto ETFs and retail trading and inviting virtual asset exchanges to establish operations in Hong Kong.
An open invitation to exchanges
As top exchanges expand their global footprint, this is an opportunity to bring in key players to facilitate growth and progress in Hong Kong's blockchain industry. And one of the world's oldest and largest cryptocurrency exchanges, Gate.io, is primed and ready for the new policy approach and industry growth. Investors can find the latest price of cryptocurrency at the Gate.io exchange. In mid-August of this year, Gate.io Group's Hong Kong-based entity, Hippo FS, obtained a TCSP license in Hong Kong, enabling the exchange to provide virtual asset custodial services globally.
Gate.io's footing in Hong Kong
CEO and Founder of Gate.io, Dr. Lin Han, said, "With the virtual asset industry's innovation and ambition on full display, several cities are vying to become the next big global crypto hub. While there are a lot of promising regions embracing virtual assets– which will all likely be crucial to mass adoption– Hong Kong stands out as a prime candidate."
In addition to obtaining the TCSP license, Gate.io began expanding its operations in Hong Kong. Following the new outlook, Gate.io will further develop its offerings and enhance its service to the region.
"As a global financial hub with a well-established fintech industry, Hong Kong's new outlook on virtual assets and exchanges is laying out a clearer picture for the future of crypto and Web3 in the region. Hong Kong may become the new mecca for cryptocurrency in Asia," said Dr. Lin Han.
By welcoming industry leaders with open arms and revisiting policy on crypto trading, Hong Kong may become a crypto-friendly environment that could be a considerable growth engine for blockchain technology and crypto adoption.
Extending a hand to the crypto industry
Gate.io has been actively expanding globally and striving to obtain regulatory licensing and registration in more regions. Aside from Hong Kong, the exchange also announced licenses and registrations in Dubai, Malta, and Lithuania in Q3. And the Gate.io crypto exchange will be keeping a close eye on virtual asset policy developments in Hong Kong and any opportunities that follow.
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