Will Hong Kong Be the Next Global Crypto Center?
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In 2022, Hong Kong introduced a number of policies to empower Web3 development, which attracted the attention of investors. Over recent years, the region missed out on the opportunities presented by the crypto market. Could the policy support help Hong Kong venture into crypto as a latecomer?
Located at the heart of the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong has been a major channel for transferring funds among investors in mainland China in recent years. For decades, the place has been a strategic area for China’s financial development. The city’s huge talent pool in the field of technology and finance will provide strong backing for Web3 development.
In addition to policy support, Samsung Asset Management has stated that it will, if conditions permit, unveil a spot Bitcoin exchange-traded fund (ETF) in Hong Kong. Besides, Justin Sun also made a high-profile announcement that he would shift his focus to Hong Kong. In fact, before Samsung and Justin Sun decided to go into the city, many companies already set up their headquarters in Hong Kong.
Although About Capital Management might sound strange to many crypto investors, most are very familiar with its holding company: Huobi. About Capital Management is an asset management company established in Hong Kong in 2013, and its founder Chen Yihua used to be a partner at Greenwoods Asset Management. It is noteworthy that in its monthly report for April 2022, the company emphasized that it is confident in crypto over the long run. Moreover, About Capital Management was already a crypto holder last August according to its portfolios at the time.
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