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FTX Founder says Hong Kong Could be Top Blockchain Hub in Asia

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Sam Bankman-Fried, founder of crypto exchange FTX, said that unlike the West, there are no web3 keys in Asia. blockchain As a cryptocurrency hotspot, Hong Kong could emerge as a leader in its field.

Speaking virtually at the annual Hong Kong FinTech Week 2022, Bankman-Fried said other potential locations in Asia are Singapore and Busan.

“If you look at what the world’s cryptocurrency hubs will look like, I think the Bahamas will look like one, and Dubai will look like one, but if you look to the east, it’s not so obvious. Maybe Singapore. South Korea. It could be a place like Busan, but I think it’s very possible that it could end up in Hong Kong,” Bankman-Fried said.

In addition, the Hong Kong government’s cryptocurrency initiative to launch consultations on legalizing cryptocurrency trading by retail investors Bankman Fried, the world’s youngest billionaire, will lead to a brighter future for cryptocurrencies in the region. added that it is a positive sign of

Hong Kong plans to issue tokenized green bonds and prepare for the development of a digital Hong Kong dollar.

Hong Kong Special Administrative Region Finance Secretary Paul Chan spoke virtually during Fintech Week on Monday to introduce the public to the latest policy statement on virtual assets, saying, We would like to clarify our policy stance against Together with the global virtual asset community, we want to maximize the benefits and innovations of fintech on virtual assets.

Regarding the upcoming tokenization of green bonds, Hong Kong Monetary Authority (HKMA) Chief Executive Officer Eddie Yu spoke at the same event, stating that the agency plans to issue its first green bonds globally this year. made it clear that there is We offer our products to small retail investors first. Details will be announced later.

FTX has moved from Hong Kong to the Bahamas in 2021 due to regulatory uncertainty.

Bankman-Fired also confirmed last week that FTX plans to issue its own stablecoin.

In an interview with Web3 news outlet The Big Whale, Bankman-Fried discussed some of the industry’s perceptions of exchanges’ positioning in the ongoing crypto winter.

Contrary to popular belief that FTX is the biggest winner in the industry based on its successful acquisitions of Voyager Digital and BlockFi, both crypto lenders were outraged when the price of the asset plummeted. Bankman-Fried has repeated the role. Awareness helps maintain balance in the industry, which benefits everyone.

Acknowledging that this current crypto winter is “the first real bear market we’ve experienced,” FTX bosses said the market downtime hasn’t affected their business and they’re always innovating. I admit that I am.

“One of the key features of crypto platforms is that our operations are immune to market downturns,” he said. So yes, the market is not as dynamic and the situation is a little tense, but in the end, it’s not going off course.”

Meanwhile, neighboring Singapore is taking steps to tighten crypto regulations for retail investors.

Last week, the Monetary Authority of Singapore (MAS) released a proposal to limit retail participation in digital assets. Following this, small investors will be prohibited from financing coin purchases through borrowing.

Singapore’s central bank has echoed similar sentiments to the MAS by asking companies to stop using tokens deposited by retail investors for yield-generating lending and staking. However, the limits proposed by the two regulators do not apply to high net worth investors.

However, Singapore has taken these moves to ensure positive growth of the crypto industry with security measures that provide safety to investors.

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