Hong Kong and Singapore are, each on their own, multiplying initiatives aimed at attracting crypto companies. Each aims to establish itself as a continental crypto hub. Consequence: a strategic war is open between the two Asian territories.
Hong Kong and Singapore conquer Asia’s crypto market through regulation
For several months, the crypto industry has been gaining a foothold in Asia. And it is not a hazard. Because, if China procrastinates in the face of the emergence of cryptos, the situation is not the same for other countries.
A country like Singapore or the autonomous locality of Hong Kong have clearly positioned themselves in favor of cryptos. A position that looks like a geostrategic battle, with the added bonus of absolute control of crypto flows in Asia.
On Sunday April 16, Annabelle Huang, CEO of Amber Group delivered her interpretation of the Singapore-Hong Kong confrontation. This, taking as an example the crypto company she runs.
According to his explanations, these two territories pursue the same objectives in relation to cryptos. This results in very similar regulatory policies which, it must be said, do business for crypto companies. Because, emphasizes Huang, it is the attractiveness of the two regions that is boosted.
In fact, a company like Amber Group takes advantage of this windfall by establishing itself in both Singapore and Hong Kong. “For us, both markets are of equal importance”, said the company boss. Because if “Hong Kong is kind of leading the way right now, but Singapore isn’t really closing the door.”
Japan, surprise guest?
But in this war of influence, another country could play the spoilsport: Japan. Without displaying its intentions, the Land of the Rising Sun seems to have a card to play: that of practical efficiency.
It is true that the country has been particularly strict regarding the regulation of crypto firms. A policy that has given the country the reputation of being economically unprofitable for crypto companies.
However, this choice was most relevant. We saw it with the FTX affair. All users of the defunct platform in Japan have recovered their assets. Elsewhere in the world, it is not yet that this can happen one day.
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