Sam Bankman-Fried, founder of crypto exchange FTX, stated that although Asia doesn’t have a major web3, it is not like the West. Blockchain Hong Kong could be a leader in the cryptocurrency sector, as it is a hotspot.
Bankman-Fried spoke virtually at the Hong Kong FinTech Week 2022. He said that there are other possible locations in Asia, including Singapore and Busan.
“If you look at what the crypto hubs will be in the world, I think the Bahamas looks like one of them, Dubai looks like one of them, but if you look at the East, it’s not as obvious. It could be Singapore, or Busan in Korea. But I believe it will end up being Hong Kong,” Bankman Fried said.
Bankman-Fried, who is the youngest billionaire in the world, said that Hong Kong’s crypto initiative to launch a consultation on legalizing crypto trading for retail investors was a positive sign for a better future for crypto.
Hong Kong plans to issue tokenized green bonds and develop the digital Hong Kong Dollar.
Paul Chan, Financial Secretary for HKSAR, gave a virtual speech during Fintech Week on Monday. He said that “we want our policy stance to be clear to global market, to show our determination to examine financial innovation together, with the global community, virtual-assets community,” in order to maximise the innovation and benefits of Fintech in the area of virtual assets.
Eddie Yu (Chief Executive, Hong Kong Monetary Authority) spoke at the event. He revealed that the authority will issue the first batch green bonds globally this year and will promote the product on a smaller scale to retail investors. Further details will be made available later.
FTX was moved to the Bahamas from Hong Kong in 2021 as a result of regulatory uncertainty.
Last week, Bankman-Fired confirmed that FTX plans to launch its own stablecoin.
Speaking in an interview with Web3 news media, The Big Whale, Bankman-Fried discussed several of the industry’s perceptions concerning the exchange’s position atop the ongoing crypto winter.
Despite the widespread belief that FTX is a major winner in the crypto industry due to its success in snapping Up Voyager Digital, BlockFi, and other crypto lenders that were riled up by falling assets prices, Bankman-Fried stated that it is there to maintain industry balance, which will benefit everyone.
Acknowledging that this current crypto winter is the “first real Bear Market we’ve been through,” the FTX boss acknowledged that the market downtime is not affecting its business as such as it is always innovating.
“One of the main characteristics of crypto platforms is that our operation is not impacted by the market downturn any more than that,” he said, “Every day we continue to grow the business, and create services and new tools for customers. So, yes, the markets are less dynamic, things are a little tenser, but in the end, it doesn’t take us off course.”
Singapore is currently working to tighten its crypto regulations for retail investors.
Last week, the Monetary Authority of Singapore presented a proposal that would restrict retail participation to digital assets. Small investors will no longer be allowed to finance coin purchases by borrowing.
Singapore’s central banks echoed the sentiments of the MAS, asking companies to cease using tokens deposited from retail investors for lending or staking in order to generate yield. High-net-worth investors will not be affected by the restrictions proposed.
Singapore has taken these steps to ensure positive growth in the crypto industry. It also provides security measures to protect investors.
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