Singapore represses Crypto’s exchanges, while Hong Kong has unveiled a new legal framework to encourage investment. Hong Kong may have the opportunity to attract cryptographic investments from the whole region.
China also liquids the assets entered, potentially giving companies based in Hong Kong the opportunity to buy these products at a lower cost. However, Singapore continues to issue exchange licenses, and fears of capital Flight could be exaggerated.
The new regulation of Hong Kong and Singapore
Although Singapore has maintained an image as a friendly country, certain recent regulations aimed at exchanges can change the equation.
His new, more difficult directives have come into force this week, perhaps creating obstacles to national industry. However, Hong Kong could be ready to take the place of Singapore as a regional crypto center.
On the surface, Hong Kong seems to be a strange choice to replace Singapore. Of course, he approved the FNB Bitcoin, but the hostility of China to the crypto is quite well established.
However, the city could benefit from some recent developments. Hong Kong has adopted new laws of stablecoin while liquid china seized, potentially creating a window for companies to acquire new assets:
“These movements are intimately connected, forming a strategic plan which could redefine the role of Hong Kong in the world ecosystem of virtual assets. This is likely to attract quality projects in search of a compliant, liquid and global base,” said Joshua Chu, a lawyer and co -president of the Hong Kong3 Association, said Local Media.
Singapore’s new regulation aims to seriously suppress unregistered exchanges and making the license process more difficult.
The government adopts severe opinion on cryptographic crime, the ministers of the cabinet warning citizens to stay Far from the industry entirely. It doesn’t seem good for long -term growth.
In other words, Singapore may have one step ahead in terms of cryptographic licenses, but Hong Kong accelerated approvals.
Last week, Hong Kong unveiled its new Leap framework, explicitly aimed at encouraging investment in cryptography. If these two cities both continue their current trends, realignment seems plausible.
However, there are many contingent factors, and this decision is by no means guaranteed. Singapore can have more strict license requirements, but it nevertheless approves certain requests.
Earlier this week, Robinhood’s Bitstamp platform announced that it had obtained such a license under new rules. Large companies are still making new extensions in Singapore.
In short, many things are always in the air. Hong Kong can take part of the Singapore market share, but this switch may never materialize. Ideally, the two cities will remain regional cryptographic hubs, each contributing to the world ecosystem.
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