Hong Kong has been going to considerable lengths to attract cryptocurrency companies to bring their business to their city. Now, with the help of increased scrutiny from regulators in the U.S. and other nations, Hong Kong seems likely to get its way. According to a report released by municipal officials, more than 80 major cryptocurrency companies have signaled their interest in bringing their business to Hong Kong, with 20 more indicating they are making immediate plans to do so.
It’s a commonsense business move, according to leaders like Ambre Soubiran, CEO of Kaiko, a digital assets data provider based in Paris—for now, at least. With more and more crypto clients moving their business out of the U.S. for friendlier territory, crypto firms “want to be where [their] clients are,” Soubiran said in an interview with the Wall Street Journal.
“The U.S. being more stringent these days than ever on crypto and Hong Kong regulating in a more favorable way…is going to clearly shift the center of gravity of crypto assets trading and investments more towards Hong Kong,” Soubiran said.