Kaiko, a French company that provides statistics on the crypto market, will relocate its base from Singapore to Hong Kong to take advantage of the better opportunities available in the future center for Web3 enterprises.
It was revealed in an interview with Ambre Soubiran, the Chief Executive Officer of Kaiko, that the company would be pressing ahead with its plan in spite of the city’s regulation reforms against virtual tokens.
Soubiran disclosed that the most recent advances and undertakings that Hong Kong regulators have made regarding virtual assets might entice hedge funds and asset managers, together with their capital, to relocate to the city.
According to a report (1), Sean Lawrence, who serves as Head of Asia-Pacific Operations for Kaiko, will relocate from Singapore before the end of this month. More than one hundred controlled and decentralized exchanges provide the data Kaiko uses to provide companies with cryptocurrency market statistics.
Here is How Hong Kong Aims to Become a Major Web3 Hub
Statistics indicate that more than eighty businesses associated with virtual assets are considering relocating to Hong Kong to take advantage of the city’s attempts to become the world’s preeminent Web3 center.
According to Christian Hui, who serves as the Secretary of Financial Services and Treasury in Hong Kong, the city of Hong Kong has proven to be an alluring location for a number of crypto enterprises from around the world to locate their headquarters.
Hui also mentioned that ever since the Hong Kong government released its policy document on Virtual Asset Development on October 2022, an increased number of businesses have expressed interest in establishing a presence in the city.
Businesses dealing primarily in the exchange of virtual assets, blockchain infrastructure, and blockchain network security make up the majority of the companies.
The probability that retail commerce in Bitcoins & ETH tokens will be permitted on the city’s exchanges (Hashkey and OSL), according to lawyers and consultants, has attracted interest from a variety of firms, including Chinese securities companies and banks.
Among the interested firms have been Chinese securities companies.
Yu Jianing, who coordinated tours for China Entrepreneurs touring Hong Kong, stated that he watched upwards of 500 investors as well as entrepreneurs exploring the potential in crypto and other blockchain firms recently. He was the one responsible for organizing the tours.
Since the previous year, when it first allowed businesses that were keen to offer securitization token services to present plans, the city has also been putting forward new suggestions for the digital and cryptocurrency hub.
In the past month, the Securities Futures Commission, also known as the SFC, has been circulating draft restrictions for digital asset trading platforms.
These draft regulations include a necessity that crypto exchanges must sign up for licensing that approves retail investors to trade certain specific large-capitalization tokens.
Henry Chong, Chief Executive Officer of Fusang, a digital securities exchange based in Hong Kong, claims that the message from the administering can be summed up as a call for a way of governing tokens & cryptocurrency in general in a manner that is more conventional.
Also, the special administration department is thinking of a means to implement a compulsory licensing framework for stablecoin issuers as soon as this year.