Circle, a stablecoin-issuer company, has been closely monitoring regulatory developments in Hong Kong. Recently, the authorities in Hong Kong allowed investors to trade cryptocurrency under a new regime that emphasizes “fundamental value.” Jeremy Allaire, the co-founder and CEO of Circle, sees Hong Kong’s efforts to establish itself as a significant center for digital markets and stablecoins and is paying close attention to it. Allaire also emphasized the importance of Asia as a region for the industry, pointing to Circle’s regulatory approval from the Monetary Authority of Singapore. Hong Kong has shown a pro-crypto stance by introducing a regulatory framework for the sector, allowing digital asset providers to offer services to retail clients with proper risk disclaimers. Some believe that Hong Kong’s positive approach could potentially indicate China’s warming up to the industry. Additionally, subsidiaries of major Chinese banking institutions have reportedly supported crypto companies based in Hong Kong. Allaire suggests that Hong Kong’s developments may serve as a proxy for the growth of these markets in Greater China.
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