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Global crypto firms turn to Hong Kong for refuge — and opportunity
With U.S. regulators continuing to ramp up scrutiny, crypto startups and founders are looking to Hong Kong to support their growth.
It evoked a sense of deja vu: in the industry’s infancy, Hong Kong was a major hub for crypto firms run by foreign entrepreneurs, including the likes of FTX, Crypto.com and BitMex. Working to feed real-world data to smart contracts, which are lines of code that execute predefined rules, San Francisco-based Chainlink is in discussions to provide its technology to major financial infrastructure in Hong Kong, said its co-founder Sergey Nazarov. Steve Yun, president of Dubai-based TON Foundation, Telegram’s official blockchain partner, shared the sanguine sentiment, saying that Hong Kong might have the biggest competitive advantage over other aspiring crypto hubs as the city “is trying to come up with a very comprehensive framework to make builders and entrepreneurs feel more comfortable and to attract talent.”
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