Hong Kong has an on-again-off-again relationship with crypto: Before China outlawed all crypto-related activities in 2021, the Asian financial hub was the early home to several crypto startups, including the now-defunct FTX, which left for the Bahamas after the ban. Now, Hong Kong is again welcoming crypto businesses, only this time with more regulatory clarity. During its government-backed fintech week late last year, Hong Kong indicated its intention to legalize crypto retail trading and introduce a licensing regime for digital asset providers. The plan took more shape in February when the city published draft rules that would allow individual investors to trade certain major cryptocurrencies starting June 1. Companies are already responding to the city’s shift in attitude. As of February, the department for foreign direct investment had received “expressions of interest” from over 80 virtual asset-related companies from both mainland China and abroad in establishing a presenc...
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