SBF thinks Hong Kong could become the Web3 hub of Asia

FTX founder Sam Bankman-Fried (SBF) spoke at Hong Kong’s FinTech Week 2022 and stated that Hong Kong had actual potential to change into the Web3 hub of Asia, as reported by Forkast News.

SBF stated that places like Dubai and the Bahamas emerge as vital crypto hubs of their areas; nonetheless, the image is far more blurry for Asia. Whereas Singapore and Korea carry the potential to change into crypto hubs of the realm, SBF stated Hong Kong would declare that title.

He said:

“For those who have a look at what the crypto hubs might be on the planet, I believe the Bahamas appears to be like like one in all them, Dubai appears to be like like one in all them, however should you have a look at the East, it’s not as apparent. It could possibly be Singapore, could possibly be someplace like Busan in Korea, however I believe there’s a actual likelihood it finally ends up being Hong Kong.”

Hong Kong on Crypto

Primarily based on Chainalysis‘ 2022 Global Crypto Adoption Index, Hong Kong ranks 46 amongst 146 international locations evaluated based mostly on their crypto adoption ranges. Based on Gemini’s Global State of Crypto, Hong Kong leads crypto-adoption within the Asia-Pacific area, with 24% of the inhabitants proudly owning crypto property. Greater than half (51%) of the crypto homeowners in Hong Kong acquired their crypto property in 2021.

Hong Kong launched a coverage assertion on Oct. 31 and introduced its plans to create a “vibrant sector and ecosystem” for crypto. Based on the report, Hong Kong will permit crypto ETFs and develop pro-crypto rules. The assertion additionally revealed that the Hong Kong authorities has been engaged on pilot initiatives like NFT issuance for Hong Kong Fintech Week, Inexperienced Bond Tokenization, and a Central Financial institution Digital Forex (CBDC).

Crypto executives agree with SBF

As quickly because the assertion was launched, many distinguished crypto executives aside from SBF posted supportive feedback for Hong Kong’s new motive.

CEO of New World, Zheng Zhigang, additionally spoke on the Hong Kong Fintech Week and have become one of many first to help the assertion.

CEO of, Kris Marszalek, joined within the supportive crowd by quoting the information on Twitter and saying:

“Nice information for your entire trade coming from HK in the present day, highlighting help for crypto and a need to re-build a vibrant crypto hub. We wholeheartedly help this growth.”

Co-Founding father of 100x Arthur Hayes additionally shared his pleasure and help by way of his private Twitter account.

However, TRON (TRX) founder Justin Solar spoke for each TRON DAO and HuobiGlobal and shared his supportive feedback.

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