TRON and Huobi CEO says Hong Kong ready to become a leading crypto hub

The entrepreneur noted the active support for Web 3.0 innovation by the authorities of the Special Administrative Region of the People’s Republic of China

21.03.2023 - 10:15

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What’s new? TRON blockchain founder and Huobi crypto exchange CEO Justin Sun has noted the Hong Kong authorities’ active support of innovations in the field of digital assets and Web 3.0. He stated that the city is well-positioned to become a leading crypto hub in Asia. This is how the businessman commented on the speech of the Secretary for Financial Services and the Treasury Bureau, Christian Hui, on March 20, who, among other things, talked about the allocation of $50 million to develop the Web 3.0 ecosystem.

I’m thrilled to see #HongKong’s commitment to supporting its development. With a comprehensive support system for VA and Web3 startups, HK is well-positioned to be a leading hub in Asia.🔥Looking forward to seeing more innovation and entrepreneurship!👇https://t.co/WkR0ftyQuT — H.E. Justin Sun 孙宇晨 (@justinsuntron) March 21, 2023

Bloomberg: China unofficially supports Hong Kong’s desire to become a crypto hub

Sources say officials are interested in using the city as a “testing ground” for digital assets

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Hong Kong and cryptocurrencies. In mainland China, crypto transactions have been completely banned since September 2021. Hong Kong, as a special administrative region of the country, intends to pass its own laws to regulate digital assets. Thus, local authorities have equated cryptocurrency firms with traditional financial institutions, started to form a list of cryptocurrencies allowed for retail trade, and said they intend to develop the city as a regional crypto hub.

Earlier, Justin Sun predicted the legalization of cryptocurrencies in the PRC. In his opinion, this is evidenced by the introduction of taxation for investors and miners.

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