Saturday, 25 May 2024

Crypto News

Hong Kong ‘ready’ to capitalize on crypto’s next bull run: Hashkey Capital

Hong Kong ‘ready’ to capitalize on crypto’s next bull run: Hashkey Capital

Hong Kong is “very ready” for the next wave of mass crypto adoption, with an influx of crypto talent that has been spilling into the aspiring digital asset hub, says Jupiter Zheng, a partner at Hashkey Capital.

Speaking to Cointelegraph, Zheng, partner of liquid funds and research at the investment arm of Hong Kong crypto firm HashKey Group — explained that the combination of new Web3 projects along with crypto-positive regulatory developments has primed Hong Kong for significant growth in the next four to five years.

“You’ve got all of these new, different projects, with their founders and teams here, which is all real GDP by the way. These teams are already boosting both banking and capital market activities.”

Zheng added that while crypto prices haven’t reflected it, the level of sophistication being developed in the sector over the past 18 months had been striking.

“The actual technological improvement we’ve seen throughout the bear market has been quite astonishing. So I think from the technology side, we are very ready for the next wave of larger mass adoption in the crypto world,” said Zheng.

The reason for his bullishness for the region was based on h belief that the Hong Kong government is in dire need of a new economic driver, something that Zheng believes the crypto sector is ready to offer.

“The GDP in Hong Kong in recent years hasn’t been looking so good — largely due to Covid. So it needs a new driver,” Zheng said. “So it’s my theory that crypto and Web3 are the new drivers here.”

On Aug. 3 this year, Hashkey became the first crypto exchange in Hong Kong to receive a specific license that allowed them to offer crypto assets to retail investors.

Zheng admitted that while he’s not directly involved in the exchange arm of Hashkey, he expects the demand for crypto products from local Hong Kong residents to grow as the government continues to shore up investor concerns by outlining its regulatory scheme for the sector.

“The recent policy changes give retail investors safety because now you’ve got insurance legal protections,” he said.

“You don’t have to use online wallets to do self-custody. All you…

Click Here to Read the Full Original Article at News…