Ambre Soubiran, Chief Executive Officer of Paris-based crypto data provider Kaiko, told Bloomberg that Kaiko will move its Asian headquarters from Singapore to Hong Kong as it sees growing opportunities amid recent regulatory changes towards digital assets in Hong Kong.
Soubiran also said that Hong Kong regulators' recent changes and initiatives towards digital assets will draw hedge funds and asset managers, as well as more capital to the city.
Last month, the Securities and Futures Commission of Hong Kong (SCF) drafted rules for virtual asset trading platforms, including the requirement for crypto exchanges to apply for licenses, which would allow retail investors to buy and sell certain major tokens. New licensing rules for cryptocurrency exchanges in Hong Kong are expected to come into effect on June 1.
According to Bloomberg, representatives from China's Liaison Office have been frequent guests at crypto gatherings in Hong Kong. In the Bloomberg report, Nick Chan, a National People’s Congress member and a cryptocurrency lawyer is quoted as saying, “As long as one doesn’t violate the bottom line, to not threaten financial stability in China, Hong Kong is free to explore its own pursuit under ‘One Country, Two Systems.’”
Hong Kong was formerly a British colony but was handed over to Chinese rule in 1997 with a “One Country, Two Systems” strategy.