Arthur Hayes, founder of crypto exchange BitMEX, has recently stated that the cryptocurrency market will grow at an accelerated pace if it is legalized by China and Hong Kong.
Numerous surveys show the growing interest of large and small investors in digital assets in Hong Kong and Singapore, so the local authorities are faced with the task of creating conditions for the legal entry of retail and institutional investors into bitcoin and other virtual currencies.
According to Bloomberg, the Hong Kong authorities have already started to develop a regulatory framework for crypto trading. In addition, the city can become a center for the development of the blockchain industry.
Each crypto company will need to obtain a license from a local regulator.