Notable businesses like Huobi exchange and DBS bank are planning to expand to Hong Kong. The country is trying to attract businesses with its robust regulatory framework.
Hong Kong is becoming the latest attraction for Web3 businesses as the country adopts a pro-crypto stance. Paul Chan, the Financial Secretary of the country, announced in Jan. that they are committed to becoming a regional crypto hub.
And now according to a Bloomberg article, the Singapore-based DBS bank is envisioning building its crypto business in the territory.
DBS Bank and Huobi Announce Hong Kong Expansion Plans
Sebastian Paredes, Chief Executive Officer (CEO) at DBS, said in a statement, “We are planning to apply for a license in Hong Kong so that the bank could sell digital assets to our Hong Kong customers.”
Justin Sun’s Huobi exchange also plans to expand to the territory due to the country’s shifting attitude towards a crypto. Sun believes the territory is “one of the experiment zones for crypto development in China.”
In Jan., he mentioned on Twitter that China would dominate the new bull market through Hong Kong.
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.