Hong Kong, the Crypto Hub Crown's Newest Competitor

Hong Kong's Position to Drive Crypto Innovation

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As a Chinese Studies major at Morehouse College, I learned about the relationship between Hong Kong and mainland China, cultural differences, political differences, and language differences. 

But despite differences, there is one thing that Hong Kong and mainland China have in common. 

Both areas have seen rapid business growth which has led to them becoming key economic centers globally. 

While the relationship between the two areas has always been complicated due to historical factors, these two players in APAC are pivotal to the progression of the technology and finance industries, making it ripe for crypto advancement. 

Comparing Hong Kong’s Approach Towards Crypto to Mainland China

Hong Kong is actively targeting becoming a leader in the crypto industry. 

This is in contrast to mainland China’s approach to this burgeoning industry as the country has placed strict regulations. 

Mainland China has been very strict on cryptocurrencies by banning mining and crypto transactions of any kind. Hong Kong is employing essentially an opposite strategy. 

But this strategy is in its infancy.

Hong Kong is setting up a task force led by Financial Secretary, Paul Chan, to make cryptocurrency innovation commonplace.

Therefore, Hong Kong serving as a central breeding ground for crypto idealism would position the region as a leading force in the financial sector for many years to come.

The Desire to be a Crypto Hub is a Public Sector Priority

The Hong Kong government is very involved with the special administrative region’s crypto hub aspirations.