Market News

UAE and US Crypto Landscape: Hong Kong's Call for Expanded Services

Binance founder Changpeng Zhao, known as CZ, has urged Hong Kong regulators to broaden the range of crypto services to compete effectively with major global hubs such as the US and UAE.

He believes that Hong Kong possesses significant potential to emerge as a leading center for digital assets if regulatory authorities act swiftly.

Currently, the city only permits trading for a limited number of cryptocurrencies, including Bitcoin, Ether, Avalanche, and Chainlink on licensed exchanges.

CZ praises Hong Kong's proactive government stance towards Web3 adoption, while urging the need for more diverse trading options to attract investors.

He remarks that there is nothing extraordinary about the success of the US and UAE that Hong Kong cannot achieve, stressing the importance of expanding licensed cryptocurrency exchanges.

As regulatory clarity evolves, US traders will soon gain access to foreign exchanges like Binance, which marks a significant step toward democratizing crypto trading access.

The US Commodity Futures Trading Commission's recent guidelines allow foreign exchanges to operate under specific regulatory standards, paving the way for US investors to trade globally.

With Hong Kong preparing to release a comprehensive digital asset policy framework by year-end, CZ remains optimistic about the city’s positioning in the crypto sector.

He suggests that Hong Kong can learn from other jurisdictions, such as Japan, to unlock greater potential for its crypto offerings.

As the global crypto landscape continues to shift, the race to establish robust frameworks in these key markets will be pivotal for both investors and the digital asset industry.