Author: 现货持有者Spot Holder

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There is a major positive news in the cryptocurrency market this year. Hong Kong will open the legal trading of personal cryptocurrencies on June 1 this year, which means that Hong Kong officially fully accepts cryptocurrencies and competes with Singapore to become a global cryptocurrency center. Many people predict that the next round of bull market will be driven by Chinese funds, and it will be a super bull market. Let’s analyze the reasons from various aspects below.

Bustling Hong Kong, one of the world's financial centers

1: Policy advantage

Although the Chinese government bans cryptocurrencies, the opening of cryptocurrencies in Hong Kong, China has been tacitly approved by the Chinese central government. The Chinese government regards Hong Kong as a testing ground for cryptocurrencies. If Hong Kong can facilitate the development and innovation of cryptocurrencies, mainland China may open up bitcoin transactions to some extent later.

The Chief Executive of the Hong Kong Government delivered a speech for WEB3.0

We said that the opening of cryptocurrency in Hong Kong has been approved by the Chinese government, so I believe that the Hong Kong government will be more bold and open in terms of cryptocurrency policy. Although Singapore also allows bitcoin transactions, it is obviously more conservative than Hong Kong. A few days ago, Hong Kong held many WEB3.0 activities, and these activities are very supported by the Hong Kong government. This is different from Singapore, which supports bitcoin transactions, but not as heavily promoted and publicly supported as the Hong Kong government.

Group photo of Hong Kong Chief Executive and members of WEB3.0 Association

2: Location advantage

Hong Kong is one of the three major financial centers in the world (the other two are New York and London), a global free trade port, and the flow of funds is extremely convenient with almost no restrictions. This is extremely friendly to cryptocurrency funds. In addition, Hong Kong is backed by mainland China, which is the world's second largest economy and is expected to become the world's largest economy in ten years. China’s strong capital has provided strong financial support for the development of cryptocurrencies in Hong Kong.

China's economic growth

Although Hong Kong's financial status has surpassed that of Hong Kong in recent years, China, as the mother of Hong Kong, will obviously support Hong Kong instead of Singapore. With this one advantage alone, Singapore is obviously weaker than Hong Kong. Therefore, Hong Kong has an incomparable advantage in becoming a global cryptocurrency center

Singapore's financial status rises to third after opening up to cryptocurrencies

3: Talent advantage

Many people may not know that before Bitcoin was banned in mainland China, 70% of Bitcoin was produced in China. Many people may not know that many of the founders of the top ten cryptocurrency exchanges in the world are Chinese. China has produced a large number of blockchain technical talents. After China banned cryptocurrencies, these technical talents flowed to cryptocurrency-friendly countries. Now that Hong Kong is open to cryptocurrencies, many blockchain technology talents will return to Hong Kong.



4: Advantages of entrepreneurial atmosphere

In order to regain its status as the world's three major financial centers, the Hong Kong government will provide a more relaxed and free cryptocurrency policy and atmosphere. According to data, in recent months, more than hundreds of cryptocurrency companies around the world have settled in Hong Kong, and major global cryptocurrency companies are considering setting up offices in Hong Kong. The Hong Kong government also has great determination to become a global cryptocurrency city, allocating large amounts of funds to support cryptocurrency projects.

BTC ATM on the streets of Hong Kong

BTC ATM on the streets of Hong Kong

Advertisement about cryptocurrencies in front of HSBC Bank in Hong Kong

Advertisement about Bitcoin on a street bus in Hong Kong

To sum up, Hong Kong will become one of the most important cryptocurrency centers in the world in the future. The following are Hong Kong concept tokens

Hong Kong concept token, for reference only

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