According to the materials of the site - By Coincu
Changpeng Zhao, founder of Binance, emphasized the potential of Hong Kong as a leading cryptocurrency center, similar to the USA and UAE, in an interview on August 29 and called for prompt action from regulators.
Zhao's call for regulatory reform in Hong Kong highlights the potential market expansion, emphasizing increased opportunities for cryptocurrency trading and impacting global competition.
Hong Kong is recommended to expand cryptocurrency listings, as is happening in Japan.
Changpeng Zhao, the influential founder of Binance, suggested that Hong Kong could become a major hub for virtual assets by adopting the Japanese approach to cryptocurrency listings. He noted Hong Kong's clear stance on embracing technological advancements. Zhao emphasized the need for flexibility in regulatory processes to enhance its competitiveness. He strongly recommended expanding the range of cryptocurrencies on licensed exchanges, drawing parallels with the Japanese model. This expansion is seen as critically important for improving local market liquidity and innovation.
"Hong Kong has all the conditions to become a major hub for virtual assets, competing with markets like the USA and the United Arab Emirates (UAE), but the city’s regulators must act swiftly to realize its potential." — Changpeng Zhao
Dynamics of the cryptocurrency market and historical analysis
In 2021, Singapore experienced a surge in cryptocurrency project activity after a brief relaxation of regulations, demonstrating how quickly these changes can impact markets.
According to CoinMarketCap, the market capitalization of Bitcoin (BTC) is $2.19 trillion. Its current price is $109,944.58, which is 2.70% lower over 24 hours. However, BTC has increased by 6.21% over the past 90 days. The 24-hour trading volume reached $63.78 billion, representing a significant change in market activity of 31.14%.
Coincu's research team notes that the rapid adoption of a broader range of assets could stimulate Hong Kong's financial and trading evolution. Encouraging exchanges to define listing conditions could lead to significant diversification and market development.
