US president Donald Trump unveils digital asset-friendly policies aimed at making the US the “crypto capital of the planet”
Hong Kong's goal of becoming a global virtual-asset hub faces new challenges after US president Donald Trump unveiled digital asset-friendly policies, experts say.
Trump on Friday signed a long-awaited executive order on developing America's digital-asset sector, with measures including creating a working group tasked with advising the White House on crypto regulations, and revoking previous orders that he said had “suppressed innovation”.
The executive order, making it clear to the industry that the Trump administration is “in favour of making a 180-degree turn on crypto”, will add challenges to Hong Kong's virtual-asset-hub goal, particularly in attracting international talent, said Stephan Lutz, CEO of cryptocurrency exchange BitMEX.
The previously unfriendly environment for crypto in the US had in part made Hong Kong “one of the few very vibrant and rather successful hubs for international crypto in Asia”, he said.
“Hong Kong will face – not today, but after people have gained trust in the Trump administration's actions – way stronger headwinds for its crypto industry,” Lutz said.
Hong Kong in late 2022 set out its ambition to become a global virtual-asset hub, and has charged ahead with a series of initiatives over the past two years, including a licensing regime for crypto exchanges, exchange-traded funds that directly track bitcoin and ether, and introducing a legislative bill on stablecoins.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
