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- Hong Kong Crypto Sentiment @23% -> ‘Improving’ 💥
Hong Kong Crypto Sentiment @23% -> ‘Improving’ 💥
Helping EVERYONE to make better crypto investment decisions.
Many have been asking, so for the next 30 days, for new yearly subscribers of our substack updates, we will send a copy of the book ‘Crypto Titans: How trillions were made and billions lost in the cryptocurrency markets” to their postal address (no extra shipping and handling fees).
👇 1) Sentiment is turning up in Hong Kong (HK), with the Crypto Readiness Score firmly cementing HK as the number 1 destination for crypto. The evidence shows that HK-based Venture Capital firms are raising $100m investments for Web3 companies.👇 2) Our sentiment index is gradually increasing to 23% (0-100% range) – after spending most of the summer near 0%. Something is changing!
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👇 3) On October 25, 2023, Chief Executive, Mr. John Lee will deliver his second policy address with expectations of loosening property rules and support for the economy – crypto could be a key beneficiary of this widely expected annual policy address as Hong Kong wants to become THE most important crypto destination in the world.👇 4) Until 2020, HK was the biggest crypto city in the world, but when the PBoC started another round of crypto crackdowns, Hong Kong also sharpened the rule book, and some crypto traders left the city – notably FTX, which moved to the Bahamas.👇 5) During the last few months, HK’s regulators have become notably more accommodating to crypto firms and are making genuine efforts to build out the city as the new crypto hub.👇 6) As HK has the infrastructure, capital, and talented workers – needless to say, it can tap into the Mainland China labor market, which it is already doing with both hands where technological adoption is widespread with online payment familiarity, the city could indeed be well positioned. Nobody pays with ‘cash’ in China.👇 7) According to the Crypto Readiness Score (CRS), HK is ranked number 1 for the 2nd consecutive year, ahead of Switzerland and the United States. This CRS analysis evaluates crypto destinations based on infrastructure, accessibility, legality, and overall reach.👇 8) In May/June 2023, the HKMA pressured the three main banks (HSBC, Standard Chartered, and Bank of China) to take on crypto exchanges as clients. The on-ramp from fiat into crypto has become the most crucial aspect of the crypto industry, and with clear guidance from the central bank, these banks could suddenly engage with crypto firms. Consider how this differs from the US, where Silvergate, Signature, and SVB all ‘failed’ (or were seized) due to their crypto-related customers.👇 9) HK has also designed strategies to double the # of family offices in the city over the next two years. ‘Families’ are finding the tax incentives in HK the most appealing. Any family office with at least $31m could be exempt from profits tax for qualifying investments.👇 10) Family offices are essential for financing starts AND they are particularly interested in crypto. Just ask CCMC Global, a blockchain-focused venture capital firm in HK, which just raised $100m for Hong Kong-based Web3 companies.How China and Hong Kong became the number 1 crypto destination -> read more in Crypto Titans: How trillions were made and billions were lost in the crypto markets https://amzn.to/3LZ6E6J
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