The U.S. government’s frosty approach to cryptocurrency regulation could ultimately see the industry’s “center of gravity” shift to Hong Kong, says Ambre Soubiran, the CEO of Paris-based institutional crypto market data provider Kaiko.
The U.S. has been at the forefront of the crypto sector for quite some time, however, with the government seemingly adopting a regulation by enforcement approach, there is a growing feeling by some that a significant amount of companies, developers and investors will soon flock elsewhere to work in friendlier environments.
1 million tech jobs are at risk of going overseas. As the U.S. goes down a path of regulatory uncertainty, the EU, UK, UAE, Hong Kong, Singapore, Australia, and Japan are all creating environments for crypto to flourish so that they can capitalize on the next wave of innovation. pic.twitter.com/2UMkFxajcM
— Coinbase (@coinbase) March 29, 2023
Speaking with the Wall Street Journal on April 1, Soubiran suggested that the recent crackdown on crypto in the U.S. will inadvertently help Hong Kong in its goal of becoming a major crypto hub:
“The U.S. being more stringent these days than ever on crypto and Hong Kong regulating in a more favorable way…is going to clearly shift the center of gravity of crypto assets trading and investments more towards Hong Kong.”
“We want to be where…
