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Hong Kong set to capitalize on crypto’s next bull run: Hashkey Capital

Hongkong Hong Kong is positioned to embrace a new era of widespread cryptocurrency adoption, as highlighted by Jupiter Zheng, a partner at Hashkey Capital, the investment arm of HashKey Group in Hong Kong. According to Zheng, the region is experiencing an influx of crypto talent, coupled with positive regulatory developments and the emergence of innovative
Hong Kong is positioned to embrace a new era of widespread cryptocurrency adoption, as highlighted by Jupiter Zheng, a partner at Hashkey Capital, the investment arm of HashKey Group in Hong Kong. According to Zheng, the region is experiencing an influx of crypto talent, coupled with positive regulatory developments and the emergence of innovative Web3 projects. This confluence, he believes, sets the stage for substantial growth in the crypto sector over the next four to five years.

Despite the current market conditions where cryptocurrency prices may not necessarily reflect this optimism, Zheng underscores the remarkable technological advancements achieved in the sector during the last 18 months. He expresses confidence that Hong Kong is well-prepared for the upcoming surge in mass adoption of cryptocurrencies, particularly due to the region’s urgent need for a new economic driver.

@mar2424 Jupiter Zheng, HashKey Capital’s Partner of Liquid Funds and Research, spoke at a panel discussion at CVCF last week with the theme “Navigating the Web3 Investment Landscape: Emerging Trends to Watch in 2023–24”. pic.twitter.com/P5Yg1StzfI

— HashKey Capital (@HashKey_Capital) November 6, 2023

In Zheng’s view, the crypto and Web3 technologies have the potential to rejuvenate Hong Kong’s economy, which has faced challenges in recent years, including the economic impact of the global Covid-19 pandemic. He states, “So it’s my theory that crypto and Web3 are the new drivers here,” underlining the transformative potential of these technologies.

Hashkey, making notable strides in the region, secured a specific license on August 3, becoming the first crypto exchange in Hong Kong authorized to offer crypto assets to retail investors. While Zheng is not directly involved in the exchange aspect of Hashkey, he anticipates a growing demand for crypto products among local residents. This expectation is based on the government’s efforts to establish a robust regulatory framework that ensures safety measures for retail investors participating in the crypto market.

Acknowledging the prevailing bear market conditions, Zheng anticipates a shift in sentiment when the bull market returns, especially with the increasing availability of secure transaction options through licensed exchanges.

Hong Kong’s burgeoning virtual asset policy is paving the way for the future of #Web3 👀

Our Partner of Liquid Funds and Research, @mar2424 shares his insights into the developments and opportunities that are reshaping the industry and the rest of the world at large.

Read more:

— HashKey Capital (@HashKey_Capital) November 7, 2023

Looking ahead, Zheng predicts that the development of Web3 in Asia and Hong Kong will mirror the growth pattern observed in the GameFi sector in Southeast Asia in 2021. Drawing parallels to the GameFi phenomenon, he envisions that projects originating from the United States, Europe, or Australia could find a receptive market in Asia.

Despite a recent setback involving a crypto exchange scandal with JPEX in September, where investors were allegedly defrauded of $165 million, Hong Kong remains committed to its vision of becoming Asia’s crypto hub. The government has pledged to strengthen crypto regulations, and the Securities and Futures Commission (SFC) has taken proactive measures, such as establishing a task force to address illicit crypto exchange activities, showcasing its commitment to fostering a well-regulated crypto ecosystem in the region.

Wasif Shakir

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