{"id":47454,"date":"2023-04-03T17:33:26","date_gmt":"2023-04-03T21:33:26","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=47454"},"modified":"2023-04-03T17:51:17","modified_gmt":"2023-04-03T21:51:17","slug":"bybit-to-expand-into-hong-kong-cryptocurrency-market","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bybit-to-expand-into-hong-kong-cryptocurrency-market\/","title":{"rendered":"Bybit to expand into Hong Kong cryptocurrency market"},"content":{"rendered":"\n

Bybit, a cryptocurrency exchange<\/a> with headquarters in Dubai, recently revealed plans to expand to Hong Kong.<\/p>\n\n\n\n

\"Bybit
Bybit to expand into Hong Kong cryptocurrency market<\/figcaption><\/figure>\n\n\n\n

A portion of the exchange's marketing, research, and development team will be based in the city. According to a recent WSJ report, Bybit intends to base its main Asian operations in Hong Kong<\/a>. Under the new legislation, which will take effect in June, the cryptocurrency exchange plans to apply for a license in the city.<\/p>\n\n\n\n

According to Ben Zhou, CEO of Bybit, liquidity is king in the exchange industry, and thanks to institutional investors' capital inflows, Hong Kong has a surplus of it. <\/p>\n\n\n\n

The city's well-developed capital markets, high levels of financial literacy, and the sheer number of sincere and knowledgeable investors were also praised by the speaker.<\/p>\n\n\n\n

The Wall Street Journal reports that a number of companies have voiced worries about the expense of obtaining and maintaining licenses as well as the potential profitability of setting up operations in Hong Kong.<\/p>\n\n\n\n

The city's proposed regulations for centralized exchanges \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>and retail trading are overly restrictive and only allow for the trading of well-known, highly liquid cryptocurrencies like bitcoin and ether.<\/p>\n\n\n\n

While the securities regulator completes the rules, it is unclear if exchanges will be permitted to serve only residents, who make up a relatively small market.<\/p>\n\n\n\n

US Cryptocurrency Crackdown Opens Doors For Hong Kong<\/h2>\n\n\n\n

The Wall Street Journal also reported that, with the help of increased enforcement by American officials, Hong Kong hopes to lure cryptocurrency companies to the city.<\/p>\n\n\n\n

Owing to heavy competition from Singapore, worries about China\u2019s tough attitude on cryptocurrencies, and Hong Kong\u2019s delayed and stringent response to Covid-19, many well-known cryptocurrency companies, including Crypto.com, BitMEX, and the now-bankrupt FTX<\/a>, have fled the city.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bybit, a cryptocurrency exchange with headquarters in Dubai, recently revealed plans to expand to Hong Kong. A portion of the exchange’s marketing, research, and development team will be based in the city. According to a recent WSJ report, Bybit intends to base its main Asian operations in Hong Kong. Under the new legislation, which will […]<\/p>\n","protected":false},"author":43,"featured_media":47456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[662,1406,1134],"class_list":["post-47454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-bybit","tag-crypto-exchange","tag-hong-kong"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/04\/croc_1680550648578.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=47454"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/47454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/47456"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=47454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=47454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=47454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}