Hong Kong Emerges as a Crypto Hub Despite China's Crackdown.

Despite China's crackdown on cryptocurrencies, Hong Kong is pushing to become a virtual asset hub by introducing new rules in June that will require crypto trading platforms to be licensed by the Securities and Futures Commission. Companies are hopeful that China may be watching Hong Kong's crypto moves and that it could serve as a compass for China's policy formulation in other regions if it proves successful. However, caution remains on whether Hong Kong could eventually be China's crypto north star. Hong Kong's relatively lower tax policy on businesses may not be competitive enough compared to other crypto hubs like Dubai and Switzerland.