Founder of crypto exchange FTX Sam Bankman-Fried said that unlike the West, although Asia does not have a web3 key, block chain and cryptocurrency hotspot, Hong Kong could emerge as a leader in that sector.

Speaking virtually during the annual Hong Kong FinTech Week 2022, Bankman-Fried said that other potential locations in Asia include Singapore and Busan.

“If you look at what the crypto hubs in the world are going to be, I think the Bahamas looks like one of them, Dubai looks like one of them, but if you look to the East, it’s not that obvious. It could be Singapore, it could be somewhere like Busan in Korea, but I think there’s a real chance it could end up being Hong Kong,” Bankman-Fried said.

Furthermore, the world’s youngest billionaire Bankman-Fried added that the Hong Kong government’s crypto initiative to launch a consultation on legalizing cryptocurrency trading by retail investors is a positive sign of a brighter future for cryptocurrencies. in the region.

Hong Kong plans to issue tokenized green bonds and prepare for the development of the digital Hong Kong dollar.

HKSAR Financial Secretary Paul Chan spoke virtually during Fintech Week on Monday to present the latest policy statement on virtual assets to the public, saying “we want to make our policy stance clear for global markets, to demonstrate our determination to explore financial innovation”. together with the global virtual asset community”, hoping to maximize the benefits and innovation of Fintech in terms of virtual assets.

Regarding the upcoming tokenization of green bonds, Eddie Yu, CEO of the Hong Kong Monetary Authority (HKMA), spoke at the same event, revealing that the authority plans to issue the first batch of green bonds this year globally, with the aim of promoting the product to small-scale retail investors first. Details will be announced later.

FTX moved from Hong Kong to the Bahamas in 2021 due to regulatory uncertainty.

Bankman-Fired also confirmed last week that FTX plans to launch its own stablecoin.

Speaking in an interview with Web3 news outlet The Big Whale, Bankman-Fried discussed several of the industry’s perceptions regarding the exchange’s position at the top of the ongoing crypto winter.

Contrary to popular belief that FTX is the biggest winner in the industry due to its success in acquiring Voyager Digital and BlockFi, both crypto lenders who chafed when asset prices fell, Bankman-Fried reiterated that his role, regardless of the perception is to help maintain the balance of the industry which, in turn, will benefit everyone.

Acknowledging that this current crypto winter is the “first real bear market we’ve been through,” the FTX boss acknowledged that the market downtime isn’t affecting his business as such, as he’s always innovating.

“One of the main characteristics of crypto platforms is that our operation is not affected by the market downturn more than that,” he said, “Every day we continue to grow the business and create services and new tools for clients. So yes, the markets are less dynamic, things are a little more tense, but in the end, it doesn’t throw us off course.”

Meanwhile, neighboring Singapore is building measures to tighten its crypto regulations for retail investors.

Last week, the Monetary Authority of Singapore (MAS) unveiled a proposal to restrict retail participation in digital assets. After this, small investors will be prohibited from financing coin purchases through loans.

Singapore’s central bank echoed similar sentiments to MAS by calling on companies to stop using tokens deposited by retail investors to lend or stake to generate returns. However, the restrictions proposed by the two regulators will not apply to high net worth investors.

However, Singapore is taking these steps to ensure positive growth of the crypto industry with security measures that will provide security for investors.

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