Crypto exchange Bybit wants to set up shop in Hong Kong

Dubai-based crypto exchange, Bybitwishes to create a annex in the city-state. Hong Kong will distribute licenses to platforms this summer.

Bybitwhich unveiled a crypto payment card in March, is currently working on opening offices in Hong Kong dedicated to its operations in Asiareports the Wall Street Journal.

The exchange specializing in crypto derivatives plans to move some of its R&D and marketing teams to the city-state.

In the forex industry, liquidity is king and Hong Kong has an abundance of it,” Bybit boss Ben Zhou said in an interview, referring to capital from institutional investors.

Bybit intends thereafter to obtain a license à Hong Kong. The authorities are expected to distribute licenses to crypto exchanges starting next June.

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The Hong Kong government announced in the fall of 2022 that it wanted to create a environment promoting the development of digital assets. And the FTX affair in November did not annihilate its ambitions. It should be noted that Beijing would discreetly support the initiative.

Last month, the French Kaiko has moved its Asian unit to Hong Kong. For its CEO, the pro-crypto regulatory climate that has been put in place should attract capital.

The regulatory landscape in Hong Kong evolves positively […] We want to make sure that we can sustain that institutionalization and that kind of growth,” said Soubiran.

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It was also recently reported that the Hong Kong Monetary Authority is working on regulations for stablecoins.

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