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Hong Kong has embarked on a charm offensive to attract crypto businesses. (Source photos by Getty Images)
Market Spotlight

Hong Kong courts crypto industry as other governments crack down

Chinese territory is seen as 'desperate' to catch up with regional rival Singapore

PAK YIU, Nikkei staff writer | Hong Kong

HONG KONG -- Times are tough in the global cryptocurrency business. Following a series of industry disasters capped by November's collapse of Sam Bankman-Fried's FTX exchange, regulators around the world have been cracking down on the sector.

But there is one intriguing exception to this trend in Asia. In recent months, Hong Kong, a financial center seeking to maintain its prominence in the face of growing competition from Singapore, has been mounting an aggressive campaign to become a crypto hub.

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