Hong Kong courts crypto industry as other governments crack down

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.