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DBS Bank the Latest Business to Rush to Hong Kong as the Territory Plans to Become a Crypto Hub

1 min
Updated by Geraint Price
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In Brief

  • Huobi and DBS bank are expanding their business in Hong Kong.
  • Hong Kong see itself becoming a regional crypto hub.
  • Justin Sun believes that Chinese money will drive the new crypto bull market, through Hong Kong.
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Notable businesses like Huobi exchange and DBS bank are planning to expand to Hong Kong. The country is trying to attract businesses with its robust regulatory framework.

Hong Kong is becoming the latest attraction for Web3 businesses as the country adopts a pro-crypto stance. Paul Chan, the Financial Secretary of the country, announced in Jan. that they are committed to becoming a regional crypto hub.

And now according to a Bloomberg article, the Singapore-based DBS bank is envisioning building its crypto business in the territory.

DBS Bank and Huobi Announce Hong Kong Expansion Plans

Sebastian Paredes, Chief Executive Officer (CEO) at DBS, said in a statement, “We are planning to apply for a license in Hong Kong so that the bank could sell digital assets to our Hong Kong customers.”

Last year, Singapore’s largest bank opened its door for crypto and enabled trading services for Bitcoin, Bitcoin Cash, Ethereum, and Ripple.

Justin Sun’s Huobi exchange also plans to expand to the territory due to the country’s shifting attitude towards a crypto. Sun believes the territory is “one of the experiment zones for crypto development in China.”

In Jan., he mentioned on Twitter that China would dominate the new bull market through Hong Kong.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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