The establishment of Hong Kong as a crypto hub is a development that could have the potential to trigger a new Bitcoin bull market. As Bitcoinist reported, crypto exchanges in Hong Kong can obtain a Virtual Asset Service Providers (VASP) license to legally operate in the Chinese special economic zone.
Just yesterday, the Hong Kong Securities and Futures Commission released a statement outlining its plan to allow not only institutional investors but also retail investors to trade cryptocurrencies such as Bitcoin and Ethereum.
“As long as you don’t violate the basic rule of not jeopardizing financial stability in China, Hong Kong is free to pursue its own goal under the slogan of ‘one country, two systems,’” Nick Chan, a member of the National People’s Congress and digital asset lawyer, told Bloomberg.
Why Could Hong Kong Spark A Bitcoin And Crypto Bull Run?
For the Bitcoin and crypto markets, the reopening of Hong Kong means the potential of massive new inflows of funds. Hong
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