Justin Sun, who is rumored to have spent $1 billion to acquire the Huobi exchange, said Chinese authorities are monitoring Hong Kong's approach to cryptocurrencies.
The Tron founder said in an interview with Bloomberg on Dec. 21:
"Right now China is using Hong Kong as a testing ground so they can look at all the results, taking that premise until they officially adopt cryptocurrencies. That's why I'm extremely optimistic and looking forward to seeing all of Hong Kong's cryptocurrency policies."
While China maintains a strict crackdown on cryptocurrencies, Hong Kong has outlined plans to boost the market by offering retail trading, ETFs, and blockchain education programs. In an effort to enhance the prestige of the city along with the ambition to become the leading "financial center" in Asia.
"Right now, Hong Kong is in a very pro-crypto mode. I think this not only marks the opening of cryptocurrencies in Hong Kong, but also the overall policy on cryptocurrencies in China."
In addition, crypto giant Justin Sun said that this will be an "important turning point" for the entire crypto industry. Here Sun quotes the past in 2017, when the cryptocurrency industry was strongly fluctuated by the Chinese market. The mainland's market share now accounts for 90% of Asia.
While the crypto market is reeling from the FTX crash, Hong Kong seems to be very steadfast and confident in the potential of blockchain technology, nevertheless emphasizing the need for compliance rules and investor protection.