Global crypto firms turn to Hong Kong for refuge — and opportunity

With U.S. regulators continuing to ramp up their scrutiny of crypto, startups and founders in the space are looking overseas to find friendlier climates to support their growth. One such destination is Hong Kong, which, seeking to restore its status as a financial hub, is banking on favorable crypto regulations to draw a fresh wave of entrepreneurs, technologists and investors. That’s when you saw the HKMA [Hong Kong Monetary Authority] doing more and more CBDCs [central bank digital currencies], and the Hong Kong SFC [Securities and Futures Commission] issuing crypto exchanges and ETFs licenses,” d’Haussy said. ZkMe, founded by a German entrepreneur to enable private credential verifications, chose to locate its headquarters in Hong Kong. “ We came here to build a sustainable business and take advantage of the tech expertise here, and then obviously, the cooperation with the Greater Bay Area is also really beneficial,” said zkMe’s founder and CEO, Alex Scheer, referring to the initiative that aims to integrate Hong Kong with nine adjacent Chinese cities through policies like tax benefits for Hong Kong firms to set up in Shenzhen. The crypto industry has] been building very advanced technology over the last few years.