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USDC Stablecoin Issuer Circle Eyes Foothold in Hong Kong

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  • Circle has recently obtained a license as a major payments institution in Singapore.
  • New cryptocurrency regulations went into effect in Hong Kong on June 1.

USDC stablecoin issue, Circle Internet’s CEO, Jeremy Allaire, is keeping a close eye on the regulatory updates in Hong Kong after the implementation of its new crypto legislation earlier this month.

While the United States continues its regulatory onslaught, crypto companies continue to place a significant emphasis on the Asian market. Jeremy Allaire was interviewed by Bloomberg on Tuesday, June 27 at the World Economic Forum in Tianjin, China.

The CEO stated:

“Hong Kong clearly is looking to establish itself as a very significant center for digital assets markets and for stablecoins and we are paying very close attention to that”.

Eyeing Expansion in Asia

Circle has recently obtained a license as a major payments institution in Singapore, a key step in the company’s growth into the Asian markets. As a result, it may now provide digital payment token services for both local and international money transfers.

New cryptocurrency regulations went into effect in Hong Kong on June 1. Due to tighter regulations in the United States, digital asset firms throughout the globe are on the lookout for safe havens where their investors and customers may feel comfortable.

But there are no stablecoin-specific rules in place in Hong Kong as yet. Hong Kong has been working hard over the last year to cement its position as Asia’s cryptocurrency capital.

Hong Kong’s largest bank, HSBC, made the decision to begin offering Bitcoin and Ethereum exchange-traded funds (ETFs) to its clients only yesterday. After new crypto regulations were implemented in Hong Kong, this was a huge boost.

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