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Alchemy Pay has chosen Hong Kong to be its strategic crypto hub for its expansion plans outside of China.
The Singapore-founded crypto payments firm pointed towards Hong Kong's efforts to boost its Web3 initiatives as reasons for its decision.
"In alignment with Hong Kong’s growing ambition to become Asia’s next crypto hub, Alchemy Pay has identified Hong Kong as a key strategic region," the firm stated.
"Our active involvement in Hong Kong highlights our steadfast dedication to narrowing the divide and promoting worldwide adoption of crypto for everyday use, thereby accelerating the journey towards mass adoption of crypto."
The announcement comes as Hong Kong greenlit Bitcoin and Ethereum ETFs earlier this week, marking a significant leap forward for the burgeoning crypto market in the region and establishing Hong Kong as a potential leader in digital asset innovation.
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Leading asset managers including China Asset Management, Bosera Capital, and HashKey Capital Limited are among those that received the green light from the city's financial regulator.
Harvest Global Investments has also received an in-principle nod for its two digital asset spot ETFs, highlighting the SFC's commitment to fostering innovation and catering to diverse investor needs.
Hong Kong's approvals have created a pathway for Chinese companies to delve into Bitcoin ETFs through their Hong Kong subsidiaries.
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"The Hong Kong government’s policies and stance have consistently been a focal point of interest, shaping the trajectory and future progression of the crypto landscape in the region," Alchemy Pay said.
"Such initiatives aim to create conducive conditions wherein projects like Alchemy Pay can flourish and contribute to the evolving crypto ecosystem."
