Hong Kong woos mainland China crypto firms in push to bolster finance hub status

To be sure, many remain sceptical on Hong Kong’s promise of a stable regulatory regime on cryptocurrencies. One crypto venture capitalist, who declined to be named citing the sensitivity of the matter, said that he remained worried as China’s crypto ban still looms large in the background. 

“If Hong Kong can suddenly say that it is crypto-friendly as if it’s a switch, that switch can be just as suddenly turned off should things get difficult,” he said. 

Still, at least 10 companies with Chinese founders including OKX, Bybit, Huobi have announced or are planning to announce their bid for licenses in Hong Kong, according to the firms and media reports.

These firms, which have exited countries like Canada and Britain, are among the sponsors of the glitziest Hong Kong parties this week. Bybit held a private dinner for industry heavyweights where delicacies from Hiroshima oysters to fish maw soup were served, while OKX booked a rooftop venue with a vista over the entire Victoria Harbour.

At one event on Tuesday, crypto entrepreneur Justin Sun told a mainly Chinese-speaking audience: “I can’t believe that we are having such conferences on Chinese soil.” Sun has been charged by the US Securities and Exchange Commission (SEC) with fraud, but said the SEC’s charges lacked merit and accused the regulator of targeting crypto players.

“Hopefully one day, we will have such events in Shanghai and Beijing,” Sun said.