Some crypto entrepreneurs think crypto business can’t make profit in Hong Kong

Despite the new clear crypto regulation rule in Hong Kong, some crypto companies are not in the mood to get started with the crypto startups in Hong Kong. 

Nearly 14 years of life have been completed by this sector but still, there are not many clear laws for this sector in every country. Even America-like countries are lagging behind the crypto regulation. In the latest, Hong Kong unbanned retail crypto investment & welcomed the crypto companies to establish their business in the country under clear rules.

On 1 June 2023, Popular Chinese crypto blogger Colin Wu reported that some of the crypto firm owners are not happy with the Hong Kong & Singapore crypto regulatory rules. They think that these two jurisdictions don’t have a profitable environment for any crypto business.

Wu confirmed that NewHuo, a Hong Kong-listed company controlled by the former founder of Huobi Lilin, withdrew its registration application from Hong & Singapore. In short, NewHuo decided not to start a business in Singapore & Hong Kong.

Many crypto Twitter users responded to such news and said that such crypto firm owners will surely regret because all the countries are in the early phase of regulation development, so they might take more time to bring more simplified & better laws for the crypto firms to generate revenue.

Recently Gate Exchange & CoinEx launched their subsidiary in Hong Kong, to comply with the country’s rules perfectly.

Read Also: OKX Proposes Industry-First BRC-30 Token Standard to Enable Bitcoin and BRC-20 Token Staking

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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