Sam Bankman-Fried Comments On The Potential For Web3 Development In Hong Kong

During a webinar at Hong Kong’s FinTech Week 2022 on Monday, Sam Bankman-Fried, the founder of crypto exchange FTX, which relocated out of Hong Kong in 2021, stated that the city might emerge as a Web3, blockchain, and cryptocurrency center.

When Bankman-Fried 2021 relocated FTX from Hong Kong to the Bahamas, he cited regulatory uncertainty. He said:

“If you look at what the crypto hubs will be in the world, I think the Bahamas looks like one of them, Dubai looks like one of them, but if you look at the East, it’s not as obvious. It could be Singapore, could be somewhere like Busan in Korea, but I think there is a real chance it ends up being Hong Kong.”

In a policy statement issued on Monday, the Hong Kong government indicated that it would begin a consultation on allowing crypto trading by individual investors as part of its efforts to establish a digital asset center.

While legislation and Covid restrictions drove many crypto-related businesses out of Hong Kong, Bankman-Fried believes the government’s move heralds a brighter future for crypto in the territory.

Recognizing that the current crypto winter is the first real Bear Market we’ve been through, the FTX CEO stated that the market downturn is not impacting its operations since it is always innovating.

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