February 25, 2025
By Tsering Namgyal
Hong Kong and Singapore are competing head-to-head to cash in on the crypto boom, especially after the surge of Bitcoin above US$100,000 in the aftermath of the election of President Donald Trump.
Hong Kong recently issued an ambitious ASPIRe regulatory roadmap for crypto industry, injecting a bout of optimism among the crypto industry players in the city.
The new guidelines might even include allowing crypto derivatives for the sophisticated investors with a minimum net worth of US$1mn (HK$8mn).
In fact, the crypto derivatives as a “missing link” in the city state’s ambition to transform itself as a global crypto hub, according to Dubai-licensed Deribit, the world’s largest cryptocurrency derivatives exchange, which is aiming to expand in Hong Kong.
“Hong Kong is this central financial hub in the world and a big one in Asia,” he said Jean-David Péquignot, the firm’s chief commercial officer, told the South China Morning Post.
The company was lured to Hong Kong because of its status as a financial hub and its cluster of family offices and fund managers, which are also keen on cryptocurrencies, he said.
“If regulators can solve the derivatives piece, it is a place where we love to be.”
Hong Kong’s current focus is mostly in licensing of the crypto trading platforms.
Singapore has also yet to establish regulations for crypto derivative trading. It’s worth observing who does it first but it seems Hong Kong may lead the game on this one.
About the author
Tsering Namgyal is the editor-in-chief of Blockwind News.
Wow that was odd. I just wrote an extremely long comment but after I clicked submit my comment didn’t show up. Grrrr… well I’m not writing all that over again. Anyhow, just wanted to say excellent blog!