Famous American entrepreneur Brock Pierce, co-founder of the stablecoin-issuer Tether, is hinting at a potential return to Hong Kong with a new business venture.
This news comes as Hong Kong actively positions itself as a major crypto hub in Asia.
Businessman doing business
During a recent appearance at the Solowin and Sequire Asia Investor Summit, Pierce offered glimpses of his new Hong Kong-based enterprise, though without specifics.
According to a report by the South China Morning Post, Pierce has been in ongoing discussions with Hong Kong authorities about establishing his venture in the city.
Pierce’s interest in Hong Kong isn’t purely coincidental, as the city is actively courting crypto businesses and establishing clear regulations for the industry, because they want to become a central player in the Asian crypto market, and also Pierce himself expressed optimism about these developments.
„Big things may come from this. I’m going to go where I think my time is most valuable. I’m enthusiastic about what’s happening in Hong Kong, which means I’m enthusiastic about working here, which means the likelihood of something happening is good right now.”
Mainland China next?
Pierce even ventured his opinion on the potential acceptance of cryptocurrency in mainland China, where it’s currently banned, and he believes that Hong Kong’s friendly stance towards crypto could act as a bridge to the mainland in the future.
While cryptocurrency remains off-limits in China for now, Pierce believes it’s inevitable that the country will eventually open up to this market.
„Is China going to open up to crypto? I’d say it’s inevitable. The question is not so much if, it’s a matter of when.”
Exchanges in, exchanges out
Hong Kong’s crypto ambitions are taking concrete steps forward, as the Securities and Futures Commission, the SFC recently revealed a list of crypto exchanges, including heavyweights like Crypto.com and Bullish, that are in line to receive licenses to operate within the region.
This move shows Hong Kong’s commitment to bringing clarity and regulations to its cryptocurrency market, even as some platforms like ByBit and OKX have opted to withdraw their license applications.
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