Forkast.News has released a two-part series investigating the potential of Hong Kong and other emerging crypto hubs in Asia. Hong Kong, which is ranked third for ease of doing business, has been at the forefront of the Web3 narrative since announcing initiatives to attract digital asset businesses.

Companies such as OKX, Bitget, Kaiko, and Huobi have either applied for operation licenses or moved their Asia headquarters to Hong Kong. While Hong Kong is expected to become the global crypto hub, other cities and countries in Asia, such as Singapore, Japan, South Korea, and Dubai, are also positioning themselves in the digital asset economy.

Hong Kong is making efforts to create a welcoming environment for cryptocurrency businesses, with the government announcing plans to regulate digital asset exchanges.

This is in contrast to the United States, where regulatory agencies have been taking a more aggressive approach towards crypto firms. Singapore, another business-friendly environment, also allows crypto trading platforms to operate under exemption while applying for licenses, but the Monetary Authority of Singapore has emphasized that becoming a leading technology-driven financial center in Asia does not necessarily include cryptocurrencies.