25 February, 2024

Sam Bankman-Fried Thinks the Bahamas or Dubai Could Be Crypto Global Hub

1 year ago

23 Feb, 2024

According to Forkast, which is a media outlet, SBF said today at Hong Kong’s FinTech Week that the crypto center of the globe may be the Bahamas or Dubai, and the crypto center of the east may be Singapore or Busan, which is located in South Korea, but he believes there is a genuine potential that it ends up being Hong Kong.

In his words:

“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.”

The crypto billionaire named Hong Kong, Singapore, and Busan in Korea as the locations in Asia that still have the ability to become hubs in Asia. He also mentioned Tokyo as another location in Asia that has the potential to become a hub. 

Recently, Hong Kong announced that it would take a welcoming approach to digital assets as part of its efforts to regain its status as a global cryptocurrency hub. However, the message was met with a variety of responses from industry players, such as billionaire Sam Bankman-Fried, who were skeptical of Hong Kong’s intentions.

When Bankman-Fried moved FTX headquarters from Hong Kong to the Bahamas in 2021, he did so because of the regulatory uncertainties in Hong Kong. Companies dealing in virtual assets may operate freely in Hong Kong, according to the city’s authorities. 

The local financial authority has recommended opening up cryptocurrency and crypto exchange-traded product trading to regular investors. As part of the forthcoming required licensing framework for crypto exchanges, it will initiate a public consultation on providing retail investors with adequate access to cryptocurrencies.