The CEO of Bybit_Official sees different regional hubs in competition for crypto business. PLUS: Bitcoin holds near $30K as investors remain cautious ahead of the FOMC rate hike decision. TheSamReynolds writes
The tone regulators are taking with regard to crypto is remarkably different in Asia and the Middle East to North America, said the CEO of Bybit, Ben Zhou, in an interview with CoinDesk.
Crypto licensing is no longer a process governed by anxiety and fear, Zhou observed, and while different jurisdictions are taking unique approaches, there is a shared commonality in that regulators are looking to work with crypto companies and not against them. “You start to see many regulators realizing this is actually an opportunity, rather than a crisis,” Zhou told CoinDesk. “Hong Kong, for example, is becoming extremely aggressive, trying to attract crypto companies, trying to attract talent."Dubai’s Virtual Assets Regulatory Authority , in Zhou’s opinion, is right now “more advanced” than Hong Kong.
“I think Hong Kong is at the very early stage, a little bit like how Singapore was maybe three, four years ago,” he said. “They're at the grandfathering stage.” VARA, as Zhou explains from his interactions with them in getting Bybit licensed, has sophisticated,detailed procedures exchanges need to go through in order to get licensed. These include explaining how the exchange scrutinizes transactions, addresses sanctions, Anti-Money Laundering practices, and preventing engagement with polluted addresses., citing a “challenging regulatory environment.
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