Here’s how Hong Kong is opening up to crypto

Quick Take

  • In this episode, Jason Choi examines Hong Kong’s new Virtual Asset Service Provider licensing regime that went into effect on June 1.

Episode 52 of Season 5 of The Scoop was recorded with The Block's Frank Chaparro and Tangent Ventures Co-Founder Jason Choi.

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Jason Choi is the co-founder of Tangent Ventures and the host of Blockcrunch podcast.

In this episode, Choi shares why Hong Kong's new Virtual Asset Service Provider ('VASP') licensing regime represents an "unapologetically bullish" shift in tone from regulators.

Although the new laws effectively lift Hong Kong's prior ban on retail crypto trading, Choi still thinks it will take some time for Hong Kong to become a dominant hub for crypto:

"A lot of crypto startups are effectively unbanked, especially startups that have to deal with crypto assets directly in high frequency such as exchanges... Without more banks actively supporting crypto businesses, it's a very hard to really thrive for crypto businesses."

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