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The US has been cold to the cryptocurrency industry since the collapse of the Signature, Silvergate, and Silicon Valley Banks. Colorado Senator Michael Bennet attributes this failure to the instability of crypto.

Signature Bank failed, and almost a fifth of its deposits came from crypto, he said, adding, Theyre not allowed to do anything with marijuana, but they can lay 20% of this on crypto a notoriously unstable thing that nobody here even understands and where the value of the assets can soar and collapse.

Ambre Soubiran, CEO of Paris-based crypto market data provider Kaiko, says the United States crackdown on crypto could ultimately see the industrys shift towards Hong Kong. The US being more stringent these days than ever on crypto and Hong Kong regulating more favourably is going to shift the centre of gravity of crypto assets trading and investments towards Hong Kong, she said.

Despite US frostiness towards cryptocurrencies, Hong Kong remains committed to its goal of becoming a crypto hub. More than 80 virtual-asset firms have set up shop on the Fragrant Harbour, and 23 crypto firms plan to establish their presence soon.

In 2021, China effectively banned financial institutions from providing cryptocurrency services. Under this ban, banks and online payment channels cannot provide trading, settlement, clearing, and registration of cryptocurrencies.

In contrast, Hong Kong has been committed to re-affirming itself as a global crypto hub. That same year, Hong Kongs Securities and Futures Commission announced that Hong Kong is willing to distinguish its crypto regulation approach from the blanket crypto ban in mainland China.

Xiaoba, a Chinese cryptocurrency entrepreneur moving startup to Hong Kong, said, It is a grey area in the mainland. There is clarity and a sense of safety in Hong Kong that would allow me to flourish.

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Cryptocurrencies are largely unregulated, which means they can be used for scams, money laundering, and tax evasion. The instability of cryptos also has broader implications for the overall financial market.

In conclusion, while there are many negatives associated with the crypto market, it is still a very new form of currency, and its potential has yet to be realised.

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Cardano and Solana Can Take the Fight to Ethereum, Big Eyes ... - Analytics Insight