Business
Hong Kong Soars in Cryptocurrency Adoption: Climbing 17 Spots in Global Rankings Amid Regulatory Clarity
Cryptocurrency activity in Hong Kong has seen the largest increase in East Asia, according to a recent report. The city has climbed from 47th place last year to 30th in this year's Global Cryptocurrency Adoption Index rankings by Chainalysis.
Regulatory approval of digital currencies in Hong Kong and the establishment of a clear regulatory infrastructure have fostered institutional adaptation, Chainalysis suggests. Their index tracks actions across various crypto services, from centralized exchanges to decentralized protocols.
The most recent ratings show how Hong Kong has succeeded in enticing the virtual-asset market in the city through "clear regulations". This has been instrumental in protecting retail investors from potential dangers.
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