China’s State-Owned Greenland Bets on Hong Kong’s Crypto Future

Hong Kong has attracted China’s state-owned Greenland Holdings to apply for a license to trade cryptocurrencies and non-fungible tokens (NFTs). The move comes as the city is preparing to launch a new regulatory regime for virtual asset trading platforms.

Greenland Holdings is a Fortune 500 company with headquarters in Shanghai. It is the largest real estate developer in China and has assets of over $230 billion. The company has recently expanded into the digital asset space, and its subsidiary, Greenland Financial Technology, is seeking a license to trade cryptocurrencies and NFTs in Hong Kong.

The decision to apply for a license in Hong Kong was motivated by the city’s status as an international financial center, according to Greenland Holdings. “Hong Kong is a gateway to the global market, and it is also a very open and innovative city,” said Geng Xiao, chairman of Greenland Holdings. “We believe that Hong Kong is the best place for us to expand our business in the digital asset space.”

Greenland Holdings is not the first Chinese company to express interest in trading cryptocurrencies and NFTs in Hong Kong. In recent months, several other Chinese companies have applied for licenses to operate virtual asset trading platforms in the city.

The Hong Kong government is expected to launch a new regulatory regime for virtual asset trading platforms in the coming months. The new regime is expected to be more stringent than the current regime, which has been criticized for being too lax.

The move by Greenland Holdings to apply for a license in Hong Kong is a sign that the city is becoming a more attractive destination for the digital asset industry. The city’s strong regulatory framework and its status as an international financial center are making it an attractive option for companies looking to expand their business in the digital asset space.

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