Hong Kong ramps up crypto regulation in 2023

Rise in Crypto Regulations: Hong Kong Joins Other Global Jurisdictions

Governments worldwide are paying increased attention to cryptocurrencies, with a focus on strengthening consumer protection and instilling greater stability in the volatile sector. In 2023, a report by blockchain analytics firm TRM Labs reveals that 17 jurisdictions, including Hong Kong, the European Union, South Korea, Singapore, and the United States, tightened their cryptocurrency regulations. These jurisdictions accounted for 80% of those studied and represented 70% of global exposure to cryptocurrencies, indicating a significant global trend toward stricter regulations.