As Forkast reported on June 19, Neil Tan, chairman of the Hong Kong Fintech Association, said that due to the challenging regulatory environment in the United States, cryptocurrency companies are being forced to explore more friendly jurisdictions. Hong Kong's strategic position as a gateway to mainland China, combined with its strong access to capital, is boosting its ambitions to become a leader in the virtual asset space. However, Hong Kong also faces stiff competition from Dubai and Singapore. Tan said, “Other jurisdictions have regressed in retail investor access, and Hong Kong is taking the lead in this space. We will see different players come in, including areas such as cryptocurrency and TradFi. There are many others. applicants, including Greenland Holdings. This is a real estate player with no experience in cryptocurrencies or digital assets, but they expressed their desire to apply for a license.”