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Circle targets Asian market in business expansion

circle-targets-asian-market-in-business-expansion
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Circle targets Asian market in business expansion

Circle is set to focus its expansion efforts on the Asian market, particularly monitoring regulatory developments in Hong Kong.

Cryptocurrency company Circle, known for introducing the stablecoin USDC, has unveiled plans to penetrate deeper into the Asian market, particularly focusing on Hong Kong. This was revealed by CEO Jeremey Allaire during a Bloomberg Television interview at the World Economic Forum, located in Tianjin, China.

Allaire emphasized the strategic importance of Hong Kong in the landscape of digital currencies. Given the fresh set of regulations implemented on crypto exchanges starting June 1, the city appears to be a hotspot for crypto businesses.

Historically, Hong Kong has been a haven for crypto-related activities, with big names like BitMEX and Bitfinex operating significantly in the region. However, as the U.S. intensifies its regulations on crypto enterprises, Hong Kong is seen as a preferred alternative jurisdiction for these firms.

In his conversation with Bloomberg, Allaire expressed, “Hong Kong is actively positioning itself as a central hub for digital assets and stablecoins, and we are carefully monitoring these developments.” He also emphasized that Asia is a “tremendously promising region.”

In reference to the demand for digital currencies, Allaire explained, “We’re seeing a massive surge for digital dollars in developing markets, with Asia standing out.”

The move towards Asia by Circle comes in the wake of their recent acquisition of a digital token license in Singapore. Other companies in the crypto industry are also setting their eyes on Asia. For instance, Gemini has announced plans to boost its Asian workforce with an additional 100 hires.

Echoing this expansion trend, FalconX, another player in the crypto space, disclosed its intention to venture into Asia, applying for Singapore’s digital token license, according to Bloomberg.

The increasing interest of crypto firms in Asia, led by Circle, signals the region’s potential in the digital currency market. This strategic reflects the rising demand for digital currencies in Asia, indicating a vibrant future for these crypto firms in the region.