In the wake of Hong Kong’s move to make the city a stronghold for crypto, the CEO of Tron, Justin Sun has taken to Twitter, highlighting various reasons why $TRON has gained popularity in recent years and has been able to establish a strong presence in China and Hong Kong.
Giving his first reason in the Twitter thread, Sun said that the majority of Tron’s users, communities, and developers are based in China and Hong Kong. This has helped establish trust and intimacy with Chinese investors, who frequently participate in projects with a strong local presence and market knowledge.
Sun also noted the fact that Tron has secured a lot of partnerships with prominent Chinese businesses. According to him, with these collaborations, $TRON has become more widely known and used in China and Hong Kong and it has helped Tron to gain more prominence as a major player in the Chinese blockchain ecosystem.
Sun also brought up the ties of the founder. The CEO emphasized his impressive background, stating that he is an entrepreneur with Chinese ancestry, emphasizing his record as the first millennial graduate of Hupan University, a Chinese business school established by Jack MA, the founder of the Alibaba group. He believes that his upbringing has helped Tron establish a solid footing in China and Hong Kong.
Commenting about the partnership between Huobi and Tron, Justin Sun is optimistic that it would accelerate the usage of digital assets in China and Hong Kong. He believes that this alliance will present the cryptocurrency community with interesting new options by leveraging their strong local presence and strategic partnerships.
Justin Sun ends his discussion by saying that the Tron ecosystem in China has a promising future. He claims that $TRON is well-positioned to develop new partnerships in the biggest crypto market in the world through its strong local presence and growing reputation. He further urged users to keep an eye on the space for new developments.
Hong Kong’s new Move on Crypto
Hong Kong has made moves to allow retail investors to trade cryptocurrencies like bitcoin and ether. This comes to light after Hong Kong’s Securities and Futures Commission officially issued a formal statement outlining its plan adding that only exchanges that are licensed by the commission will be able to facilitate this new modality.
Retail investors will be able to trade popular cryptocurrency assets on exchanges that have been granted agency licensing, according to the consultation paper that was just published. The protection of investors must be a priority for these virtual asset trading platforms. Thus, they must check off boxes pertaining to risk profiles and exposure limits.
Bloomberg reported that the Chinese government is in support of Hong Kong’s decision. According to the report, representatives of China’s Liaison Office have frequently attended crypto events in Hong Kong. According to unnamed sources cited by Bloomberg, their interactions have been cordial. Additionally, sources claimed that officials have been keeping tabs on events, requesting reports, and occasionally making follow-up calls.
