Brock Pierce, Tether Co-Founder, Looks to Hong Kong for His New Company

Bittime - Brock Pierce, co-founder of Tether, the world's largest stablecoin, is considering returning to Hong Kong and building his new company. This news emerged after the Hong Kong government intensively tried to attract the presence of crypto companies to the region.   

Hong Kong: Gateway to Mainland China?

Pierce's consideration of returning to Hong Kong comes amid waning interest from several large crypto exchanges that previously intended to apply for licenses as virtual asset trading platforms in the region. 

Hong Kong's regulator, the Securities and Futures Commission (SFC), recently determined that exchanges licensed in Hong Kong are prohibited from serving mainland Chinese citizens.

This provision seems to close the gap that has been the main attraction of Hong Kong for crypto players, namely the potential to become a gateway to the mainland Chinese crypto market which has fantastic value, but commercial crypto trading activities are prohibited there.

Check Today's Crypto Market:

TradeFi: Huge Opportunity for Hong Kong

Pierce assesses that Hong Kong's steps in providing regulatory certainty for crypto investors are the right steps. He sees Hong Kong as being on the right track and having a strategic position in the Asian region compared to Singapore, Japan and South Korea, which have implemented special policies regarding crypto.

According to Pierce, TradeFi is a very promising opportunity for the Hong Kong crypto market, especially the Hong Kong dollar digital stablecoin has extraordinary potential. China's supply chain advantages are the main reason Pierce sees a huge opportunity in TradeFi Hong Kong. 

Regarding high licensing fees and other factors that could discourage crypto companies from entering Hong Kong, Pierce sees them as temporary hurdles. He hopes the policy will be relaxed over time.

Brock Pierce's Long Trail in Hong Kong

Brock Pierce is not a new name in Hong Kong. The former child actor, known for his roles in the films The Mighty Ducks and First Kid, started his work in the cryptocurrency industry by selling virtual crypto assets used in online games through his first startup, Internet Gaming Entertainment, which is based in Hong Kong.

The company behind Tether, iFinex, is also founded in Hong Kong. Pierce became a co-founder of Tether after investing in a company involved in creating the stablecoin. He then divested his stake in Tether in 2015.

Even though he admits to having a love for Hong Kong, Pierce has yet to reveal whether the territory will again be his base of operations for his new project.

Also Read How to Buy Crypto:

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

Get to Know Hong Kong Cryptocurrency Regulations

Bitcoin & Ethereum ETF Debuts in Hong Kong, How Did It Go?

SFC Hong Kong Releases Latest List of Virtual Asset Trading Platforms

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.