Hong Kong, the New Holy Land for Crypto Giants — Sun Yuchen and TRON Have Already Arrived
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Hong Kong, the New Holy Land for Crypto Giants — Sun Yuchen and TRON Have Already Arrived
The "Hong Kong fever" in the crypto industry continues to heat up. In just March and April, nearly 100 Web3-themed summits, forums, and carnivals were held in Hong Kong, China.
Navigating Web3 tides with focused insightsThe "Hong Kong fever" in the crypto industry continues to heat up. In just March and April alone, nearly 100 Web3-themed summits, forums, and carnivals were held in Hong Kong, China. TRON and its founder Justin Sun are naturally not absent from this wave.
It is reported that Justin Sun will participate in major Web3 events in Hong Kong, sharing his latest insights on the cryptocurrency industry and Web3. In February this year, Sun spent a full week in Hong Kong, during which he met with numerous political and business leaders of the Hong Kong Special Administrative Region (HKSAR).
With long-term attention and years of deep engagement, Justin Sun and TRON are now poised for growth as Sun's "Hong Kong roadmap" gradually unfolds.
Longstanding Focus on Hong Kong
As a Chinese individual, Justin Sun has consistently maintained strong interest in Hong Kong. TRON’s headquarters was once established in Hong Kong, serving as the starting point for its globalization strategy.
During previous downturns in Hong Kong’s crypto sector, Sun stood out as one of the few prominent figures who remained highly optimistic about the future of blockchain and Web3 development in the region.
In June 2022, Sun met with Laurie LO, the HKSAR’s Permanent Representative to the WTO, at the Hong Kong Economic and Trade Office in Geneva. They discussed topics including e-commerce, blockchain, trade, and key outcomes from MC12 (The 12th Ministerial Conference of the WTO).
Last October, when Hong Kong sent positive signals indicating its openness to cryptocurrencies, Sun responded promptly, expressing his desire to actively participate in this transformative journey.
Entering 2023, Sun's strategic moves in Hong Kong have entered a phase of substantial advancement, with all initiatives accelerating. In February this year, Sun personally visited Hong Kong for a full week, underscoring his high level of commitment to the region.
During his stay, Sun held intensive meetings with key political and business figures across the HKSAR, including Mr. Tan Yau-tsong, former member of the Standing Committee of the 13th National People's Congress, convener of the "Hong Kong Reunite Alliance," chairman of the Democratic Alliance for the Betterment and Progress of Hong Kong (DAB), and Hong Kong Legislative Council member. The two engaged in warm and constructive dialogue.
Caption: Justin Sun, founder of TRON, meets with Mr. Tan Yau-tsong, former member of the Standing Committee of the 13th National People's Congress and Secretary-General of the “Hong Kong Reunite Alliance”
Sun emphasized that once the HKSAR government provides clearer permission and encouragement, they are ready to expand their local operations and create more job opportunities. He believes Hong Kong is becoming a leading hub for regulated cryptocurrencies in the Asia-Pacific region.
Shortly afterward, Sun announced that TRON and Huobi are applying for relevant business licenses in Hong Kong. He also revealed that Huobi plans to launch a new exchange, Huobi Hong Kong, which will focus on providing trading services to institutional investors and high-net-worth individuals in Hong Kong.
Joining Hands with Hong Kong into the Web3 Era
Reviewing the details of Hong Kong’s new crypto policies, a clear direction emerges: the overarching goal is to formalize and legalize virtual asset trading, promoting sustainable and responsible growth of the virtual asset industry through an evolving regulatory framework.
To this end, Financial Secretary of the HKSAR and Chairperson of the Task Force on Promoting Hong Kong's Advantages, Mr. Paul Chan, has drawn a clear red line. He stated that under the new regime, exchanges must meet anti-money laundering (AML), counter-terrorism financing (CFT), and investor protection standards equivalent to those applied to traditional financial institutions.
Under this enhanced compliance and licensing-focused regulatory approach, well-established institutions and projects with a history of prudent and compliant operations clearly stand to gain first-mover advantages.
TRON and Huobi are undoubtedly positioned to benefit from this environment.
Sun stated that TRON and Huobi are fully committed to supporting Hong Kong’s new policies, closely monitoring subsequent developments, and actively applying for necessary compliance licenses. Their goal is to collaborate with the Hong Kong government in areas such as stablecoins, NFTs, and exchange services, aiming to become the preferred partner for clients and Web3 entrepreneurs in Hong Kong.
Currently, TRON has made significant strides across popular sectors including DeFi, NFTs, stablecoins, metaverse, GameFi, cross-chain technology, and DID (Decentralized Identity), opening vast possibilities for expansion in Hong Kong. Analysts suggest that thanks to Sun’s long-term engagement in Hong Kong and ongoing communication with local policymakers, TRON is well-positioned to seize early-mover advantages in the city’s evolving crypto landscape.
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