Jeremy Allaire – co-founder and CEO of the stablecoin-issuer Circle – said his company has been closely observing the regulatory developments in Hong Kong. 

The authorities of the former British colony have recently allowed investors to trade cryptocurrency under a new regime as they carry “fundamental value.”

Asia is a ‘Huge Area of Focus’

In a recent interview for Bloomberg, Allaire noted Hong Kong’s efforts to establish itself as a “very significant center for digital markets and for stablecoins.” As such, Circle is paying “very close attention to that,” he added.

The executive sees Asia as an important region for the industry. Recall that Circle received regulatory approval from the Monetary Authority of Singapore (MAS) in November last year. The license enabled the firm to offer digital payment token products and conduct cross-border and local transactions in the city-state.

The ruling body of Hong Kong has shown a pro-crypto stance lately, introducing a regulatory framework for the sector at the beginning of the month. According to the new rules, digital asset providers can offer services to retail clients, assuming disclaimers of the possible investment risks are in place.

Some suggested that Hong Kong’s positive approach could signal that China might start warming up to the industry. The government of the world’s most populated country