US-based Circle Internet Financial Ltd. closely follows the crypto policies of Asia-focused Hong Kong. Jeremy Allaire, CEO of Circle, stated that Hong Kong wants to become a major hub of digital asset markets and stablecoins. Circle stated that Asia is a major focus area and they operate in this region as the issuer of USD Coin.

Circle is licensed as a major payment institution in Singapore to offer digital payment token services and cross-border money transfer services. The Singapore license will help Circle's USD Coin be more widely distributed in the region.
Hong Kong has launched a new crypto regulatory regime from June 1st. This came at a time when global digital asset companies sought safe and affordable places to escape pressure in the US. Hong Kong has yet to enact regulations regulating stablecoins, but its breakthrough to become a digital asset hub is receiving muted support from China and rekindling hope that China's crypto ban may be lifted in the future.
Allaire said developments in Hong Kong could be a precursor to how these markets will grow in Greater China. Regions like Hong Kong and Dubai are trying to attract companies, while Singapore plans to impose limits on retail investor participation. In addition, it was emphasized that Asia's demand for digital dollars increased with the comprehensive regulations of the European Union on digital assets.
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