The moves by the US SEC against Binance, Coinbase spooked investment sentiment just as Hong Kong seeks to establish itself as a trading hub along with Singapore. Unlike Singapore and Hong Kong, the US does not have comprehensive regulations for crypto and blockchain firms to operate without fear of regulatory action.

‘Holistic offerings’ aim to attract global family offices and asset owners, says financial-services secretary. Revamped investment-migration scheme would count yuan-denominated assets towards thresholds for residency.