In late 2022, Syed Musheer Ahmed packed his bags and departed Hong Kong. The founder of fintech advisory firm FinStep Asia headed for Dubai, where he joined the founding team of the Gulf city’s new digital-asset regulator, Virtual Assets Regulatory Authority (VARA).
Like many in Hong Kong’s crypto scene at the time, Ahmed was drawn by the Middle East’s regulatory clarity – a stark contrast to the uncertainty and Covid-19 restrictions still lingering in his adopted home.
“Dubai came up as a good alternative” at that time, Ahmed recalled, noting that few places were offering crypto licensing for a large enough market then.
Now, Ahmed is back – and the Hong Kong he has returned to is very different from the one he left.
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