Chinese cryptocurrency personality Justin Sun said he is planning to move to Hong Kong, where the government recently announced new policies to attract virtual asset businesses, and talked up the potential of China’s crypto industry, while the global industry remains in a slump after the collapse of FTX. “China’s dominance in the [cryptocurrency] space is becoming more and more apparent,” Sun, founder of the blockchain platform Tron, wrote on Twitter on Monday. “With this in mind, I’ve decided to move to Hong Kong to be closer to the action and take advantage of the opportunities in Asia market.” If Sun follows through with the move, it would mark an early sign of success for Hong Kong’s strategy of attracting some of the industry talent it lost from a regulatory environment seen as less favourable to cryptocurrencies than places like Singapore and Dubai. Past crackdowns on the industry in mainland China have also pushed out companies like Huobi, for which Sun is now an adviser and effectively its public face. Adviser Justin Sun denies lay-off talks at crypto exchange Huobi Sun has made similar remarks about the China market in recent months. In December, he argued in an interview with Bloomberg that Chinese regulators are using Hong Kong as a policy test for the mainland, and Hong Kong’s embrace of cryptocurrencies suggests an “opening up overall [of] crypto policy in China”. In October, shortly after Huobi sold a majority stake to Hong Kong fund About Capital Management, Sun told Coindesk that there is “definitely” a possibility of Huobi “willing to expand the business in China” if the government allows crypto trading again. Beijing banned all such trading activity in September 2021. In his Twitter thread on Monday, Sun said China’s crypto market is “on the rise” and “experts predict that China will dominate the next crypto bull market”. Sun did not mention a timeline for moving to Hong Kong, and neither he nor Huobi responded to requests for comment. Exactly! That's why I will move to Hong Kong. Chinese 🇨🇳crypto market on the rise! 🚀Experts predict that China will dominate the next crypto bull market, with #TRON and @HuobiGlobal leading the charge in Hong Kong development. https://t.co/CaX2Yp5EZA — H.E. Justin Sun🇬🇩🇩🇲🔥₮ (@justinsuntron) January 29, 2023 Sun would be the first high-profile Chinese crypto personality to relocate to Hong Kong since the city announced new industry policies at the end of October. Plans to allow greater retail participation in the local crypto market along with other changes came less than two weeks before FTX declared bankruptcy, sending cryptocurrency prices plummeting and shock waves through the industry. The local government has since reiterated its commitment to restoring the city’s status as a virtual asset hub. Before the new rules, Hong Kong had for years held a more conservative stance towards crypto, although never banning such investment activity as in the mainland. In its pivot last fall, the government promised that the “one country, two systems” regime that offers the city some measure of autonomy guarantees it can support the industry. Huobi was one of the original wave of Chinese crypto firms to flee the country amid Beijing’s escalating crackdowns. It was founded in the country in 2013, but it is now registered in the Seychelles. In November, the company dropped the character “coin” from its Chinese name while navigating its ownership change. The crypto exchange is also among many other companies in the industry taking cost-cutting measures amid a struggling market. Huobi said that it plans to lay off about 20 per cent of its staff and maintain “a very lean team” going forward. While bitcoin has recovered from last November, surging past US$20,000 again this month, smaller coins have not fared as well, and many companies exposed to FTX have either gone out of business themselves or wound up in financial straits.