The Hong Kong Treasury and Financial Services Secretary has revealed that more than 80 crypto companies have expressed interest in establishing a presence in Hong Kong. They include companies in mainland China, Canada, European Union countries, Singapore, the UK and the US. “We attach great importance to virtual assets (VA) and Web3,” the government official said.
80 Interested Crypto Firms in Hong Kong
Hong Kong Treasury and Financial Services Secretary Christopher Hui revealed during a speech at Aspen Digital’s Web 3 Investment Summit earlier this week that more than 80 cryptocurrency firms have expressed interest in establishing a presence in Hong Kong. Kong.
“We attach great importance to virtual assets (VA) and Web3,” Hui said, emphasizing, “The government has a high-level commitment to develop the sector and provide a comprehensive support system for companies that are passionate pioneers and new companies in this area.
The official noted that the “Policy Statement on AV Development,” which the Hong Kong government issued last year, “has been well received by the industry,” explaining:
As of the end of February 2023, Invest Hong Kong has received expressions of interest from more than 80 mainland and overseas virtual asset related companies to establish their presence in Hong Kong.
Invest Hong Kong (Invest HK) is a government department with a mission to attract and retain foreign direct investment (FDI) in Hong Kong.
“These companies included VA exchanges, blockchain infrastructure companies, blockchain network security companies, virtual currency wallets, and payment companies, as well as other projects on building the Web3 ecosystem,” Hui detailed.
Specifically, as of the end of February, Invest Hong Kong received indications from 23 companies in mainland China, Canada, European Union countries, Singapore, the United Kingdom and the US that they plan to establish a presence in Hong Kong, said the official. .
Hui also mentioned that the Hong Kong government has established a licensing regime for crypto service providers that will take effect in June, and the Hong Kong Monetary Authority is developing a regulatory regime for stablecoins with the aim of implementing regulations. by 2024.
“We have advanced our securities rules to allow regulated brokers to offer ETF (exchange traded funds) trading of eligible VA futures to retail investors in Hong Kong,” the official shared, noting:
Within a few months, we are pleased to see that three VA Futures ETFs have already been listed and traded on the Hong Kong Stock Exchange.
“Hong Kong is well positioned to be a leading hub for Web3 in Asia and beyond,” Hui said, adding: “We have a vibrant fintech ecosystem here in Hong Kong, with more than 800 fintech companies offering different types of financial services. innovative and convenient. services for members of the public and the business sector.
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