More than 80 virtual asset-related companies in mainland China and foreign nations have expressed interest in establishing a presence in Hong Kong, amid the city’s efforts to become a leading hub for Web3.
In a March 20 speech in Hong Kong, Treasury and Financial Services Secretary Christian Hui fixed that Hong Kong is attracting the “interest” of various crypto companies around the world since last October.
Hui noted that since the Hong Kong government released its policy statement on virtual asset development in October 2022, more than 80 virtual asset-related companies have expressed interest in “establishing their presence in Hong Kong” by the end of February. of 2023.
He added that 23 crypto companies have already indicated that they were “planning to establish a presence” in the prosperous city. The companies included virtual asset (VA) exchanges, blockchain infrastructure companies, and blockchain network security companies.
Christopher Hui, Secretary for Financial Services and Treasury Office, delivers the keynote address and reinforces the Hong Kong government’s vision to develop the virtual asset sector in Hong Kong.
He mentions that Web 3 presents a paradigm shift in the Internet age. pic.twitter.com/9MGkWOCj0O— Everest Ventures Group (EVG) (@EVG_Ventures) March 20, 2023
Hui noted that these companies were interested in learning more about the “implementation details” of the policy statement, as well as regulatory requirements, visa requirements for talent admission, and asset sector-specific support measures. Virtual and Web3.
Hui said Hong Kong already has more than 800 fintech companies and is “well positioned” to be a leading hub for Web3, noting this year’s budget allocation of “$50 million” to “accelerate the Web3 ecosystem.”
Related: Hong Kong’s Crypto Ambition Gets a Subtle Nod From Beijing: Report
Hui further reiterated Hong Kong’s plans to establish a licensing regime for virtual asset service providers by June 2023. He suggested that this could lead to more crypto companies flocking to Hong Kong, noting:
“Through the establishment of a comprehensive and clear regulatory system, we hope that more quality VA companies will establish business in Hong Kong or seek development opportunities in Hong Kong.”
The Hong Kong Securities and Futures Commission (SFC) is currently accepting submissions for comments on its licensing regime as part of a consultation process that will continue until March 31.
He proposed that all centralized cryptocurrency trading platforms operating in Hong Kong must obtain a license from the regulatory body.
