lMore than 80 digital asset-related companies throughout Mainland China and overseas nations have expressed curiosity in establishing a presence in Hong Kong, amid efforts from the town to change into a number one hub for Web3.
In a March 20 speech in Hong Kong, the Secretary for Monetary Providers and the Treasury, Christian Hui, acknowledged that Hong Kong is attracting “curiosity” from numerous crypto companies the world over since final October.
Hui famous that because the Hong Kong authorities Financia launched its coverage assertion on Digital Asset’s Improvement in October 2022, over 80 digital asset-related corporations have expressed curiosity in “establishing their presence in Hong Kong,” as of the tip of February 2023.
He added that 23 crypto companies have already indicated that “they deliberate to ascertain their presence” within the thriving metropolis. The companies included digital asset (VA) exchanges, blockchain infrastructure companies and blockchain community safety companies.
Christopher Hui, Secretary for Monetary Providers and the Treasury Bureau, delivers the opening keynote and reinforces HK authorities’s imaginative and prescient to develop the digital asset sector in Hong Kong.
He mentions Internet three presents a paradigm shift to the web period. pic.twitter.com/9MGkWOCj0O
— Everest Ventures Group (EVG) (@EVG_Ventures) March 20, 2023
Hui famous that these corporations had been to be taught extra in regards to the “implementation particulars” of the coverage assertion, in addition to regulatory necessities, visa necessities for expertise admission in addition to focused help measures for the digital belongings and Web3 sector.
Hui stated that Hong Kong already has over 800 fintech corporations and that it’s “well-positioned” to be a main hub for Web3, noting this yr’s finances allocation of “$50 million” to “expedite the Web3 ecosystem.”
Hui additional reiterated Hong Kong’s plans to ascertain a licensing regime for digital asset service suppliers in June 2023. He urged this might result in extra crypto companies flocking to Hong Kong, noting:
“By way of the institution of a complete and clear regulatory system, we expect extra high quality VA enterprises to arrange companies in Hong Kong or to hunt growth alternatives in Hong Kong.”
Hong Kong’s Securities and Futures Fee (SFC) is presently accepting submissions for suggestions on its licensing regime as a part of a session course of that may proceed till March 31.
It proposed that every one centralized cryptocurrency buying and selling platforms working in Hong Kong should be licensed with the regulatory physique.