Hong Kong’s Financial Services and Treasury Secretary revealed that more than 80 crypto companies have expressed interest in establishing a presence in Hong Kong. These include companies from mainland China, Canada, European Union countries, Singapore, the United Kingdom and the United States. “We attach great importance to virtual assets (VA) and Web3,” said the government official.
80 crypto companies interested in Hong Kong
Hong Kong Financial Services and Treasury Secretary Christopher Hui revealed during a speech at the Aspen Digital Web 3 Investment Summit earlier this week that more than 80 crypto companies have expressed interest in establishing a presence at Hong Kong.
“We attach great importance to virtual assets (VA) and Web3,” Hui said, noting, “The government has high-level commitment to develop the industry and provide a comprehensive support system for enterprises that are passionate pioneers and start-ups 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,” stating:
By the end of February 2023, Invest Hong Kong had received expressions of interest from more than 80 mainland and overseas companies related to virtual assets to establish their presence in Hong Kong.
Invest Hong Kong (Invest HK) is a government department whose mission is 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, and other projects on building the Web3 ecosystem,” detailed Hui.
Specifically, at the end of February, Invest Hong Kong received indications from 23 companies from mainland China, Canada, European Union countries, Singapore, the United Kingdom and the United States that they plan to establish a presence in Hong Kong, the official said. .
Hui also mentioned that the Hong Kong government has established a licensing regime for crypto service providers that will come into effect in June, and that the Hong Kong Monetary Authority is developing a regulatory regime for stablecoins in the aim to implement regulations by 2024.
“We have advanced our securities rules to allow regulated intermediaries to offer trading of eligible VA futures ETFs (exchange-traded funds) to retail investors in Hong Kong,” the official added, noting:
In a few months, we are happy 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 over 800 fintech companies offering various types of innovative and convenient financial services to members of the public and the business sector.
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