- Greater than 80 companies are excited by establishing presence in Hong Kong because it strives to turn into a number one Web3 hub.
- A number of crypto companies worldwide have been paying “consideration” to Hong Kong.
Hong Kong has obtained curiosity from greater than 80 mainland and overseas crypto firms to arrange store within the nation as it really works to ascertain itself as a premier Web3 hub.
Christian Hui, the Secretary for Monetary Companies and the Treasury, claimed in a speech on March 20 that, since October 2022, Hong Kong has been gaining “consideration” from numerous crypto enterprises globally.
Hui additional said that as of the tip of February 2023, greater than 80 companies concerned in digital property expressed curiosity in “creating their presence in Hong Kong.” This information comes because the Hong Kong authorities introduced its coverage on digital asset improvement in October 2022.
Corporations already establishing their presence within the nation
Hui stated 23 crypto firms had already stated “they deliberate to ascertain their presence” there. The companies composed of blockchain community safety firms, blockchain infrastructure firms, and digital asset exchanges.
He added that the organizations are additionally excited by studying concerning the coverage specifics like regulatory necessities and visa restrictions
Moreover, the secretary additionally famous that Hong Kong is “well-positioned” to be a number one hub for Web3. He additionally talked about that this 12 months’s price range included “$50 million” to “expedite the Web3 ecosystem.”
Hui restated Hong Kong’s ambitions to create a licensing system for firms that present digital asset companies in June 2023. He added that this may encourage different cryptocurrency companies to find in Hong Kong.
Suggestions on Licensing Regime
Hong Kong regulator SFC is looking for public enter on its proposed licensing system for cryptocurrency exchanges, slated for June 2023.
Licenses could be given to all centralized cryptocurrency buying and selling platforms working in Hong Kong by the regulator underneath this proposal.