More than 80 virtual asset-related companies from mainland China and foreign nations have expressed interest in establishing a presence in Hong Kongamid the city’s efforts to become a leading Web3 hub.
In a speech delivered on March 20 in Hong Kong, Treasury and Financial Services Secretary Christian Hui stated that Hong Kong has been attracting “interest” from various crypto companies around the world since October 2022.
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 2023.
He added that 23 crypto companies had already indicated that they “planned to establish a presence” in the city. Companies include virtual asset exchanges, blockchain infrastructures, and blockchain network security companies.
Christopher Hui, Secretary for Financial Services and the Treasury Bureau, delivers the opening keynote and reinforces HK government’s vision to develop the virtual asset sector in Hong Kong.
He mentions Web 3 presents a paradigm shift to the internet era. pic.twitter.com/9MGkWOCj0O— Everest Ventures Group (EVG) (@EVG_Ventures) March 20, 2023
Christopher Hui, Secretary for Financial Services and Treasury Office, delivers the keynote address, reinforcing the Hong Kong Government’s vision of developing the virtual asset industry in Hong Kong. He mentions that Web 3 represents a paradigm shift in the Internet age.
Hui noted that these companies were interested in learning more about the “application details” of the policy statement, regulatory requirements, visa requirements for talent admission, and industry-specific support measures. of virtual assets and the Web3.
Hui claimed that 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 “USD 50 million” to “streamline the Web3 ecosystem.”
Hui 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 cryptocurrency companies flocking to Hong Kong, adding:
“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 accepting comments on its licensing regime as part of a consultation process that will continue until March 31.
He has proposed that all centralized cryptocurrency trading platforms operating in Hong Kong must obtain a license from the regulatory body.
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