80 Crypto Firms Interested in Establishing Presence in Hong Kong, Official Says

Hong Kong’s Secretary for Financial Services and Treasury has revealed that much than 80 crypto companies person expressed involvement successful establishing a beingness successful Hong Kong. They see companies crossed mainland China, Canada, European Union countries, Singapore, the U.K., and the U.S. “We connect large value to virtual plus (VA) and Web3,” said the authorities official.

80 Crypto Companies Interested successful Hong Kong

Hong Kong Secretary for Financial Services and the Treasury Christopher Hui revealed during a code astatine the Aspen Digital Web 3 Investment Summit earlier this week that much than 80 crypto firms person expressed involvement successful establishing a beingness successful Hong Kong.

“We connect large value to virtual plus (VA) and Web3,” Hui stated, emphasizing: “The Government has high-level committedness of processing the assemblage and providing a broad enactment strategy to enterprises which are passionate pioneers and start-ups successful this area.”

The authoritative noted that the “Policy Statement connected Development of VA,” which the Hong Kong authorities issued past year, “has been good received by the industry,” elaborating:

As of end-February 2023, Invest Hong Kong has received expressions of involvement from implicit 80 virtual asset-related mainland and overseas companies successful establishing their beingness successful Hong Kong.

Invest Hong Kong (Invest HK) is simply a authorities section with a ngo to pull and clasp overseas nonstop concern (FDI) to Hong Kong.

“These companies included VA exchanges, blockchain infrastructure companies, blockchain web information companies, virtual currency wallets and outgo companies, arsenic good arsenic different projects connected gathering the Web3 ecosystem,” Hui detailed.

Specifically, arsenic of the extremity of February, Invest Hong Kong has received indications from 23 companies crossed mainland China, Canada, European Union countries, Singapore, the U.K., and the U.S. that they program to found a beingness successful Hong Kong, the authoritative said.

Hui besides mentioned that the Hong Kong authorities has established a licensing authorities for crypto work providers which volition spell into effect successful June, and the Hong Kong Monetary Authority is processing a regulatory authorities for stablecoins with the extremity of implementing regulations by 2024.

“We person precocious our securities rules to let regulated intermediaries to connection trading of eligible VA futures ETFs [exchange-traded funds] to retail investors successful Hong Kong,” the authoritative further shared, noting:

Within a fewer months’ time, we are gladsome to spot that 3 VA futures ETFs person already been listed and traded connected the Hong Kong Stock Exchange.

“Hong Kong is well-positioned to beryllium a starring hub for Web3 successful Asia and beyond,” Hui claimed, adding: “We person a vibrant fintech ecosystem present successful Hong Kong, with implicit 800 fintech companies offering antithetic kinds of innovative and convenient fiscal services for members of the nationalist and the concern sector.”

Do you deliberation Hong Kong volition go a crypto hub? Let america cognize successful the comments conception below.

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