Over 20 crypto firms plan to establish presence in the city: Hong Kong authorities

Hong Kong’s Secretary for Financial Services and the Treasury Christopher Hui said that implicit 80 virtual asset-related businesses had expressed involvement successful establishing their beingness successful the metropolis arsenic of the extremity of February.

Hui added that 23 crypto businesses person already indicated they “plan to found their beingness successful Hong Kong.”

In a March 20 speech, Hui said these businesses included blockchain infrastructure companies, blockchain web information companies, virtual currency wallets, outgo companies, and different projects gathering connected the web3 ecosystem.

According to Hui, this question of involvement is coming connected the backmost of the government’s merchandise of its argumentation connection connected Virtual Asset Development. He added that the metropolis already has a vibrant fintech ecosystem with much than 800 companies providing fiscal services for nationalist and concern assemblage members.

Hong Kong continues regulatory drive

Hui said the Hong Kong authorities was not resting connected its laurels arsenic it is presently moving connected establishing a licensing authorities for virtual plus work providers by June 2023.

Hui added that the metropolis expects its licensing authorities to pull “more prime VA enterprises to acceptable up businesses successful Hong Kong oregon to question improvement opportunities successful Hong Kong.”

Besides the licensing regime, the authorities is besides working connected a broad regulatory authorities for stablecoins. The metropolis aims to instrumentality these regulations by 2024.

Hong Kong eyes ain CBDC, investigating integer Renminbi for cross-border payments

Hui noted that the metropolis was collaborating with Mainland China to trial the usage of integer Renminbi (Digital Yuan) successful making cross-boundary payments.

According to Hui, the metropolis besides worked with respective cardinal banks of antithetic crosses connected aggregate cardinal slope integer currency (CBDC) span projects to expedite cross-border payments. He added:

“We are besides looking into the issues pertinent to imaginable issuance of e-Hong Kong dollar.”

The station Over 20 crypto firms program to found beingness successful the city: Hong Kong authorities appeared archetypal connected CryptoSlate.