Hong Kong’s Financial Services and Treasury Secretary has revealed that over 80 crypto companies have expressed interest in establishing a presence in Hong Kong. They include companies from mainland China, Canada, European Union countries, Singapore, the United Kingdom, and the United States. “We place great importance on virtual assets (VAs) and Web3,” the government official said.
80 crypto companies interested in Hong Kong
In a speech at the Aspen Digital Web 3 Investment Summit earlier this week, Hong Kong’s Financial Services and Treasury Secretary Christopher Hui revealed that more than 80 crypto companies have expressed interest in establishing a presence in Hong Kong.
“We attach great importance to virtual assets (VA) and Web 3,” Hui said, stressing that “the government has a high level of commitment to develop this field and provide a comprehensive support system for enthusiastic pioneers and start-ups in this area.”
The official noted that the “Policy Statement on the Development of VAs” released by the Hong Kong government last year “has been well received within the industry” and elaborated as follows:
As of the end of February 2023, Invest Hong Kong from over 80 virtual asset-related mainland and foreign companies, expressed interest in establishing offices in Hong Kong.
Invest HK is the government department tasked with attracting and retaining foreign direct investment (FDI) in Hong Kong.
“These included VA exchanges, blockchain infrastructure companies, blockchain network security companies, virtual currency wallet and payment companies, and other projects related to building the Web3 ecosystem.” Hui elaborated.
Specifically, as of the end of February, 23 companies spanning mainland China, Canada, European Union countries, Singapore, the United Kingdom, and the United States have indicated that they are planning to establish a location in Hong Kong.
Hui also noted that the Hong Kong government has established a licensing regime for crypto service providers, which will take effect in June, and that the Hong Kong Monetary Authority is developing a stablecoin regulatory regime with the goal of implementing regulations by 2024.
“We have advanced the securities regulations to allow regulated intermediaries to offer trading in eligible VA futures ETFs (exchange-traded funds) to retail investors in Hong Kong,” the official further shared, noting:
Within a few months, three VA futures already ETFs have been listed and traded on the Hong Kong Stock Exchange, which is gratifying.
“Hong Kong is well positioned to become a major hub for Web3 in Asia and the world: “Hong Kong has a vibrant fintech ecosystem.
