Hong Kong’s Secretary for Monetary Companies and Treasury has revealed that greater than 80 crypto firms have expressed curiosity in establishing a presence in Hong Kong. They embrace firms throughout mainland China, Canada, European Union international locations, Singapore, the U.Ok., and the U.S. “We connect nice significance to digital asset (VA) and Web3,” mentioned the federal government official.
80 Crypto Firms Involved in Hong Kong
Hong Kong Secretary for Monetary Companies and the Treasury Christopher Hui revealed throughout a speech on the Aspen Digital Net 3 Funding Summit earlier this week that greater than 80 crypto companies have expressed curiosity in establishing a presence in Hong Kong.
“We connect nice significance to digital asset (VA) and Web3,” Hui said, emphasizing: “The Authorities has high-level dedication of creating the sector and offering a complete assist system to enterprises that are passionate pioneers and start-ups on this space.”
The official famous that the “Coverage Assertion on Improvement of VA,” which the Hong Kong authorities issued final yr, “has been effectively acquired by the trade,” elaborating:
As of end-February 2023, Make investments Hong Kong has acquired expressions of curiosity from over 80 digital asset-related mainland and overseas firms in establishing their presence in Hong Kong.
Make investments Hong Kong (Make investments HK) is a authorities division with a mission to draw and retain overseas direct funding (FDI) to Hong Kong.
“These firms included VA exchanges, blockchain infrastructure firms, blockchain community safety firms, digital foreign money wallets and cost firms, in addition to different tasks on constructing the Web3 ecosystem,” Hui detailed.
Particularly, as of the top of February, Make investments Hong Kong has acquired indications from 23 firms throughout mainland China, Canada, European Union international locations, Singapore, the U.Ok., and the U.S. that they plan to determine a presence in Hong Kong, the official mentioned.
Hui additionally talked about that the Hong Kong authorities has established a licensing regime for crypto service suppliers which is able to go into impact in June, and the Hong Kong Financial Authority is creating a regulatory regime for stablecoins with the aim of implementing rules by 2024.
“We’ve got superior our securities guidelines to permit regulated intermediaries to supply buying and selling of eligible VA futures ETFs [exchange-traded funds] to retail traders in Hong Kong,” the official additional shared, noting:
Inside just a few months’ time, we’re glad to see that three VA futures ETFs have already been listed and traded on the Hong Kong Inventory Trade.
“Hong Kong is well-positioned to be a number one hub for Web3 in Asia and past,” Hui claimed, including: “We’ve got a vibrant fintech ecosystem right here in Hong Kong, with over 800 fintech firms providing completely different sorts of modern and handy monetary providers for members of the general public and the enterprise sector.”
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