Over 80 crypto firms willing to enter Hong Kong, says Financial Secretary - News Time

Over 80 crypto firms willing to enter Hong Kong, says Financial Secretary

  • More than 80 businesses are interested in setting up presence in Hong Kong as it strives to become a leading Web3 hub.
  • Several crypto businesses worldwide have been paying “attention” to Hong Kong.

Hong Kong has received interest from more than 80 mainland and foreign crypto companies to set up shop in the country as it works to establish itself as a premier Web3 hub.

Christian Hui, the Secretary for Financial Services and the Treasury, claimed in a speech on March 20 that, since October 2022, Hong Kong has been gaining “attention” from various crypto enterprises globally.

Hui further stated that as of the end of February 2023, more than 80 firms involved in virtual assets expressed interest in “creating their presence in Hong Kong.” This news comes as the Hong Kong government announced its policy on virtual asset development in October 2022.

Firms already establishing their presence in the country
Hui said 23 crypto companies had already said “they planned to establish their presence” there. The businesses composed of blockchain network security companies, blockchain infrastructure companies, and virtual asset exchanges.

He added that the organizations are also interested in learning about the policy specifics like regulatory requirements and visa restrictions

Additionally, the secretary also noted that Hong Kong is “well-positioned” to be a leading hub for Web3. He also mentioned that this year’s budget included “$50 million” to “expedite the Web3 ecosystem.”

Hui restated Hong Kong’s ambitions to create a licensing system for companies that provide virtual asset services in June 2023. He added that this might encourage other cryptocurrency businesses to locate in Hong Kong.

Feedback on Licensing Regime
Hong Kong regulator SFC is seeking public input on its proposed licensing system for cryptocurrency exchanges, slated for June 2023.

Licenses would be given to all centralized cryptocurrency trading platforms operating in Hong Kong by the regulator under this proposal.

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