Over 80 crypto companies eyeing presence in Hong Kong: Monetary Secretary

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Greater than 80 digital asset-related companies throughout Mainland China and international nations have expressed curiosity in establishing a presence in Hong Kong, amid efforts from town to change into a number one hub for Web3. 

In a March 20 speech in Hong Kong, the Secretary for Monetary Providers and the Treasury, Christian Hui, said that Hong Kong is attracting “curiosity” from varied crypto companies internationally since final October.

Hui famous that because the Hong Kong authorities launched its coverage assertion on Digital Asset’s Growth in October 2022, over 80 digital asset-related firms have expressed curiosity in “establishing their presence in Hong Kong,” as of the top of February 2023.

He added that 23 crypto companies have already indicated that “they deliberate to ascertain their presence” within the thriving metropolis. The companies included digital asset (VA) exchanges, blockchain infrastructure companies and blockchain community safety companies.

Hui famous that these firms had been to study extra concerning the “implementation particulars” of the coverage assertion, in addition to regulatory necessities, visa necessities for expertise admission in addition to focused assist measures for the digital belongings and Web3 sector.

Hui mentioned that Hong Kong already has over 800 fintech firms and that it’s “well-positioned” to be a number one hub for Web3, noting this 12 months’s finances allocation of “$50 million” to “expedite the Web3 ecosystem.”

Associated: Hong Kong’s crypto ambition will get refined nod from Beijing: Report

Hui additional reiterated Hong Kong’s plans to ascertain a licensing regime for digital asset service suppliers in June 2023. He instructed this might result in extra crypto companies flocking to Hong Kong, noting:

“By way of the institution of a complete and clear regulatory system, we expect extra high quality VA enterprises to arrange companies in Hong Kong or to hunt growth alternatives in Hong Kong.”

Hong Kong’s Securities and Futures Fee (SFC) is presently accepting submissions for suggestions on its licensing regime as a part of a session course of that can proceed till March 31.

It proposed that each one centralized cryptocurrency buying and selling platforms working in Hong Kong should be licensed with the regulatory physique.