Over 80 crypto firms eyeing presence in Hong Kong: Financial Secretary

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Greater than 80 digital asset-related corporations throughout mainland China and overseas nations have expressed curiosity in establishing a presence in Hong Kong amid efforts from town to grow to be a number one Web3 hub.

In a March 20 speech in Hong Kong, the Secretary for Monetary Providers and the Treasury, Christian Hui, said that Hong Kong has been attracting “curiosity” from numerous crypto corporations worldwide since October 2022.

Hui famous that for the reason that Hong Kong authorities launched its coverage assertion on Digital Asset Improvement in October 2022, over 80 digital asset-related corporations have expressed curiosity in “establishing their presence in Hong Kong” as of the end of February 2023.

He added that 23 crypto firms have already indicated that “they planned to establish their presence” in the city. The firms included virtual asset exchanges, blockchain infrastructure and blockchain network security firms.

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

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

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

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

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

Hong Kong’s Securities and Futures Fee (SFC) is at present 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 every one centralized cryptocurrency buying and selling platforms working in Hong Kong should be licensed with the regulatory physique.