80 Crypto Firms Interested in Establishing Presence in Hong Kong, Official Says – Regulation Bitcoin News

Hong Kong’s Secretary for Monetary Providers and Treasury has revealed that greater than 80 crypto corporations have expressed curiosity in establishing a presence in Hong Kong. They embrace corporations throughout mainland China, Canada, European Union international locations, Singapore, the U.Okay., and the U.S. “We attach great importance to virtual asset (VA) and Web3,” stated the federal government official.

80 Crypto Corporations Interested in Hong Kong

Hong Kong Secretary for Monetary Providers and the Treasury Christopher Hui revealed throughout a speech on the Aspen Digital Internet 3 Funding Summit earlier this week that greater than 80 crypto corporations have expressed curiosity in establishing a presence in Hong Kong.

“We attach great importance to virtual asset (VA) and Web3,” Hui said, emphasizing: “The Government has high-level commitment of developing the sector and providing a comprehensive support system to enterprises which are passionate pioneers and start-ups in this area.”

The official famous that the “Policy Statement on Development of VA,” which the Hong Kong authorities issued final 12 months, “has been well received by the industry,” elaborating:

As of end-February 2023, Make investments Hong Kong has obtained expressions of curiosity from over 80 digital asset-related mainland and overseas corporations 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 companies included VA exchanges, blockchain infrastructure companies, blockchain network security companies, virtual currency wallets and payment companies, as well as other projects on building the Web3 ecosystem,” Hui detailed.

Particularly, as of the top of February, Make investments Hong Kong has obtained indications from 23 corporations throughout mainland China, Canada, European Union international locations, Singapore, the U.Okay., and the U.S. that they plan to ascertain a presence in Hong Kong, the official stated.

Hui additionally talked about that the Hong Kong authorities has established a licensing regime for crypto service suppliers which can go into impact in June, and the Hong Kong Financial Authority is growing a regulatory regime for stablecoins with the aim of implementing rules by 2024.

“We have advanced our securities rules to allow regulated intermediaries to offer trading of eligible VA futures ETFs [exchange-traded funds] to retail investors in Hong Kong,” the official additional shared, noting:

Inside a couple of months’ time, we’re glad to see that three VA futures ETFs have already been listed and traded on the Hong Kong Inventory Change.

“Hong Kong is well-positioned to be a leading hub for Web3 in Asia and beyond,” Hui claimed, including: “We have a vibrant fintech ecosystem here in Hong Kong, with over 800 fintech companies offering different kinds of innovative and convenient financial services for members of the public and the business sector.”

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Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

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