80 Crypto Firms Interested in Establishing Presence in Hong Kong, Official Says

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80 Crypto Firms Interested in Establishing Presence in Hong Kong, Official Says

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Hong Kong’s Secretary for Financial Services and Treasury has revealed that more than 80 crypto companies have expressed interest in establishing a presence in Hong Kong. They include companies across mainland China, Canada, European Union countries, Singapore, the U.K., and the U.S. “We attach great importance to virtual asset (VA) and Web3,” said the government official.

80 Crypto Companies Interested in Hong Kong

Hong Kong Secretary for Financial Services and the Treasury Christopher Hui revealed during a speech at the Aspen Digital Web 3 Investment Summit earlier this week that more than 80 crypto firms have expressed interest in establishing a presence in Hong Kong.

“We attach great importance to virtual asset (VA) and Web3,” Hui stated, 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 noted that the “Policy Statement on Development of VA,” which the Hong Kong government issued last year, “has been well received by the industry,” elaborating:

As of end-February 2023, Invest Hong Kong has received expressions of interest from over 80 virtual asset-related mainland and foreign companies in establishing their presence in Hong Kong.

Invest Hong Kong (Invest HK) is a government department with a mission to attract and retain foreign direct investment (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.

Specifically, as of the end of February, Invest Hong Kong has received indications from 23 companies across mainland China, Canada, European Union countries, Singapore, the U.K., and the U.S. that they plan to establish a presence in Hong Kong, the official said.

Hui also mentioned that the Hong Kong government has established a licensing regime for crypto service providers which will go into effect in June, and the Hong Kong Monetary Authority is developing a regulatory regime for stablecoins with the goal of implementing regulations 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 further shared, noting:

Within a few months’ time, we are glad to see that three VA futures ETFs have already been listed and traded on the Hong Kong Stock Exchange.

“Hong Kong is well-positioned to be a leading hub for Web3 in Asia and beyond,” Hui claimed, adding: “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.”

Do you think Hong Kong will become a crypto hub? Let us know in the comments section below.

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