Over 80 businesses want to become part of Hong Kong’s online community.
At the Aspen Digital Web 3 Investment Summit today, Christian Hui, the Secretary for Financial Services and the Treasury in Hong Kong, spoke about making H.Kong a leader in the Web3 revolution.
He said that since October 2020, more than 80 companies from other countries and Mainland China have expressed interest in coming to Hong Kong and getting licenses.
In October 2020, the Hong Kong government released a statement saying that cryptocurrency exchanges should be regulated the same way as traditional financial companies.
Since then, 80 companies have shown interest in setting up their operations, and 23 of them have already started. These companies provide services like cryptocurrency exchanges, blockchain infrastructure, and cryptocurrency network security.
Hui, said:
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. 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
He has stated that the regulations will be enforced starting June 2023.
Hui, added:
Through the establishment of a comprehensive and clear regulatory system, we are expecting more quality VA enterprises to set up businesses in Hong Kong or to seek development opportunities in Hong Kong
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