Since October 2022, more than 80 crypto asset companies have expressed interest in opening offices in Hong Kong.
More than 80 digital asset companies in China and other countries have expressed their interest in establishing a company in Hong Kong, which aims to become the Web3 hub. In a speech in Hong Kong on March 20, Hong Kong Financial Services and Treasury Minister Christian Hui announced that the city has attracted the attention of various companies around the world since October 2022.
The minister said that 23 crypto companies have announced their plans to establish offices in the city. These firms included virtual asset platforms, blockchain infrastructure and blockchain network security firms.
Hong Kong Aims to Become Web3 Hub
Hui said these companies would like to learn more about the “implementation details” of the policy statement, regulatory requirements, visa requirements for talent admission, and targeted support measures for virtual assets and the Web3 industry. Stating that Hong Kong is currently home to more than 800 fintech companies and is positioned to be a leading hub for Web3, Hui stated that they have allocated $ 50 million to accelerate the Web3 ecosystem.
Stating that they will establish a licensing regime for virtual asset service providers in June 2023, Hui stated that after this situation, more crypto companies may flock to Hong Kong.
Hong Kong’s Securities and Futures Commission (SFC) is accepting applications for feedback on the licensing regime as part of an ongoing consultation process until March 31.
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