Over the next three years, G-Rocket, a startup accelerator co-founded by Hong Kong Legislative Council members Jonny Ng Kit-Chong and Casper Wong in 2016, plans to attract 1,000 Web3 companies to the city.
As part of Hong Kong’s efforts to reclaim its status as a hub for virtual assets, the startup recently launched the Hong Kong Web3.0 Hub program targeting Web3 companies. Over 150 startups have already joined the program.
Casper Wong, co-founder, and CEO of G-Rocket, stated:
“We hope to help bring good companies and talent back to Hong Kong in the post-pandemic era.”
Wong noted that the company would partner with ZA Bank, the Cyberport accelerator run by the government, and New World Development, a real estate conglomerate, to help Hong Kong startups obtain access to office space, banking, and government services.
Wong stated:
“For applicants hoping to set up shop in Hong Kong through G-Rocket, the accelerator aims to help them in areas including office space, banking and government resources. It is working with Hong Kong virtual bank ZA Bank, property conglomerate New World Development and government-run incubator Cyberport in that regard.”
Despite the ongoing market downturn, the Hong Kong fintech community remains hopeful about their sector’s future. This optimism is reflected in the success of Web3-themed events and conferences in the region.
The Hong Kong government is actively working to establish the special administrative region as a major crypto hub, rivalling Singapore. G-Rocket’s program is just one part of this larger effort.
It is expected that the region will approve the Anti-Money Laundering and Counter-Terrorist Financing amendment bill next year. From June 1, 2023, the licensing system for cryptocurrency service providers will be implemented, along with other recent changes.
The sector predicts that the SFC (Securities and Futures Commission) will require authorized crypto service providers to meet new regulatory standards.
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