Paul Chan, Hong Kong’s financial secretary, reassured attendees at a Web3 forum at Cyberport that the city remains committed to becoming a regional hub for cryptocurrency and fintech startups.
Despite the current turmoil in the industry, Chan stated that Hong Kong would continue to work towards attracting new businesses from around the globe. This initiative was initially announced in October, shortly before the FTX exchange experienced a significant meltdown.
Chan emphasized that Hong Kong will be a desirable location for crypto and fintech companies to set up shop as the year progresses.
Chan stated that Hong Kong would continue to attract new businesses from around the globe, despite the current turmoil in the industry. This objective was initially announced in October, shortly before the FTX exchange experienced a significant meltdown.
According to the secretary, Hong Kong has been working to solidify its reputation as a key player in the crypto industry in recent years, and these efforts have been paying off. He stated that because of the city’s pro-crypto policy, several tech companies and startups are considering relocating or expanding their operations to Hong Kong.
While the names of these companies have not been disclosed, it is clear that Hong Kong’s reputation as a hub for digital currency is attracting significant attention from the tech industry.
In addition to issuing additional licenses to digital asset trading companies, Hong Kong is also considering allowing retail participation in the cryptocurrency industry through a consultation on crypto platforms. The specific details of this consultation will be released soon.
This move demonstrates Hong Kong’s desire to further integrate itself into the world of digital assets and support the growth of the cryptocurrency industry within its borders.
This news comes at a time when Singapore, one of Hong Kong’s main rivals in the crypto space, has become more cautious of the industry in the aftermath of the FTX debacle.
As a result, Hong Kong’s proactive approach to cryptocurrency could consolidate its position as a key player in the global market.
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
