More than 80 companies that deal with virtual assets across Mainland China and other countries have shown interest in establishing a presence in Hong Kong after the city announced its aspirations to become a major Web3 hub with actions to back their aspirations.
Christopher Hui, the Secretary for Financial Services and the Treasury, made this claim during his speech on March 20 at the Aspen Digital Web3 Investment Summit in Hong Kong. He also added that 23 of these companies had indicated actual plans to do so.
Christopher Hui, Secretary for Financial Services and the Treasury Bureau, delivers the opening keynote and reinforces HK government’s vision to develop the virtual asset sector in Hong Kong.
He mentions Web 3 presents a paradigm shift to the internet era. pic.twitter.com/9MGkWOCj0O— Everest Ventures Group (EVG) (@EVG_Ventures) March 20, 2023
These businesses include virtual currency exchanges, blockchain infrastructure providers, blockchain network security providers, wallet and payment providers for virtual currencies, and other initiatives aimed at developing a Web3 ecosystem, and they are located in Mainland China, Canada, the EU, Singapore, the UK, and the US.
The Hong Kong Government released a policy statement last year concerning the development of virtual assets in their jurisdiction. They also stated that they are committed to creating an environment conducive to timely and essential safeguards to reduce actual and potential risks to support the sustainable and responsible growth of the virtual asset sector in Hong Kong.
According to the Secretary, the businesses contacted Invest Hong Kong to ask questions on the policy statement’s implementation details, legal requirements, visa requirements for hiring talent, targeted support initiatives for the virtual asset (VA) and Web3 industry, and more.
Mr. Hui revealed that the last phase of work in the process is establishing a licensing regime for virtual asset service providers. He said: “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.”
Meanwhile, on March 16, 2023, Coinstreet Holdings and Somerley Capital Holdings jointly announced that their subscription platform for security token offerings (STOs), Signum Digital, has received an approval-in-principle from the Hong Kong Securities and Futures Commission (SFC).
The Hong Kong government also announced a budget of $50 million for this year. The funds will be directed toward speeding up the development of the Web3 ecosystem on the island. The government plans to organize international events and workshops to help the industry and businesses understand frontier development and encourage cross-sectoral business cooperation.
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