Hong Kong’s Financial Secretary, Paul Chan Mo-po, has reaffirmed the government’s commitment to fostering innovation and technology, particularly in the realm of digital assets.
In a statement released on June 18, 2023, on the occasion of Father’s Day, Chan Mo-po shared that more than 150 Web3 companies had chosen to establish their operations within Hong Kong’s Cyberport in the past year.
Cyberport is a digital hub established by the Hong Kong government as a platform to foster innovation and accelerate the growth of Web3 and blockchain technology in the region. Currently, Cyberport is home to a total of 1,900 enterprises, and it is managed by a wholly-owned government subsidiary of the Hong Kong Special Administrative Region (SAR) administration.
The government initially invested $7 million (equivalent to 50 million yuan) in the project. However, Chan Mo-po disclosed that Cyberport has received approximately $64 million (HK$500) in funding for a new programme – the “Digital Transformation Support Pilot Programme.” This initiative aims to assist small and medium-sized businesses in adopting digital solutions.
The Financial Secretary reiterated the importance of accelerating the digital transformation of the service industry, which holds a significant portion of their economy. He also highlighted the establishment of the “Digital Economy Development Committee” under his leadership, which has been actively engaged in comprehensive research on cross-border data flows, digital infrastructure, digital transformation, and talent development since its inception last year.
Chen Mo-po stated:
“The national “14th Five-Year Plan” clearly gave Hong Kong the positioning and mission of building an international innovation and technology center.”
The Hong Kong government is actively positioning the region as a supportive regulatory landscape with several opportunities for the growth and advancement of the cryptocurrency industry. The government enacted new cryptocurrency legislation on June 1, 2023, that enables locally licensed crypto businesses to begin operating in the region. The new regulations allow licensed businesses to provide services to retail investors and facilitate the exchange of cryptocurrencies like Bitcoin and Ether.
In another development, the Hong Kong Monetary Authority (HKMA), the region’s central bank and apex financial regulator, recently encouraged major banks such as HSBC and Standard Chartered to reconsider their hesitation in accepting cryptocurrency exchanges as clients.
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