Hong Kong officials have made a strong pitch to attract Canadian crypto and Web3 startups to set up shop on the island.
At the Collision 2024 tech conference in Toronto, Emily Mo, director of the Hong Kong Economic and Trade Office in Toronto (Toronto ETO), led the charge, highlighting Hong Kong’s advantages as a prime destination for innovative tech companies.
Notably, the event was co-hosted by Toronto ETO, Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK), and it showcased Hong Kong’s thriving tech ecosystem.
Mo highlighted the city’s startup-friendly regulations, including lower tax rates compared to Canada and support for pre-commercial specialist technology companies.
“Hong Kong, as an international financial center, offers a vibrant venture capital sector with low tax rates and innovative rules,”
Mo stated during her welcome remarks.
She also noted the city’s creative approach to Web3 and virtual assets, as well as emerging trends in fintech, health tech, green tech, and property tech.
Mo highlighted the accessibility of both public and private funding for Canadian businesses in Hong Kong. The longstanding double tax agreement between Canada and Hong Kong, designed to prevent double taxation and fiscal evasion, further enhances the appeal for Canadian companies.
Meanwhile, in a related development, Hong Kong Legislative Council member Johnny Ng Kit-Chong announced the formation of the Subcommittee on Web3 and Virtual Asset Development on June 22. This initiative is expected to promote Web3 and digital asset development by seeking feedback on balancing technical, legal, and regulatory frameworks.
Hong Kong’s push for Web3 and virtual asset development follows a recent regulatory crackdown in May 2024, which saw unlicensed crypto exchanges forced to shut down. According to the island’s top financial regulator, the Securities and Futures Commission (SFC), over 20 exchanges initially applied for crypto licenses, but most withdrew after failing to meet regulatory requirements.
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