Over 80 virtual asset crypto firms from around the world have expressed interest in establishing a presence in Hong Kong as it aims to become a web3 hub. Additionally, 23 crypto firms have already indicated their plans to establish a presence in the city. These firms include virtual asset exchanges, blockchain infrastructure firms, and blockchain network security firms Cointelgraph reports
The Secretary for Financial Services and the Treasury, Christian Hui, said in a statement on March 20th that Hong Kong is attracting interest from various crypto firms across the world since last October when Hong Kong made its statement Virtual Asset’s Development
Hong Kong already has over 800 fintech companies in the state and is well-positioned to be a leading hub for Web3 with this year’s budget allocation of “$50 million” to “expedite the Web3 ecosystem.
” Hui further reiterated Hong Kong’s plans to establish a licensing regime for virtual asset service providers in June 2023. He suggested this could lead to more crypto firms flocking to Hong Kong, noting:
“With the implementation of the licensing regime for virtual asset service providers in June this year, we are confident that it will provide a more comprehensive and effective regulatory framework for virtual asset-related activities, which will attract more virtual asset-related businesses to Hong Kong and enhance Hong Kong’s position as a leading hub for fintech and Web3.”
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