Hong Kong Attracts Interest from 80 Crypto Firms for Market Presence

Hong Kong Receives Interest from 80 Crypto Firms

According to Hong Kong’s Secretary for Financial Services and Treasury Christopher Hui, over 80 crypto firms have expressed interest in establishing a presence in Hong Kong. These firms are from different countries, including China, Canada, the European Union, Singapore, the U.K., and the U.S. The Hong Kong government has been supporting the sector, with a policy statement on development of virtual assets last year, which has been well received by the industry. Invest Hong Kong, a government department aimed at attracting and retaining foreign direct investment, has received indications from 23 companies that they plan to establish a presence in Hong Kong. These companies include VA exchanges, blockchain infrastructure companies, blockchain network security companies, virtual currency wallets and payment companies, as well as other projects building the Web3 ecosystem. Hong Kong is also developing a regulatory regime for stablecoins with the goal of implementing regulations by 2024. The Hong Kong government is positioning itself to be a leading hub for Web3 in Asia and beyond.