Hong Kong is gaining traction as a Web3 hub, with over 80 crypto asset-related companies expressing their interest in establishing a presence in the region, according to an official press release.
These companies are from various parts of the world, including mainland China and foreign nations. These include blockchain infrastructure, crypto exchanges, blockchain network security companies, crypto-currency wallets, payment companies, and other projects that are working to build the Web3 ecosystem.
It was revealed by Hong Kong’s Secretary for Financial Services and the Treasury, Christian Hui, during his speech at the Aspen Digital Web 3 Investment Summit held on March 20.
Hui expressed the government’s dedication to backing and encouraging the advancement of Web3 technologies and applications. According to Hui, this will lead to a revolutionary shift in how we interact with information, value, and trust on the internet and the forthcoming metaverse.
Hui also stated that the government had committed significantly to advancing the sector and providing extensive support to innovative enterprises and startups.
Hong Kong Government Backs Crypto Sector For Web3 Development Leadership
The government’s dedication to fostering sustainable and ethical growth within the virtual asset industry is anticipated to draw more top-tier crypto asset firms to Hong Kong, positioning it as a prominent Web3 technology and application hub in Asia and beyond.
According to the press release, in 2022, the Hong Kong government released the Policy Statement on Development of Virtual Assets (VA), outlining its goals and policies.
The industry has received the statement positively, with Invest Hong Kong reporting interest from over 80 VA-related companies from both mainland and foreign markets as of February 2023.
To further boost the industry, a licensing system for VA service providers is set to be established in June 2023, potentially attracting more high-quality VA companies to Hong Kong. The Hong Kong Monetary Authority is also developing regulations for “stablecoins,” with plans to implement them by 2024.
Hong Kong has further taken steps to advance its securities rules. To further support the growth of fintech companies, the government launched an online platform in December 2022, which aims to connect local enterprises with fintech firms and investors worldwide.
Moreover, Cyberport, a hub for startups and technology firms, including several Web3-related technology companies, established Web3 Hub@Cyberport earlier this year.
Related Reading | Bitcoin To $1 Million In 90 Days: Crypto Analyst Sparks Debate With Bold Prediction