These firms are keen on establishing their presence in Hong Kong as it strives to become a leading hub for Web3, the next generation of the internet.
According to the Secretary for Financial Services and the Treasury, Christian Hui, 23 crypto firms have already made plans to set up in Hong Kong. These companies include virtual asset exchanges, blockchain infrastructure firms, and blockchain network security firms.
Hui shared that these firms are interested in learning more about the regulatory requirements, visa requirements for talent admission, targeted support measures for the virtual assets and Web3 sector, and the implementation details of the policy statement. Hong Kong already has over 800 fintech companies, and the city is well-positioned to be a leading hub for Web3.
Hong Kong plans to establish a licensing regime for virtual asset service providers in June of this year, which is expected to attract more quality virtual asset enterprises to the city. The Securities and Futures Commission (SFC) is currently accepting feedback on its licensing regime until the end of this month. The proposed regulation requires all centralized cryptocurrency trading platforms operating in Hong Kong to be licensed by the regulatory body.
In summary, Hong Kong has received interest from more than 80 virtual asset-related firms around the world since October 2022, with 23 of them already planning to establish a presence in the city. Hong Kong plans to establish a licensing regime for virtual asset service providers in June of this year, and the regulatory body is currently accepting feedback on the proposed regulation.
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