Over 80 crypto firms eyeing presence in Hong Kong: Financial Secretary

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More than 80 crypto-asset companies from mainland China and abroad have expressed interest in establishing a presence in Hong Kong.

In a speech in Hong Kong on March 20, Financial Services Secretary Christian Hui said: said Since October last year, Hong Kong has attracted “interest” from various cryptocurrency companies around the world.

Hui said that since the Hong Kong government issued a policy statement on the development of virtual assets in October 2022, by the end of February 2023, more than 80 virtual asset-related companies will “establish a presence in Hong Kong.” said he was interested in it.

He added that 23 crypto firms have already indicated that they “plan to establish their presence” in the thriving city. They included exchanges, blockchain infrastructure companies, and blockchain network security companies.

Hui said these companies would like to know more about the “implementation details” of the policy statement, regulatory requirements, visa requirements for gifted admission, and targeted support measures for the virtual assets and Web3 sectors. said there is.

Hui said Hong Kong already has more than 800 fintech companies and is “well-positioned” to become a major hub for Web3, with this year’s budget allocation to “promote the Web3 ecosystem”. Noted “$50 million” in

Related: Hong Kong’s Crypto Ambitions Get A Subtle Nod From Beijing: Report

Hui also reiterated Hong Kong’s plans to establish a licensing regime for virtual asset service providers in June 2023.

“Through the establishment of a comprehensive and clear regulatory system, we hope to attract more quality VA companies to set up operations in Hong Kong or explore development opportunities in Hong Kong.”

Hong Kong’s Securities and Futures Commission (SFC) is now accepting submissions of feedback on the licensing scheme as part of a consultation process that will last until March 31st.

He proposed that all centralized cryptocurrency trading platforms operating in Hong Kong must be licensed by the regulator.