Hong Kong is accelerating toward its goal of becoming a global crypto hub, according to the region’s Secretary for Financial Services and the Treasury. 

In a Monday speech at the Aspen Digital Web3 Investment Summit in the east Asian business hub, Christopher Hui said that the city had received interest from over 80 companies wanting to set up shop in Hong Kong.

These include crypto exchanges, blockchain infrastructure companies, blockchain network security companies, virtual currency wallets and payment companies. 

“Hong Kong is well-positioned to be a leading hub for Web3 in Asia and beyond, and we attach great importance to virtual assets and Web3,” Hui said. 

Hong Kong has been talking about becoming a hotspot for digital asset innovation for some time now. Its economy and reputation as a fintech hub was shaken after Covid-19 lockdowns and earlier regulatory crackdowns scared many crypto startups away.

One of the most notable examples was the failed crypto exchange FTX, which left for the Bahamas while blaming Hong Kong’s confusing regulatory framework for the move. The exchange was once one of the biggest brands in crypto but went bust last year because of alleged mismanagement. 

Hong Kong has since
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Author: Mathew Di Salvo

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