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More Than 80 Crypto Firms Plan to Launch In Hong Kong, Financial Secretary

Press Releases Crypto News Bitcoinist More Than 80 Crypto Firms Plan to Launch In Hong Kong, Financial Secretary

Hong Kong, an administrative region of China, has gradually expanded its crypto industry. The city aims to create a robust crypto environment to position it as a prominent hub for crypto and Web3 interactions.

The city’s outstanding performance has attracted several crypto firms to expand their business into the region. The Financial Secretary of Hong Kong reports that over 80 virtual assets companies seek to establish their businesses in the city.

Hong Kong Crypto Sector Attracts More Firms

Christian Hui, the Secretary for Financial Services and Treasury, disclosed the attraction Hong Kong has become with its crypto-related development. Hui stated that crypto-related firms’ interest in establishing a presence has grown since October 2022. Hui made the statement during his speech at the Aspen Digital Web3 Investment Summit on March 20.

According to Hui, the government of Hong Kong created the right platform for cryptocurrency with its Virtual Asset Development Policy in October 2022. Subsequently, more than 80 crypto-related firms are interested in establishing their business in the city.

Further, the Secretary mentioned that about 23 expressed their plans to launch their subsidiary businesses in Hong Kong. These include companies of different types, such as blockchain infrastructure firms, blockchain network security companies, and virtual asset (VA) exchanges.

Also, Hui stated that most crypto firms seeking a presence in the city are interested in understanding the Virtual Asset Development policy. They want to fully know the implementation details of the policy and the support measures for the crypto and Web3 sectors in the city. The firms also desire to understand the regulatory and visa requirements for talent admission.

Additionally, the secretary revealed that Hong Kong is moving to a licensing regime for virtual assets service providers in June 2023. The city will set a comprehensive and transpa

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Author: Savannah Fortis

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