{"id":11101,"date":"2023-03-25T06:57:13","date_gmt":"2023-03-25T06:57:13","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11101"},"modified":"2023-03-25T06:57:14","modified_gmt":"2023-03-25T06:57:14","slug":"80-crypto-firms-interested-in-establishing-presence-in-hong-kong-official-says","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11101","title":{"rendered":"80 Crypto Firms Interested in Establishing Presence in Hong Kong, Official Says"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Hong Kong\u2019s Secretary for Financial Services and Treasury has revealed that more than 80 crypto companies have expressed interest in establishing a presence in Hong Kong. They include companies across mainland China, Canada, European Union countries, Singapore, the U.K., and the U.S. \u201cWe attach great importance to virtual asset (VA) and Web3,\u201d said the government official.<\/strong><\/p>\n<h2>80 Crypto Companies Interested in Hong Kong<\/h2>\n<p>Hong Kong Secretary for Financial Services and the Treasury Christopher Hui revealed during a speech at the Aspen Digital Web 3 Investment Summit earlier this week that more than 80 crypto firms have expressed interest in establishing a presence in Hong Kong.<\/p>\n<p>\u201cWe attach great importance to virtual asset (VA) and Web3,\u201d Hui stated, emphasizing: \u201cThe Government has high-level commitment of developing the sector and providing a comprehensive support system to enterprises which are passionate pioneers and start-ups in this area.\u201d<\/p>\n<p>The official noted that the \u201cPolicy Statement on Development of VA,\u201d which the Hong Kong government issued last year, \u201chas been well received by the industry,\u201d elaborating:<\/p>\n<p>As of end-February 2023, Invest Hong Kong has received expressions of interest from over 80 virtual asset-related mainland and foreign companies in establishing their presence in Hong Kong.<\/p>\n<p>Invest Hong Kong (Invest HK) is a government department with a mission to attract and retain foreign direct investment (FDI) to Hong Kong.<\/p>\n<p>\u201cThese companies included VA exchanges, blockchain infrastructure companies, blockchain network security companies, virtual currency wallets and payment companies, as well as other projects on building the Web3 ecosystem,\u201d Hui detailed.<\/p>\n<p>Specifically, as of the end of February, Invest Hong Kong has received indications from 23 companies across mainland China, Canada, European Union countries, Singapore, the U.K., and the U.S. that they plan to establish a presence in Hong Kong, the official said.<\/p>\n<p>Hui also mentioned that the Hong Kong government has established a licensing regime for crypto service providers which will go into effect in June, and the Hong Kong Monetary Authority is developing a regulatory regime for stablecoins with the goal of implementing regulations by 2024.<\/p>\n<p>\u201cWe have advanced our securities rules to allow regulated intermediaries to offer trading of eligible VA futures ETFs [exchange-traded funds] to retail investors in Hong Kong,\u201d the official further shared, noting:<\/p>\n<p>Within a few months\u2019 time, we are glad to see that three VA futures ETFs have already been listed and traded on the Hong Kong Stock Exchange.<\/p>\n<p>\u201cHong Kong is well-positioned to be a leading hub for Web3 in Asia and beyond,\u201d Hui claimed, adding: \u201cWe have a vibrant fintech ecosystem here in Hong Kong, with over 800 fintech companies offering different kinds of innovative and convenient financial services for members of the public and the business sector.\u201d<\/p>\n<p><em><strong>Do you think Hong Kong will become a crypto hub? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/80-crypto-firms-interested-in-establishing-presence-in-hong-kong-official-says\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong\u2019s Secretary for Financial Services and Treasury has revealed that more than 80 crypto companies have expressed interest in establishing a presence in Hong Kong. They include companies across mainland China, Canada, European Union countries, Singapore, the U.K., and the U.S. \u201cWe attach great importance to virtual asset (VA) and Web3,\u201d said the government [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-11101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11101"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11101\/revisions"}],"predecessor-version":[{"id":11103,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11101\/revisions\/11103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11102"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}