Hong Kong is regaining its status as a global cryptocurrency hub, with more than 80 virtual asset-related firms expressing interest in establishing a presence in the city since October 2022.
Christian Hui, Hong Kong’s Secretary for Financial Services and the Treasury, stated that these companies include blockchain infrastructure and security firms, virtual currency wallets and payment companies, and other projects in the Web3 space.
Although most firms are from China, some have shown interest from countries such as Canada, the European Union, Singapore, the UK, and the US. Hui said that these companies were interested in regulatory requirements, visa requirements for talent admission, targeted support measures for the virtual assets and Web3 sector, and the policy statement’s implementation details.
Hong Kong has recently adopted a more crypto-friendly stance, with new rules set to come into effect in June that will require all crypto platforms to be licensed by the Securities and Futures Commission.