As regulators are continuously going after crypto firms, many of the firms are looking for a pro-crypto environment to establish their base, Hong Kong, however, seems to be a better choice.

According to the Hong Kong Secretary for Financial Services and the Treasury Christopher Hui, over 80 crypto-related firms are looking to establish a presence in Hong Kong, he said this in a recent Aspen Digital Web 3 Investment Summit.

“We attach great importance to virtual asset (VA) and Web3,” said Hui, furthering that “the 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.”

The official added that the policy statement on the development of digital assets has well been received by the industry, detailing that;

 “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.”

As of the end of February, Invest Hong Kong has received about 23 applications from companies in the UK, the US, China, and several other countries in the eurozone, Hui noted.

Additionally, Hui said that the authorities of Hong Kong have established a licensing regime for cryptocurrency companies to be effective from June, the country officials are as well developing a regulatory framework for stablecoins and of course, it will be implemented by next year.

“Hong Kong is well-positioned to be a leading hub for Web3 in Asia and beyond,” Hui claimed, adding: “We 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.”

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