Over 80 Crypto Firms Express Interest in Establishing Presence in Hong Kong

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Over 80 Crypto Firms Express Interest in Establishing Presence in Hong Kong

More than 80 crypto firms have expressed interest in establishing a presence in Hong Kong, according to the city's Secretary for Financial Services and Treasury, Christopher Hui. The companies, which hail from a variety of countries including mainland China, the US, Canada, and several EU nations, were attracted by the government's "Policy Statement on Development of VA" issued last year, which has been "well received" by the industry, according to Hui. Companies interested in establishing themselves in Hong Kong are reportedly drawn from across the virtual asset spectrum, including exchanges, payment providers, and blockchain infrastructure firms.

The Hong Kong government is developing a licensing regime for crypto service providers, set to go into effect in June, as well as a regulatory regime for stablecoins which it aims to implement by 2024, Hui noted. The city has also adjusted its securities rules to allow regulated intermediaries to offer trading of eligible virtual asset futures ETFs to retail investors, with three such ETFs already listed and traded on the Hong Kong Stock Exchange.

Hui claimed that Hong Kong is "well-positioned to be a leading hub for Web3 in Asia and beyond", thanks to its vibrant fintech ecosystem, which boasts over 800 companies offering innovative financial services. He also underlined the government's commitment to developing the virtual asset and Web3 sectors, offering a "comprehensive support system to enterprises" in the area.

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