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Hong Kong’s Treasury and Financial Services Secretary, Christopher Hui, has confirmed that several digital asset companies are interested in establishing a presence in the region.
Hui made this known at the recently concluded Aspen Digital Web3 Investment Summit, noting that recent government initiatives have sparked a wave of global corporate interest in the country. More than 80 Web3 companies are considering setting up shop in Hong Kong, with 23 taking the first step.
The Secretary of Finance noted that the companies range from digital currency exchanges, blockchain technology and security companies, and wallet service providers. Most of the interested entities are from the United States, Europe, Canada and other Asian countries, with a few coming from Mainland China, a region with a blanket ban on digital currency activity.
“Hong Kong is well-positioned to become the leading hub for Web3 in Asia and beyond, and we attach great importance to virtual assets (VA) and Web3,” said Hui. “The government has a high level of commitment to developing this sector and provides a comprehensive support system to companies that are passionate pioneers and startups in this field like all of you.”
The release of the Policy Statement signals a clear statement of intention from the Hong Kong government to play a leading role in the development of digital assets. The document promises a lower tax burden and other benefits, such as easier access to work visas and other related support.
Hong Kong has more than 800 fintech companies in the country, but prior to the latest developments, the territory was plagued by tightening government policies that threatened the local ecosystem. The result has been an exodus of hundreds of companies seeking greater clarity, with the Seychelles and Caribbean nations the destinations of choice.
To lure global cryptocurrency firms, the Hong Kong government approved three digital currency Futures Exchange Traded Funds (ETFs) and is working to roll out strong stablecoin regulations. In an effort to provide a healthy pool of talent for incoming companies, the government is working on a new apprenticeship scheme for students with additional subsidies.
A total of $50 million was allocated from the Hong Kong budget to fuel the growth of the local Web3 ecosystem by hosting industry-related events and “promoting cross-sector business cooperation”. A task force has been formed to assist the government in achieving its lofty ambitions.
Hui added that preliminary work on the e-Hong Kong dollar is ongoing, and collaboration with the People’s Bank of China (PBoC) is in progress to improve the state of cross-border transactions in the region.
Watch: The Future of Digital Asset Exchanges & Investments
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