Hong Kong Government Sets Aside $50 Million for Crypto Projects
In Brief
The administration of Hong Kong is investing $50 million into the development of the cryptocurrency sector. crypto projects in the country.
New regulations for web3 firms will roll out in Hong Kong on June 1.
More than 80 companies related to cryptocurrency are keen on setting up operations in Hong Kong.
The administration of Hong Kong is investing $50 million into the development of the cryptocurrency sector. crypto projects The allocated funds are aimed at expediting the growth of the web3 ecosystem and organizing significant international gatherings. Additionally, the government is encouraging businesses to foster inter-industry collaboration and to host various workshops for the youth.
According to a press release On June 1, Hong Kong will implement fresh regulations for web3 companies. Importantly, the government has initiated consultations with virtual asset businesses. In these sessions, organizations will get insights into regulatory frameworks, targeted support initiatives, visa protocols for talent, and other implementation specifics.
"By establishing a clear and comprehensive regulatory framework, we anticipate that more quality virtual asset enterprises will either set up shop in Hong Kong or explore new opportunities here,” stated Mr. Christopher Hui, Secretary for Financial Services and the Treasury.
said In 2023, over 800 fintech firms from various sectors are expected to converge in Hong Kong. Currently, more than 80 crypto-related companies have voiced their intention to establish a presence in the area. Already, 23 entities from the EU, China, Canada, Singapore, the UK, and the US have declared their intentions. This includes developers of blockchain infrastructure, crypto wallet creators, blockchain network security businesses, and other web3 ventures. Notably, cryptocurrency exchanges like OKX and Huobi Global have also outlined plans to set up in Hong Kong.
Justin Sun, an advisor for Huobi, has communicated the company’s strategy to launch a new exchange titled “Huobi Hong Kong” to comply with local regulations.
Meta is collaborating with residents of Hong Kong to bolster global engagement with the Metaverse.
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Disclaimer
In line with the Trust Project guidelines Valeria serves as a reporter for Metaverse Post, covering topics related to fundraises, artificial intelligence, the metaverse, digital fashion, NFTs, and the overall web3 landscape.
