Hong Kong Government Allocates $50M to Develop Crypto Initiatives
In Brief
The government of Hong Kong has allocated $50 million to develop crypto projects in the country.
The country will implement new rules for web3 companies on June 1.
Over 80 crypto-related companies have expressed their interest in establishing a presence in Hong Kong.
The government of Hong Kong has allocated $50 million to develop crypto projects in the country. The funds will be used for the expedition of the web3 ecosystem development and the organization of major international events. In addition, the government wants companies to promote cross-sectoral business cooperation and arrange a wide array of workshops for young people.
According to a press release, Hong Kong will implement new rules for web3 companies on June 1. Notably, the government has already launched consultations for virtual asset companies. For instance, organizations will learn about regulatory requirements, targeted support measures, visa requirements for talent admission, and general implementation details.
“Through the establishment of a comprehensive and clear regulatory system, we are expecting more quality VA enterprises to set up businesses in Hong Kong or to seek development opportunities in Hong Kong,”
said the Secretary for Financial Services and the Treasury, Mr. Christopher Hui.
In 2023, Hong Kong will host over 800 fintech companies from different sectors. As of today, more than 80 crypto-related companies have expressed their interest in establishing a presence in the country. Twenty-three organizations from the European Union, China, Canada, Singapore, the United Kingdom, and the United States have already announced their plans to do so. Among these are blockchain infrastructure and crypto wallet developers, blockchain network security companies, and other web3 organizations. Cryptocurrency exchanges from China, including OKX and Huobi Global, have also shared their plans to establish companies in Hong Kong.
The advisor of Huobi, Justin Sun, has already shared the company’s plans to develop a new exchange and call it “Huobi Hong Kong” to follow the regulations.
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About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
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Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io
