“Hong Kong: The New Virtual Asset Hub You Need to Know About”
Well, well, well, it looks like Hong Kong has become the latest hotspot for all the cryptocurrency enthusiasts out there! According to the Financial Secretary, over 80 virtual asset companies are looking to set up shop in the city.
That’s right, the crypto craze has hit Hong Kong like a ton of bricks! I mean, who needs traditional investments when you can invest in a virtual currency that could be worth millions one day and nothing the next? Am I being too optimistic? Well, perhaps but its been a tumultuous weekend with the traditional sector taking some serious blows and people keeping an eye on interest rates.
According to the Secretary for Financial Services and the Treasury, Christian Hui, over 80 virtual asset-related companies from China and foreign nations have expressed their interest in setting up shop in Hong Kong. Since the Hong Kong government released its policy statement on Virtual Asset’s Development in October 2022, more than 80 companies have shown their interest in establishing a presence in the city. And get this, 23 of them have already indicated that they plan to do so! These companies include VA exchanges, blockchain infrastructure firms, and blockchain network security firms.
Christian Hui also mentioned that these companies are keen on learning more about the implementation details of the policy statement, as well as regulatory and visa requirements. But that’s not all — the Hong Kong government has allocated a budget of $50 million to expedite the Web3 ecosystem, which already has over 800 fintech companies.
If you’re a crypto enthusiast looking to make your mark in the industry, it looks like Hong Kong might just be the place for you. And with the city’s plans to establish a licensing regime for virtual asset service providers in June 2023, we can expect even more quality VA enterprises to set up businesses in Hong Kong.
But wait, there’s more! The Securities and Futures Commission is currently accepting feedback on its licensing regime until March 31. So if you have something to say, now’s the time to speak up!
So what does this piece of news tell us? Well it tells us that it’s clear that Hong Kong is well on its way to becoming a leading hub for Web3. And with so many virtual asset-related firms eyeing a presence in the city, it looks like the crypto craze is here to stay. So buckle up, folks, and get ready for an exciting ride!
About Sheesha Finance
Sheesha Finance is a decentralized, tokenized incubator and accelerator that’s helping web3 startups across all industries and blockchain networks build products and services that solve real-world teething problems. Based in the MENA region, Sheesha Finance is one of the first platforms to provide everyday investors with access to a diverse portfolio of early-stage projects, and its smart contract-based system is fully autonomous, making it efficient and user-friendly for both institutional and retail investors.
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Writer: Nathan Cooper, Chief Program and Innovation Officer at Sheesha Finance