According to Christian Hui, the Minister of Financial Services in Hong Kong, the city’s crypto-friendly policies are drawing the attention of numerous crypto companies, with over 80 expressing interest in establishing offices.
This surge in interest is attributed to the official announcement of support for the cryptocurrency industry made by the city authorities in October 2022.
Of the 80 companies, 23 have already declared their plans to set up shop in Hong Kong, including cryptocurrency exchanges and blockchain infrastructure and security firms.
Christian Hui highlighted that crypto business representatives are keen on understanding the finer details of opening offices in Hong Kong, such as cryptocurrency regulation, worker visa requirements, and measures to support the digital asset sector and Web3.
He added that Hong Kong is already home to over 800 fintech companies, making it an ideal location to become a Web3 hub.
In June 2023, Hong Kong is expected to introduce a regulatory framework for licensing virtual asset service providers, which may further entice new players to enter the cryptocurrency industry in Hong Kong.
Christian Hui said, “Thanks to the creation of a high-quality and transparent regulatory system, we expect even more serious companies in the field of virtual assets to launch their offices in Hong Kong or look for development opportunities in our city.”
It was reported earlier that Hong Kong intends to allow retail investors to trade cryptocurrencies starting from June 1, 2023.