As Hong Kong strives to be a leading Internet 3 core area, China and more than 80 virtual asset-related companies in other countries have shown interest in opening up the market in Hong Kong.
In a speech in Hong Kong on March 20, the Secretary for Financial Services and the Treasury, Mr Rafael Hui, pointed out that since October 2022, Hong Kong has attracted the "interest" of several password companies around the world.
Xu Shiren stressed that since the Hong Kong government announced the current policy statement on the development trend of virtual assets in October 2022, by the end of February 2023, more than 80 virtual asset-related companies have expressed interest in establishing business processes in Hong Kong.
He added that 23 login password companies had already made it clear that "they plan to form their own existence in this city". Such companies include virtual asset trading centers, blockchain infrastructure and blockchain system security companies.
Hui stressed that such companies would be interested to know more about current policy statements, regulatory policies, entry visa requirements for talents and "implementation details" of targeted measures applicable to virtual assets and the Web3 industry.
Rafael Hui said that there are already more than 800 Internet finance companies in Hong Kong. If Hong Kong has the conditions to become the leading core area of Internet 3. He stressed that this year's budget allocation is "US $50 million" to "accelerate infrastructure in the Internet 3 ecosystem."
Mr Hui has stepped up enforcement and Hong Kong plans to create licensing rules and regulations for virtual asset service providers in June 2023. He pointed out that this could lead to a large number of data encryption companies flocking to Hong Kong, adding:
"by building a comprehensive and clear regulatory mechanism, people expect more and better veteran companies to open in Hong Kong or look for development opportunities."
The Hong Kong Securities and Futures Trading Regulatory Commission (SFC) is currently working on feedback from the overall license plate regulations as part of an information consultation process that will last until March 31.
It suggested that all centralized cryptocurrency trading service platforms operating in Hong Kong should issue license plates to regulators.
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