80+ Crypto Firms Eyeing Presence in Hong Kong: Financial Secretary

More than 80 virtual asset-related firms from Mainland China and other countries are reportedly showing interest in establishing their presence in Hong Kong. Hong Kong's Secretary for Financial Services and the Treasury, Christian Hui, stated in a recent speech that since the Hong Kong government released its policy statement on Virtual Asset’s Development in October 2022, over 80 virtual asset-related companies have expressed interest in "establishing their presence in Hong Kong" as of the end of February 2023.

In addition, 23 crypto firms have indicated plans to set up in the city. The interested companies include virtual asset (VA) exchanges, blockchain infrastructure firms, and blockchain network security firms.

According to Hui, these companies are keen to learn more about the implementation details of the policy statement, regulatory requirements, visa requirements for talent admission, as well as targeted support measures for the virtual assets and Web3 sector.

Hong Kong's Securities and Futures Commission (SFC) is currently accepting feedback on its licensing regime as part of a consultation process that will continue until March 31. It has proposed that all centralized cryptocurrency trading platforms operating in Hong Kong must be licensed with the regulatory body. Hui further reiterated Hong Kong's plans to establish a comprehensive and clear regulatory system for virtual asset service providers by June 2023.

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