Last Updated on 28 August 2023 by Admin
Hong Kong has been striving from a long time to attract new crypto firms in order to become a prominent crypto hub. In line with this agenda, Financial Secretary Paul Chan Mo-po has openly announced support for blockchain tech and praised the technology. Chan even emphasized on booming web3 realms such as NFTs, P2E and GameFi as altering the current digital ecosystem.
Hong Kong recently hosted a key event in Cyberport focusing on blockchain technology. The event venue is a 25 hectare hub offering various facilities like grants, funding and even rental space for emerging web3 firms.
Need of the Hour
The Hong Kong government is backing the hub to boost web3 ecosystem and has also announced extra $50M funding. The hub has been attracting new startups and well-established firms, all under one roof.
Amid the ongoing blanket ban in China, Hong Kong has emerged as an attractive alternative for web3 firms across the globe. It offers clear and crypto-friendly regulations, which is the need of the hour.
Moreover, Hong Kong has been busy issuing licenses to exchanges and firms that comply with its legislation and had recently granted license to crypto exchange Hashkey. Also, in order to better govern the sector, authorities have formed a Web3 task force. No doubt, with the ongoing enforcement by action approach by authorities globally, Hong Kong emerges as a viable option for crypto community.
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