Hong Kong is ramping up efforts to begin approving applications from crypto-focused businesses interested in establishing operations in the region as part of larger initiatives to reshape itself into a major source for Web3 innovation. The People's Republic of China has decided to give virtual asset trading licenses to eight cryptocurrency trading firms by the end of 2023.
Angelina Kwan, a former regulator of the Hong Kong Securities and Futures Commission (SFC), announced the exciting news at the Wow Summit in Hong Kong.
The approach was made in response to the number of applications from crypto firms seeking to establish their business in the region. Cryptocurrency Trading Firms could be compelled to furnish the license requirements to start their business under the new regulation. The new regime will also make crypto trading more reachable to retail investors, notably for certain large-cap tokens such as Bitcoin (BTC) and Ether (ETH).
Inspired Firms to Set Up their Business in Hong Kong
The recent approach has compelled over 80 companies from around the world to set up their businesses in Hong Kong, including virtual asset exchanges, blockchain network security providers, infrastructure providers, virtual currency wallets, payment services, and other Web3 projects from the EU, the Mainland, Canada, Singapore, the United Kingdom, and the United States.
Hong Kong Government to Strengthen its Presence in Web3 Space
With the promising approach, the Hong Kong government aims to cement its position in the Web3 sector and collaborate with projects that are seeking to grow their presence in this developing sector. The Hong Kong-based venture partner Ben Nhi and tech financial backer Terse Shi launched a funding round, receiving $30 million and expecting to raise $100 million by the end of the year to accelerate their global drive.
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