Hong Kong’s Secretary for Monetary Companies and the Treasury Christopher Hui stated that over 80 digital asset-related companies had expressed curiosity in establishing their presence within the metropolis as of the top of February.
Hui added that 23 crypto companies have already indicated they “plan to ascertain their presence in Hong Kong.”
In a March 20 speech, Hui stated these companies included blockchain infrastructure firms, blockchain community safety firms, digital forex wallets, fee firms, and different tasks constructing on the web3 ecosystem.
In accordance with Hui, this wave of curiosity is approaching the again of the federal government’s launch of its coverage assertion on Digital Asset Growth. He added that the town already has a vibrant fintech ecosystem with greater than 800 firms offering monetary providers for public and enterprise sector members.
Hong Kong continues regulatory drive
Hui stated the Hong Kong authorities was not resting on its laurels as it’s at the moment engaged on establishing a licensing regime for digital asset service suppliers by June 2023.
Hui added that the town expects its licensing regime to draw “extra high quality VA enterprises to arrange companies in Hong Kong or to hunt growth alternatives in Hong Kong.”
In addition to the licensing regime, the federal government can be working on a complete regulatory regime for stablecoins. Town goals to implement these laws by 2024.
Hong Kong eyes personal CBDC, testing digital Renminbi for cross-border funds
Hui famous that the town was collaborating with Mainland China to check the usage of digital Renminbi (Digital Yuan) in making cross-boundary funds.
In accordance with Hui, the town additionally labored with a number of central banks of various crosses on a number of central financial institution digital forex (CBDC) bridge tasks to expedite cross-border funds. He added:
“We’re additionally trying into the problems pertinent to potential issuance of e-Hong Kong greenback.”
