Hong Kong has recently welcomed crypto companies. The city-state wants to implement a crypto-friendly legal framework and has the ambition to become a true crypto hub. Since October, therefore, more than 80 companies have expressed interest in moving to Hong Kong, 23 of which have already announced plans to open their doors in Hong Kong.
These numbers were during a speech announced by Christian Hui, Secretary of Financial Services of Hong Kong. The companies that have announced plans to establish themselves in Hong Kong include crypto exchanges, blockchain developers and blockchain security firms.
According to Hui, the interested parties have informed about the regulations and visa requirements, among other things. The companies come from all over the world, but a large part also comes from China.
According to Hui, Hong Kong is perfectly positioned to become a crypto hub. There are already 800 fintech companies based in the city-state and $50 million was made available this year for the development of the Web3 sector. Hui says:
“By implementing an understandable and clear regulatory system, we expect more quality crypto companies to establish themselves in Hong Kong or do business with Hong Kong.”
Big contrast to the West
Last month we already discussed the positive attitude that Hong Kong has towards the crypto sector. Of the companies planning to establish themselves, the most notable name is DBS. The financial giant from Singapore is the largest bank in Southeast Asia and has been doing business in the crypto world for some time. DBS has already applied for official licenses to trade crypto assets in Hong Kong.
Hong Kong’s ambition is in stark contrast to Europe and the United States. While Asia seems to be opening the doors to crypto companies, regulators in the West currently seem to be doing everything they can to curb the development of crypto.