The Hong Kong government is “highly committed” to the development of the encryption industry

Hui Zhengyu, Hong Kong’s Secretary for Financial Services and the Treasury, said that Hong Kong has the advantage of becoming an “Asian Web3 hub.” He emphasized that the Hong Kong government attaches great importance to virtual assets and Web3 and is “highly committed to developing the industry.” In addition, Xu Zhengyu also mentioned that the Hong Kong Monetary Authority is studying the “stable currency” regulatory system, with the goal of implementing it in 2024.

Xu Zhengyu revealed at the Aspen Digital Web 3 Investment Summit today that by the end of February this year, Invest Hong Kong had received more than 80 Chinese and foreign companies related to virtual assets expressing their intention to set up business in Hong Kong. These companies include: virtual asset exchanges, blockchain infrastructure companies, blockchain information security companies, virtual currency wallets and payment companies, and other projects that build the Web3 ecosystem.

Xu Zhengyu added that these companies mainly asked about the implementation details of the policy statement, regulatory requirements, visa requirements for talent entry, targeted support measures for virtual assets and Web3 fields, etc., and discussed the feasibility of setting up companies in Hong Kong.

Xu Zhengyu also mentioned that the Hong Kong government has established a licensing system for virtual asset service providers, which will be implemented in June this year. Through the establishment of a comprehensive and clear regulatory system, we look forward to seeing more high-quality virtual asset companies come to Hong Kong Start a business, or explore development opportunities in Hong Kong.

Xu Zhengyu believes that Web3 is not just a buzzword or hype, but a paradigm shift that will disrupt the way people interact in the online world, and has the potential to enable more decentralized platforms and services, taking the innovation pioneered by Hong Kong Connect with traditional finance. Xu Zhengyu finally concluded:

While the government is committed to creating a Web3-friendly environment for the industry to flourish, we also hope that everyone will make full use of their professional knowledge to develop in Hong Kong.