Hong Kong Wants To Be A Crypto Hub Despite The Situation Of The Market

Despite the ongoing industry crisis brought on by the FTX collapse, Hong Kong government is still committed to building out the infrastructure for cryptocurrencies.

Paul Chan, the financial secretary for Hong Kong, claims that, in 2023, local regulators and the government will be willing to work with fintech and cryptocurrency startups to try and recap the falling economy. Moreover, he states that, over the past two months, requests from businesses connected to cryptocurrency seeking to establish their global headquarters in Hong Kong have flooded the government.

Chan also said that several industrial firms had expressed their desire to expand their operations in Hong Kong or go public on regional futures markets. Hong Kong is making every effort to guarantee that the cryptocurrency market receives the regulation required to realize the full potential of technologies, like Web3.

In addition to these, it is indicated that the Hong Kong Legislature approved the licensing framework of Virtual Asset Service.

Chen mentioned several pilot projects by Hong Kong authorities and officials to examine the potential benefits of virtual assets. He stated that one of the projects involves the Hong Kong government issuing tokenized green bonds for institutional investors to buy.

China and Indonesia also want to be a crypto hub

On January 1, China launched its national NFT marketplace, and this circumstance shows that China also wants to be a crypto hub and develops itself in this field. In addition to China, Indonesia announces its plan to launch a national crypto exchange. As it can be understood, a lot of countries want to be involved in the Web3 space and crypto world. Let’s see which countries will be permanent in this field!

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