Hong Kong’s finance secretary said that within a year, the region had welcomed more than 150 Web3 companies to its Cyberport. Is this the result of the jurisdiction’s new cryptocurrency policy?
Hong Kong is welcoming more and more Web3 companies
On Sunday, Paul Chan Mo-po, Hong Kong’s finance secretary, shared an article in which he reflects on the development of innovation and technology in the region.
In this article, the interested party pauses for a moment on the Web3 and thus indicates that the Cyberport of Hong Kong would have welcomed more than 150 companies of the sector in the space of one year:
“On the other hand, I have allocated 50 million yuan in Cyberport’s “financial budget” to accelerate the development of the Internet Web 3.0 [et de] blockchain as the underlying technology. Over the past year, Cyberport has seen over 150 companies move in, I believe this will bring more R&D and application innovation to this development. »
Cyberport is actually a giant industrial park and business incubator specializing in different technology sectors, in operation since 2004. Today, Paul Chan Mo-po reports that the complex brings together more than 1,900 companies.
Regarding the amount allocated in question, we can however relativize, given the fact that this equates to just under $7 million.
👉 To go further — What is Web3, this decentralized version of the Internet?
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The assumed reopening of Hong Kong
For several months, China has been reviewing its cryptocurrency policy, more or less unofficially, through its special administrative region of Hong Kong. Indeed, this last re-opened to the ecosystem after the first rumors appeared in the fall of 2022.
These rumors have since materialized, and this is reflected in particular by individuals can again buy cryptocurrencies since June 1st with platforms regulated by the Securities and Futures Commission (SFC).
At the same time, the local Monetary Authority would have pushed its banks to be more open to our ecosystem, while the government invited Coinbase to come and settle in its jurisdiction as it faces regulatory challenges in the United States. .
Hong Kong can be described as a gateway to China for the West, and vice versa. Therefore, it will be interesting to follow to what extent the region will try to establish itself in the Web3 ecosystem over the years.
👉 Also in the news — The Governor of the Banque de France wants to regulate “crypto conglomerates” with a MiCA 2
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Source: Paul Chan Mo-po
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