By Mark Ackman
The Aspen Digital Web 3 Investment Summit took place at the beginning of the running week in Hong Kong. It was during the meeting that Christopher Hui shared very interesting details about the crypto adoption in Hong Kong.
Hui, who is the Secretary for the Treasury and Financial Services in Hong Kong talked about the growing demand for their crypto services in Hong Kong.
Over 80 Crypto Firms Want to Enter Hong Kong
Christopher Hui mentioned in his speech that so far, over 80 cryptocurrency firms have shared their interests in entering the Hong Kong cryptocurrency market.
This clearly means that there is a very high demand for their platform among crypto firms. They want to join the crypto market that they are offering.
These firms have directly shared their interest in entering the Hong Kong market and opening up offices on Hong Kong soil.
Huge Focus on Web3 and VA
While delivering his speech at the summit, Hui talked about their main focus within the crypto-blockchain industry. He said that their main focus is to explore Web3 and virtual asset (VA) technologies.
Going forward, they will focus on the advancements of these technologies and let the firms focusing their technologies in these fields, enter the city’s jurisdiction.
He added that their government is committed to introducing developments to the sector that are of a very high level. They aim to provide a comprehensive support system to start-ups and pioneers who want to introduce advancements in a particular sector.
Feedback on the Policy Statement
Hui also revealed that they had proposed the Policy Statement last year that was for the development of virtual assets in the city.
The government of Hong Kong issued the statement with aim of gathering feedback from the public as well as the crypto industry.
The feedback they have received from the particular groups is exceptional, which has granted them with confidence and courage to move forward.
The entire industry has received the Policy Statement very well and they now have the confidence to take their adoption to the next level.
Over the course of time, they will be making things much more favorable and easier for the crypto firms. They will be able to enter their jurisdiction and offer services without any interruptions.
However, they will need to respect the local laws and ensure that they do not fall behind in adhering to any of the operational policies laid out by the government.
Requests Keep Coming in
Hui revealed that ever since the end of the second month of 2023, things have become quite exciting for the crypto industry in Hong Kong. They have started seeing more requests coming in with hopes of entering the Hong Kong crypto market.
More than 80 crypto firms that have mainly existed virtually, have shared interests in opening up their offices in Hong Kong.
This means that these companies have found a place where they would like to open up their headquarters and offer their services across the globe.
By increasing their influence in the Hong Kong market, these companies may look forward to expanding their influence in the entire Asian region.
The mission is to Attract International Platforms
When the government issued the Policy Statement back in 2022, it had one major goal in mind. It was their goal to offer enough ground and facilities to the crypto market that international firms keep on entering Hong Kong.
From the looks of it, things are going in the favor of the government of Hong Kong and in the favor of their mission.
He added that among the requests they have received, the majority of them have come from payment companies, virtual currency wallet companies, and blockchain network security companies.
On top of that, they have received requests from blockchain infrastructure companies as well as virtual asset exchanges.