Hong Kong Aspires to Become a Crypto Hub

The Hong Kong financial secretary said the city will be a great place for crypto, fintech and other startups in the new year. Hong Kong is keen to become a crypto hub as rival Singapore is backing down in fear of FTX derailment. The city is preparing to issue more licenses for firms trading digital assets. It also works to attract new businesses from all over the world.

Speaking at a Web3 forum at Cyberport, Paul Chan expressed Hong Kong’s determination to become a regional crypto hub. Chan, who has been Hong Kong’s Under-Secretary of Financial Services and Treasury since 2017, said:

“While several crypto exchanges crashed one after another, Hong Kong has become a quality mainstay for digital asset companies. We have a solid regulatory framework that complies with international norms and standards, and free movement is prohibited.”

After the city’s policy announcement, Chan said several leading tech firms and startups are considering moving or expanding their headquarters to Hong Kong, without disclosing their names. He also said that the city is also planning a consultation on crypto platforms and exploring the potential for retail participation in the industry, with details to be released soon.