More than 80 crypto-related firms were seeking a presence in Hong Kong as of the end of February, according to a statement by the region's Secretary for Financial Services and the Treasury.
Christopher Hui also said 23 crypto companies have already revealed their plans to establish their presence in Hong Kong.
The firms interested in a presence in the region include blockchain infrastructure companies, blockchain network security companies, virtual currency wallet providers, payment companies, and other Web3-related businesses.
- Hui stated that more than 800 companies currently exist in Hong Kong's vibrant fintech ecosystem and offer financial services to the members of the public and private sectors.
- Hong Kong released its policy statement on Virtual Asset Development in October last year.
- The region also plans to form a licensing regime for crypto service providers by June this year and is working on an extensive regulatory framework for stablecoins.
- The new regulations are expected to come into force by 2024.
