Hong Kong To Become Crypto, Web3 Hub in Asia: Treasury Official

Hong Kong is gearing up to become the crypto and Web3 hub in Asia.
Treasury Secretary Christopher Hui said that more than 800 fintech firms related to Web3 are operating in Hong Kong.
Leading crypto and Web3 firms from first-world countries expressed interest in setting up shop as well.

Hong Kong is poised to become the virtual asset (VA) and Web3 hub in Asia and beyond. That is what Christopher Hui, Secretary for Financial Services and the Treasury of the East Asian sovereignty, said.

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Hui made the above statement yesterday, March 20, at the Aspen Digital Web3 Investment Summit at the Grand Hyatt Hotel in Hong Kong. According to him, Hong Kong is keen on supporting the growth of Web3.

He remarked:

“Hong Kong is well-positioned to be a leading hub for Web3 in Asia and beyond, and we attach great importance to virtual assets (VA) and Web3. The government has a high-level commitment to developing the sector and providing a comprehensive support system to enterprises that are passionate pioneers and start-ups in this area.”

In fact, Hui revealed that there are more than 800 fintech firms that are either providing or developing Web3 services to both public and private customers.

What is more, Web3 firms from developed economies such as the US, Canada, European Union, the UK, Singapore, and Mainland China have expressed their intention to set up shop in Hong Kong. Hui did not disclose the name of the firms, but he mentioned that the firms were crypto exchanges, blockchain infrastructure firms, and blockchain security providers.

Recently, Coinbase hinted that it is looking to move its operations from the US to other countries that are crypto-friendly. Tron founder Justin Sun was also vocal about their application for a license for Huobi Global.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.