Hong Kong speeds up Web3 push to attract startups

The Hong Kong-based start-up accelerator will support 1,000 Web3 start-ups to bring business to the region. Hong Kong is attempting to reclaim its crypto hub status by achieving the goal over the next three years.

south china morning post Reported That G-Rocket is trying to involve companies in this area to bring more business in this area.

What’s more complicated is the startup’s executive body. While co-founder Johnny Ng Kitt is a Hong Kong lawmaker, several other executives are Chinese investors stationed in Singapore and Dubai – two rival crypto hubs.

Unable to stop FTX infection Web3 businesses

Justin Sun, Founder tronrecently claimed in a interview China actively monitors Hong Kong’s legislative actions on cryptocurrencies. He said he is particularly “bullish” because Hong Kong serves as China’s “experiment base”.

Notably, the report comes after the FTX transition even as the Web3 market declined. Hong Kong-Registered Cryptocurrency Trading Company Auros then revealed that it is entering into provisional liquidation due to financial issues. The Atomic Asset Exchange (AAX) based in Hong Kong was also forced to halt Evacuation as a result of the explosion. The crisis also prompted strong regulatory action around the world. securities and futures The Hong Kong Commission (SFC) wasted no time in warn users About the dangers of staking platforms and exchanges.

Despite many warnings in the Web 3 space, Hong Kong launched Two crypto-based exchange-traded funds (ETFs) for the first time.

Hong Kong’s crypto hub status

is set on the field Welcome Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill next year. The licensing regime for cryptocurrency service providers will come into effect on June 1, 2023, along with other introduced amendments. The industry expects the SFC to impose new regulatory norms on licensed crypto service providers. This will be in addition to the existing AML/CFT compliance regime.

However, it is clear that the region is still vying for the crown of crypto hub. In the first Statement, Hong Kong’s Financial Secretary Paul Chan said he ‘intended to clarify the policy stance for global markets, highlighting his resolve to explore financial innovation with the global, virtual-asset community.’ The paper also states that despite the continuing market downturn, Hong Kong’s fintech community is optimistic about the future of the sector in the region.

In Q2 2023, G-Rocket expects to assist 100 Web3 start-ups to set up business operations in Hong Kong.

disclaimer

BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.

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