Close Menu
    Blockchain

    Hong Kong’s Cyberport Becomes a Thriving Hub for Blockchain Companies with Government Support and Plans for Crypto Exchange Licenses

    By No Comments2 Mins Read
    HI Hong Kong Continues Taking Regulatory Action, Hopes to Become International Blockchain Hub, city, skyscraper, fintech, adoption

    30s Summary

    Hong Kong’s Cyberport business hub is home to over 270 blockchain-linked firms, and expects to house more as the government has earmarked $50m to back Cyberport in its 2023-24 budget. The Web3 companies at Cyberport hail from over 20 countries and are employing blockchain tech in real-world applications such as smart living, digital entertainment, fintech and cyber/data security. Hong Kong’s financial regulator also plans to issue operational licenses to crypto exchanges by end-2024.

    Full Article

    Hong Kong’s Cyberport, a business hub owned and operated by the government, now houses over 270 businesses connected to blockchain technology, having welcomed 120 new companies in the last 16 months.

    On November 19, Hong Kong’s Legislative Council shared a paper discussing how Cyberport has been supporting the growth of Web3, crypto, and blockchain landscapes.

    The Hong Kong government decided to set aside $50 million in the 2023-24 budget to back Cyberport. As of June 2023, according to Financial Secretary Paul Chan Mo-po, Cyberport was home to more than 150 Web3 companies.

    Thanks to the $50 million funding and fast technological progress, the number of Web3 businesses in Hong Kong has grown to over 270, including three unicorns. The founders of these businesses hail from over 20 countries, including Japan, Korea, US, Canada, Germany, the UK, India, Hong Kong and China.

    According to the Legislative Council’s report, Cyberport’s Web3 businesses are starting to use blockchain technology in various real-world applications, including smart living, digital entertainment, fintech and cyber and data security.

    Cyberport is also on the lookout for companies specializing in blockchain security, asset custody and crypto wallets to pave the way for collaboration with other Web3 businesses within the network.

    In addition to courting global Web3 talent and businesses, Hong Kong’s financial regulator, the Securities Futures Commission (SFC), also plans to give out operational licenses to cryptocurrency exchanges by the end of 2024.

    As per SFC CEO Julia Leung, the Hong Kong government will continue their efforts of issuing licenses to 11 Virtual Asset Trading Platforms (VATPs) that had previously applied for permission to operate.

    At present, 16 companies are awaiting decisions on their VATP applications and three exchanges have been issued licenses.

    Related Posts