Hong Kong’s Cyberport, a technology business park backed by the Hong Kong government, has attracted registrations from more than 150 Web 3.0-related companies in the past year, Paul Chan, the city’s financial secretary, wrote in a Sunday blog post. He didn’t name any of the companies.
See related article: Crypto firms eye Hong Kong amid tough US regulations, says fintech association chair
Fast facts
- Chan said he has set aside HK$50 million (US$6.39 million) specifically for Cyberport to attract Web3 companies and promote development of the technology.
- Web 3.0 is broadly considered the next iteration of the internet powered by a collection of underlying technologies such as blockchain, artificial intelligence, Internet of Things, and the metaverse.
- Cyberport currently has over 1,900 digital technology companies stationed or registered there, including Hashkey Group, a licensed cryptocurrency exchange; Animoca Brands, a Web3 venture capital and game developer; and Consensys, the Ethereum software firm behind crypto wallet MetaMask.
- Hong Kong introduced cryptocurrency trading licensing rules on June 1 for platforms looking to serve retail investors.
- Neil Tan, chairman of the FinTech Association of Hong Kong, said in an interview with Forkast that Hong Kong is “going head first into this area” while other jurisdictions are pulling back in terms of retail investor access.
- “Of course, there’s investor protection inside the new regulatory framework, but the fact that we are actively going into this area is a telltale sign of where the future lies for Hong Kong as a virtual asset hub,” Tan added.
See related article: Hong Kong’s crypto rules offer level playing field, investor protection, says OSL exchange executive
