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Edited by Jafar224 at 26-12-2023 08:55 AM
Prioritizing "Blockchain" in All Matters
Hong Kong is strategically positioning itself as a global hub for blockchain through regulatory measures. According to Charles d’Haussy, the head of fintech at InvestHK, Hong Kong's investment promotion agency:
"Blockchain is our top priority. Despite speculation and the fact that ICOs are, in some cases, a way to make quick money, we are currently building infrastructure for both new and existing businesses in Hong Kong to ensure that technology and innovation remain key driving factors in developing the financial industry."
Projects from various parts of Asia are now establishing their infrastructure in Hong Kong. For instance, Japan's communication giant LINE recently set up a $10 million fund.
Additionally, Hong Kong-based cryptocurrency exchange Coinsuper boasts over a million users, with daily trading exceeding $250 million. They focus on providing "fiat-to-crypto" trading services and have recently launched an ecosystem connecting investors, management institutions, and blockchain innovation labs.
Cryptocurrencies are not a "bane"
A recent report from the Hong Kong Financial Services and Treasury Bureau revealed that, despite regulatory confusion, cryptocurrencies do not pose a significant threat.
Michael Ou, CEO of blockchain startup CoolBitX, stated:
"Hong Kong imposes no capital gains tax on cryptocurrency investments, a significant incentive for investors that has driven the entire industry's development. I am delighted to see Hong Kong becoming a crucial hub for cryptocurrency development."
Vilner noted that this aims to make the public aware that cryptocurrency trading is not limited to specific regulations. Only currency services traded in fiat require a "money service operator license."
Moreover, the Hong Kong government is taking additional steps to promote ICOs and cryptocurrency investments through various touchpoints, including the subway system, television, and social media.
The government's support for blockchain is evident across sectors. Recently, Hong Kong is formulating an immigration policy to attract innovative tech talents globally, with blockchain included in the initiative. |
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Post time 7-12-2023 10:24:33