Hong Kong says Cyberport attracted 150 Web3 firms in a year

Over the last 12 months, Paul Chan Mo-po, the Financial Secretary of Hong Kong, noted in a statement that more than 150 Web3 companies have established themselves in Cyberport – a digital centre established by the government to foster creativity.

Hong Kong’s Regulatory Framework and Crypto Hub

Chan Mo-po stated that the influx of investment came after the Hong Kong government put in 50 million yuan (approximately $7 million) to assist Cyberport in accelerating the growth of Web3, which is supported by blockchain technology.

Chan Mo-po outlined the Hong Kong government’s investments in the sector and mentioned that Cyberport had been granted approximately 500 million Hong Kong dollars ($64 million) for the “Digital Transformation Support Pilot Programme”, an effort designed to aid small and medium-sized enterprises in deploying digital solutions.

Cyberport, operated by a subsidiary owned entirely by the Hong Kong Special Administrative Region government, is home to a total of 1,900 businesses, the announcement noted.

Hong Kong recently adopted legislation concerning cryptocurrencies, permitting retail investors to invest directly in crypto assets and demonstrating an enthusiastic attitude towards them.

Government Support for Crypto Companies in Hong Kong

Since then, the nation has sustained its support for the sector. As the crypto market was experiencing the aftermath of the FTX incident in January, the financial secretary declared that the local government and regulatory bodies are hoping to establish a crypto and fintech environment by 2023.

On January 13th, Samsung, a major South Korean tech company, declared the introduction of a Bitcoin Futures Active Exchange Traded Fund on the Hong Kong Stock Exchange.

In the middle of February, it was reported that certain Chinese officials were apparently showing their support for Hong Kong’s pro-crypto activities. Businesses in the area said the Chinese government might even be willing to use Hong Kong as a trial site for crypto as long as it does not endanger the nation’s economic stability.

By the end of March, over 80 crypto companies had expressed a desire to establish a presence in Hong Kong.

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