Hong Kong attracts Web Startups
2022.12.23 00:56
Hong Kong attracts Web Startups
Budrigannews.com – A beginning up gas pedal helped to establish by Hong Kong official board part Jonny Ng Unit Chong needs to draw in 1,000 Web3 organizations to settle in the city-state throughout the following three years.
Since January of this year, Ng Kit-Chong has served as a member of the legislative council for the election committee constituency. The engineer and politician has stated that he owns shares in roughly forty different businesses, putting him in a position to influence a lot of decisions.
The start-up accelerator G-Rocket, which he co-founded with Casper Wong in 2016, is one such company.
On December 23, Wong, the company’s current CEO, spoke to the South China Morning Post about its brand-new, appropriately titled program, “Hong Kong Web 3.0 Hub.”
The Chief framed that G-Rocket is first hoping to assist 100 Web3 with getting ups get their business moving the ground, prior to increasing the number to 1,000 in three years or less.
Wong stated, “We hope to assist in bringing good companies and talent back to Hong Kong in the era following the pandemic.”
Specifically, Wong expressed that the firm will work pair with the virtual ZA Bank, an administration run hatchery named Cyberport and property combination New World Improvement to assist Hong Kong new businesses with gaining admittance to office space, banking and taxpayer supported organizations.
The G-Rocket initiative is part of a larger effort by the Hong Kong government to transform the SAR of China into a crypto hub that can compete with Singapore.
At the end of October, Elizabeth Wong, who is in charge of the fintech unit at the Securities and Futures Commission (SFC) of Hong Kong, made a number of progressive proposals for regulating cryptocurrency, one of which was the legalization of trading virtual assets.
According to a government statement released on Oct. 31, “We will put in place timely and necessary crash barriers to mitigate actual and potential risks in line with international standards, so that virtual asset innovations can thrive in Hong Kong in a sustainable manner.”
CSOP Asset Management was one of the first to join the SFC’s list of exchange-traded funds (ETFs) that provide exposure to Bitcoin (BTC) and Ether (ETH) on October 31.
In advance of listing two crypto futures ETFs on the Hong Kong Stock Exchange the following day, Cointelegraph reported on December 15 that CSOP Asset Management had raised $73.6 million in investments.
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Additionally, an amendment to Hong Kong’s Anti-Money Laundering (AML) and Terrorist Financing System was approved on December 8 to include virtual asset service providers alongside conventional financial institutions.
