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Hong Kong’s Cyberport Draws Over 150 Web3 and Crypto Firms With Government Help

2 mins
Updated by Kyle Baird
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In Brief

  • Hong Kong's Cyberport has attracted over 150 web3 firms, supported by government funding and initiatives.
  • Cyberport is managed by the wholly owned subsidiary of the Hong Kong SAR Government.
  • Hong Kong emerges as a major Asian cryptocurrency hub with new regulations attracting web3 firms.
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Hong Kong’s Financial Secretary confirmed that the country’s digital initiative Cyberport has attracted over 150 web3 firms. Cyberport is managed by the wholly owned subsidiary of the Hong Kong SAR Government.

Development Secretary Paul Chan Mo-po stated that the flagship digital community supporting web3 and emerging technologies has significantly promoted innovation.

Web3 Firms in Hong Kong Turn to Cyberport

Hong Kong’s Financial Secretary highlighted the government’s commitment to promoting innovation. He pointed out that there are more than 1,900 community enterprises in Cyberport. Chan Mo-po noted in a translated statement, “One of the companies in the Cyberport community became the second virtual asset trading platform in Hong Kong to be licensed by the Securities and Futures Commission last year.”

According to the official, Cyberport’s “Financial Budget” included about $6.3 million (HK$50 million) for developing third-generation Internet web3 companies. Cyberport has supported more than 150 related companies in the past year, per the financial secretary.

Have a look at how crypto regulations are shaping the market here:

Crypto Regulation: What Are the Benefits and Drawbacks?

The official acknowledged the government’s significant investments in the sector. The Financial Secretary emphasized that the Technology and Industry Bureau received $200 billion in investments since 2015.

In addition, he disclosed that Cyberport would get around $64 million (HK$500) million in funding for the “Digital Transformation Support Pilot Programme,” which will aid small and medium-sized businesses in implementing digital solutions.

Hong Kong Crypto Hub Progresses With Regulations

After China opted to outright ban the asset class, Hong Kong has emerged as an Asian powerhouse for cryptocurrencies. From June 1, Hong Kong’s Securities and Futures Commission approved ‘tight’ regulation of some crypto asset retail trading. Hong Kong indicates the next important step after implementing its Virtual Asset Service Provider (VASP) licensing regime. BeInCrypto recently pointed out that Hong Kong is planning to create a legislative framework for stablecoins as part of its goal to become a major global cryptocurrency hub.

On the other hand, there have been whispered suspicions that mainland China may reconsider its crypto ban. This could be mainly due to recent regulatory changes and technological improvements in Hong Kong. The region also soon join the ranks of jurisdictions exploring the implementation of a central bank digital currency (CBDC).

Top crypto platforms in the US | March 2024

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Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.
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