Hong Kong Officials Promote Ready-to-Move Tech Hub for Canadian Web3 Startups
Hong Kong government entities have attended a tech conference in Toronto, where they showcased the city’s offshore ready-to-move technology hub for Canadian crypto and Web3 startups.
The Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK) collaborated to co-host an event at Collision 2024, according to an official press release.
During the event, Emily Mo, the director of Toronto ETO, highlighted the startup-friendly regulations in Hong Kong, including lower taxes compared to Canada, and the city’s willingness to collaborate with “pre-commercial specialist technology companies.”
“There is a creative mindset on Web3/virtual assets developments,” Mo said.
“Fintech, health technology, green technology and property technology, etc, are trending in Hong Kong and Asia these days.”
Canadian businesses operating in Hong Kong enjoy the advantage of receiving both public and private funding.
The governments of Canada and Hong Kong have maintained a double tax agreement for over a decade, aimed at avoiding double taxation and preventing fiscal evasion concerning personal and corporate income taxes.
On June 22, Hong Kong Legislative Council member Johnny Ng Kit-Chong announced the establishment of a subcommittee on Web3 and virtual asset development.
The purpose of this subcommittee is to promote the growth of Web3 and digital assets in Hong Kong.
The council seeks feedback on crucial aspects of Web3 policy development, including the establishment of a cohesive environment with robust and clear regulations that balance technical, legal, and regulatory frameworks.
To promote the development of Web3 and virtual assets in Hong Kong, the HKSAR Legislative Council recently
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