Hong Kong’s Financial Secretary Doubles Down on Crypto Hub Positioning Despite Crypto Winter
Paul Chan, Hong Kong's Financial Secretary, said that, despite the ongoing market downturn, the city would continue to work toward becoming a major crypto hub, attracting businesses from across the world.
Chan, the Financial Secretary since 2017, was speaking at a Web3 forum, Bloomberg reported, when he said that Hong Kong would become the place for startups of all kinds – including crypto and fintech – to set up shop in 2023.
He reiterated that the city plans on becoming a regional crypto hub – despite the fall in crypto prices and the ever-spreading contagion prompted by a number of major companies falling, not the least of which is the FTX exchange.
The Financial Secretary stated that,
"As certain crypto exchanges collapsed one after another, Hong Kong became a quality standing point for digital asset corporates."
Per Chan, while other crypto centers – such as Singapore – are pulling the breaks on their crypto plans, Hong Kong has a robust regulatory framework that "matches international norms and standards," but also prohibits "free-riders."
This is why several leading tech firms and startups are considering moving their headquarters to Hong Kong or expanding to the city, he said but did not provide names.
And that's not all. Speaking at the same event, Joseph Chan, Undersecretary for Financial Services and the Treasury, said that Hong Kong is preparing to issue more licenses for digital asset trading firms, and is planning a consultation on crypto platforms, where it would explore the potential for retail participation in the crypto industry. He said that the details would be published soon.
Hong Kong seems to be working hard on its digital assets-related plans.
As reported just days ago, the city's financial services
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