Hong Kong Set to Develop an International Virtual Asset Center

  • The campaign aims to support the goal of building an international virtual asset center.
  • Numerous conferences have been scheduled to be held in the city of Hong Kong this April.

According to reports, the Hong Kong government has embarked on a campaign to attract crypto firms into its territory. This campaign aims to support the government’s goal of building an international virtual asset center.

Events have begun in line with pursuing this goal, starting from the numerous conferences scheduled to hold in the city in April. The earliest among the events is the Hong Kong Web3 festival, which had up to 13,000 attendees on Wednesday, April 12, 2023.

Xiao Feng, chairman of Hong Kong crypto exchange HashKey, acknowledged the government’s seriousness toward achieving its crypto hub goal. According to reports, Feng observed that many crypto participants expected Hong Kong to adopt similar measures toward cryptocurrencies, as obtained in mainland China. On the contrary, the city adopted a different approach to emphasize that Hong Kong practices separate laws from mainland China under the “One Country, Two Systems” framework.

China banned all crypto activities in 2021 and followed up with serious enforcement. That move saw several crypto firms relocate from the country while others shut down operations. With Hong Kong opening its doors to crypto firms, users expect that some crypto firms could find new homes in the city sooner than later.

Despite the ongoing campaign in Hong Kong, there is an air of skepticism about the actualization of this goal. Some crypto practitioners are reluctant toward Hong Kong’s capacity to deliver on the promise of a stable regulatory regime on cryptocurrencies. One of the venture capitalists who reportedly considers the issue sensitive expressed his worries, considering China’s crypto ban continues to loom large in the background.

In line with Hong Kong’s goal, some of the top crypto companies with Chinese links have reportedly announced or are planning to publicize their bid for licenses in Hong Kong. The firms are also the ones reported to be behind the various crypto-related events that are currently taking place across the city of Hong Kong.

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