Business News Report
March 20, 2023

Hong Kong Government Allocates $50M to Develop Crypto Initiatives

In Brief

The government of Hong Kong has allocated $50 million to develop crypto projects in the country. 

The country will implement new rules for web3 companies on June 1. 

Over 80 crypto-related companies have expressed their interest in establishing a presence in Hong Kong. 

Hong Kong Government Allocates $50M to Develop Crypto Initiatives

The government of Hong Kong has allocated $50 million to develop crypto projects in the country. The funds will be used for the expedition of the web3 ecosystem development and the organization of major international events. In addition, the government wants companies to promote cross-sectoral business cooperation and arrange a wide array of workshops for young people. 

According to a press release, Hong Kong will implement new rules for web3 companies on June 1. Notably, the government has already launched consultations for virtual asset companies. For instance, organizations will learn about regulatory requirements, targeted support measures, visa requirements for talent admission, and general implementation details. 

“Through the establishment of a comprehensive and clear regulatory system, we are expecting more quality VA enterprises to set up businesses in Hong Kong or to seek development opportunities in Hong Kong,”

said the Secretary for Financial Services and the Treasury, Mr. Christopher Hui.

In 2023, Hong Kong will host over 800 fintech companies from different sectors. As of today, more than 80 crypto-related companies have expressed their interest in establishing a presence in the country. Twenty-three organizations from the European Union, China, Canada, Singapore, the United Kingdom, and the United States have already announced their plans to do so. Among these are blockchain infrastructure and crypto wallet developers, blockchain network security companies, and other web3 organizations. Cryptocurrency exchanges from China, including OKX and Huobi Global, have also shared their plans to establish companies in Hong Kong.

The advisor of Huobi, Justin Sun, has already shared the company’s plans to develop a new exchange and call it “Huobi Hong Kong” to follow the regulations. 

Read related posts:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

More articles
Valeria Goncharenko
Valeria Goncharenko

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]

Hot Stories
Join Our Newsletter.
Latest News

The Calm Before The Solana Storm: What Charts, Whales, And On-Chain Signals Are Saying Now

Solana has demonstrated strong performance, driven by increasing adoption, institutional interest, and key partnerships, while facing potential ...

Know More

Crypto In April 2025: Key Trends, Shifts, And What Comes Next

In April 2025, the crypto space focused on strengthening core infrastructure, with Ethereum preparing for the Pectra ...

Know More
Read More
Read more
Nexo Becomes Official Crypto Partner Of Mifel Tennis Open, Teams Up With Rodrigo Pacheco Mendez
News Report Technology
Nexo Becomes Official Crypto Partner Of Mifel Tennis Open, Teams Up With Rodrigo Pacheco Mendez
June 26, 2025
Ripple Integrates Wormhole To Enhance Multichain Interoperability Infrastructure
News Report Technology
Ripple Integrates Wormhole To Enhance Multichain Interoperability Infrastructure
June 26, 2025
Gelato And Morpho Roll Out Embedded Crypto-Backed Loans
News Report Technology
Gelato And Morpho Roll Out Embedded Crypto-Backed Loans
June 26, 2025
Coinbase Introduces Concierge Program For Enhanced, Personalized Support To Premium And High-Value Clients
Business News Report Technology
Coinbase Introduces Concierge Program For Enhanced, Personalized Support To Premium And High-Value Clients
June 26, 2025