Hong Kong Eyes Canadian Crypto Startups: Promotes Offshore Tech Hub at Toronto Conference
Summary:
Hong Kong government agencies participated in a tech conference in Toronto, promoting their technology hub for Canadian Web3 and cryptocurrency startups. The agencies highlighted Hong Kong's positive crypto ecosystem and startup-friendly regulations. Hong Kong authorities are also working to establish a supportive environment for Web3 development through regulations and protocols. In May, unlicensed crypto exchanges were ordered to shut down, with many planning to resume operations after meeting regulatory specifications.
Hong Kong's government agencies focusing on foreign investment promotion made an appearance at a tech conference in Toronto. Their mission was to highlight the potential of their ready-built tech hub for Canadian cryptocurrency and Web3 startups. The Hong Kong Economic and Trade Office in Toronto (ETO), InvestHK and StartmeupHK (SMUHK) jointly hosted an event at Collision 2024, displaying the thriving crypto-related ecosystem in Hong Kong. While addressing the audience at the event, ETO's director Emily Mo emphasized the country's startup-encouraging policies like lower taxation compared to Canada and readiness to collaborate with specialized tech businesses in their early stages. Mo mentioned, “Hong Kong's innovative approach to Web3/digital assets is noteworthy, with industries like fintech, health tech, green tech and property tech becoming increasingly popular in Hong Kong and wider Asia.”
Mo enlightened that Canadian enterprises operating in Hong Kong could avail both public and private funding. The governments of the two countries have been acting under a double tax agreement for over ten years, aimed at eradicating double taxation and curtailing fiscal evasion related to personal and corporate income.
John Ng Kit-Chong, a member of the Hong Kong Legislative Council, unveiled the creation of a subcommittee focused on Web3 and digital asset development on June 22, which aims to enhance the dynamics of Web3 and digital assets in Hong Kong. The council is eyeing feedback on several pivotal facets of Web3 policy development.
Hong Kong had seen a crypto exchange migration in May when unlicensed operators were mandated to cease their activities. Despite over 20 exchanges applying for a permit initially, the majority retreated after failing to satisfy the given criteria.
One such platform, Gate.HK, announced plans to resume its operations after redeveloping its platform to meet Hong Kong's regulatory guidelines about the establishment of Anti-Money Laundering and Counter-Terrorist Financing controls. The company emphasized, “We are actively progressing on the said reconstruction. We aim to relaunch our business in Hong Kong post securing the necessary licenses.”
Crypto firms like OKX, Huobi HK, and Bybit were among those that withdrew their license applications.
Published At
6/25/2024 11:04:34 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.