Hong Kong skyline. Image: Envato Elements

Over 80 overseas and Mainland China corporations have expressed their curiosity in establishing a Web3 firm in Hong Kong, forward of recent crypto laws that can take impact from June, stated Hong Kong’s Secretary for Financial Services and the Treasury, Christian Hui.

See associated article: Hong Kong’s new crypto regulation may lure Web3 firms back, experts say

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• The corporations had expressed curiosity in opening a Hong Kong department since October, when Hong Kong introduced plans to manage crypto exchanges the identical manner as conventional finance corporations.
• The new laws for digital asset service suppliers will come into impact from June 2023. 
• 23 of the 80 corporations talked about are already constructing their presence in Hong Kong. According to Hui on the Aspen Digital Web3 Investment Summit on Monday, these embrace crypto exchanges, Web3 safety corporations, blockchain fee corporations, and software program corporations constructing blockchain infrastructure.
• Hui added that the Hong Kong Monetary Authority can be engaged on a set of stablecoin laws, that are anticipated to take impact in 2024.
• Hong Kong has additionally allotted HK$50 million (US$6.4 million) in annual funds spending to the expansion of the Web3 ecosystem, stated Hong Kong’s monetary secretary, Paul Chan, through the 2023-2024 budget speech in February.

See associated article: Web3 isn’t just about money, it’s about equality and transparency, says Mysten Labs co-founder