Following the government’s funding infusion of HKD 50 million, Crypto exchange Gate.io has declared its plans to launch in Hong Kong.
Gate Group declared on February 22 that it would apply for a cryptocurrency license in Hong Kong. In August 2022, authorization was given for Hippo Financial Services, the company’s regional affiliate, to offer virtual asset custodial services.
To become a crypto hub, Hong Kong works hard. Paul Chan, the financial secretary for Hong Kong, has announced the formation of a task force for cryptocurrency and the allocation of funding for the growth of the web3 ecosystem.
Chan thinks Web3 has a lot of potential. For the region to lead innovation, it is necessary to maintain its ongoing development. The government wants to hasten the growth of the Web3 ecosystem by hosting international conferences, encouraging commercial collaboration, and offering youth programs.
Chan announced that he would create and serve as the chairman of a task force on the development of virtual assets made up of financial regulators, market participants, and pertinent policy offices in response to the influx of businesses considering opening up shop in Hong Kong as a result of the government’s crypto laws.
The task force’s objective is to offer suggestions for responsible and sustainable sector development. Since October, Hong Kong has worked to establish itself as a global center for the cryptocurrency industry by enacting regulations that are beneficial to the sector.
Although Hong Kong is a part of China, it has its own laws and government. Officials in Beijing are apparently quietly backing the region’s cryptocurrency ambitions, which may seem to be in opposition to China’s ban on cryptocurrencies.
Dr. Han Lin, the founder of Gate Group, described Hong Kong as a hub and a strategic worldwide market because of its industry-leading regulatory system.
