Hong Kong Financial Secretary Michael Wong: More than 220 Web3-related companies have set up offices in Hong Kong

At the opening speech of the "2024 Hong Kong Web3 Carnival" yesterday, Hong Kong's Deputy Financial Secretary, Wong Wai-lun, said that more than 220 Web3-related companies from more than 20 countries and regions including the Mainland, Europe and the United States have set up offices in Hong Kong, including virtual asset exchanges, blockchain infrastructure companies, blockchain network security companies, virtual currency wallets and payment companies. The SAR government will strike a balance between promoting development and appropriate supervision, especially in the field of virtual assets. A comprehensive and clear regulatory system is the key to promoting the sustainable development of virtual assets. Wong Wai-lun said that the SAR government is amending relevant laws to bring over-the-counter (OTC) transactions of virtual assets under formal legal supervision, and also plans to allow intermediaries to provide a range of qualified virtual asset services, including futures and exchange-traded funds (ETF) transactions. He emphasized that in the future, Hong Kong will continue to work with more participants in the industry to provide in-depth insights, thereby bringing more possibilities to Hong Kong and promoting the development of the Web3 industry. Wong Wai-lun said that since the implementation of the new regulatory system for virtual asset trading platforms in June last year, there have been two licensed virtual asset trading platforms that can provide virtual assets to retail investors. As of March this year, the CSRC has received 24 license applications. (Ta Kung Pao)