Hong Kong's Cyberport, a government-run business hub, has increased its blockchain company network to over 270.
Development of Cyberport and Web3 Support
The Legislative Council of Hong Kong released a paper highlighting Cyberport's efforts in developing Web3, crypto, and blockchain ecosystems. The government allocated $50 million for Cyberport support in the 2023-24 budget. By June 2023, Cyberport hosted over 150 Web3 firms.
Real-world Applications of Blockchain Technology
Cyberport companies have started implementing blockchain for real-life applications including smart living, digital entertainment, fintech, and cyber security. Cyberport is actively recruiting firms specializing in security, asset custody, and crypto wallets.
Licensing of Crypto Exchanges in Hong Kong
Hong Kong's financial regulator, the Securities Futures Commission (SFC), plans to issue licenses to crypto exchanges by the end of 2024. SFC CEO Julia Leung stated that the government will 'make progress' in issuing licenses to 11 Virtual Asset Trading Platforms that have applied.
Hong Kong continues to advance digital technologies and strengthen its position in the Web3 market, integrating blockchain across various sectors and expanding its digital company network.
