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Hong Kong
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LettersHow Hong Kong could become a magnet for virtual asset firms

  • Readers discuss how the government can help Hong Kong dominate as a virtual assets hub, and sound strategies for coping with the city’s traffic problem

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Bitcoin ATMs, operated by Coinhero, in Hong Kong on December 21, 2022. Photo: Bloomberg
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Hong Kong may dominate the virtual asset industry with government assistance.

The Hong Kong government’s virtual asset policy statement outlines its vision for a dynamic ecosystem. At the POW’ER Hong Kong Web3 Innovator Summit, Financial Secretary Paul Chan Mo-po said that the city is confident of developing a vibrant virtual asset ecosystem.
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Hong Kong’s financial innovation and legal and regulatory frameworks make it a good place for virtual asset businesses. It is clear from the financial secretary’s speech that Hong Kong is committed to supporting virtual asset start-ups. He also said that the government welcomes virtual asset talent coming to the city.

This will boost innovation in Hong Kong and create a digital currency ecosystem. Due to its advantageous location, Hong Kong may profit from expanding Asian demand.

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“One country, two systems” is a vital part of Hong Kong’s success as a financial hub. The city’s strategic location, favourable business environment, large talent pool and access to a big consumer base make it an ideal place for cryptocurrency companies to set up shop.

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