Hong Kong woos mainland crypto talent after city reopens border and amid broad push to become a virtual asset hub
- Industry event, named POW’ER Hong Kong Web3 Innovator Summit, was held on second day of border reopening between Hong Kong and China
- Hong Kong announced a high-profile push last October to become a virtual assets centre, unveiling a series of supportive industry measures
Hong Kong is boosting its efforts to attract Chinese mainland cryptocurrency talent, as the Hong Kong-mainland China border reopens after three years and as the city pushes to become a virtual asset hub.
“I know that … some of you may have had doubts in the past about Hong Kong’s development, but have recently heard many friends speak highly of new opportunities and development potential in Hong Kong, so have come to find out,” Financial Secretary Paul Chan said in a speech at a Web3-themed event at Cyberport on Monday, delivered in Mandarin.
“I can tell everyone that Hong Kong is at a new historical beginning of its development, and the Web3 ecosystem is also at a new stage of development,” Chan said. “The combination of both brought us all together today to witness a golden new beginning of Web3 development.”
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The event, named POW’ER Hong Kong Web3 Innovator Summit, was held on the second day of the border reopening between Hong Kong and China, and features cryptocurrency and Web3-themed panel discussions primarily spoken in Mandarin, the official language of mainland China. Web3 is a loosely defined term for a next-generation internet that is based on decentralised technologies, such as blockchain.
After maintaining a conservative attitude towards cryptocurrencies for years, Hong Kong announced a high-profile push last October to become a virtual assets centre, unveiling a series of measures aimed at boosting the industry. The city also recently scrapped Covid-19 restrictions for inbound travellers, including PCR tests and vaccine pass requirements.
“The event aims to attract overseas Chinese professionals, including those based in Singapore and the US,” Legislative Council member Johnny Ng Kit-chong told the Post on Monday. Ng’s technology accelerator G-Rocket was one of the event organisers.
Hong Kong wants to draw more virtual asset entrepreneurs and investors from the mainland, where all cryptocurrency trading activities are banned, industry experts have previously told the Post.
Chan’s speech on Monday marks his latest attempt to reassure investors about Hong Kong’s commitment to developing the virtual asset industry, which is still reeling from the sudden implosion of FTX, formerly the world’s second-largest cryptocurrency exchange.
Chan wrote in a blog post in November, just days after FTX’s collapse, that the incident does not change Hong Kong’s approach to becoming a hub.
