Cyberport’s Resounding Success: 150 Web3 Firms Drawn to Hong Kong in Just One Year

Hong Kong’s Cyberport, a digital hub established by the government to foster innovation, has successfully attracted over 150 Web3 firms within the span of a year, according to Financial Secretary Paul Chan Mo-po’s statement.

The significant influx of Web3 firms followed the Hong Kong government’s investment of $7 million (50 million yuan) to accelerate the development of Web3 technology with blockchain as the underlying foundation, Chan Mo-po highlighted.

Chan Mo-po further outlined the government’s support for the sector, stating that Cyberport has received approximately $64 million (HK$500 million) in funding through the “Digital Transformation Support Pilot Programme.” This initiative aims to assist small and medium-sized businesses in implementing digital solutions.

Managed by a wholly-owned government subsidiary of the Hong Kong Special Administrative Region (SAR) administration, Cyberport currently hosts a total of 1,900 enterprises, as mentioned in the statement.

Last year, Hong Kong introduced its own cryptocurrency legislation, enabling retail investors to directly invest in crypto assets, and positioned itself as a pro-crypto jurisdiction. Since then, the country has consistently shown support for the industry. In January, amidst the FTX crisis, the Financial Secretary expressed the local government and regulators’ commitment to building a crypto and fintech ecosystem by 2023.

On January 13, Korean tech giant Samsung announced the launch of a Bitcoin Futures Active ETF on the Stock Exchange of Hong Kong. By mid-February, there were reports suggesting that some Chinese officials had tacitly approved of Hong Kong’s pro-crypto efforts, with local business operators speculating that Hong Kong could serve as a testing ground for cryptocurrencies without posing a threat to China’s financial stability.

As of March, over 80 crypto firms had expressed interest in establishing offices in Hong Kong, showcasing the growing interest and confidence in the region’s crypto-friendly environment.

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