Hong Kong Demonstrates Crypto and Web3 Prowess in Toronto

Share IT

Key takeaways:

  • Hong Kong government representatives who drew in foreign investment attended a tech conference in Toronto, Canada, to promote their offshore technology hub.
  • According to Mo, investment from the public and commercial sectors is available to Canadian companies operating in Hong Kong.

Hong Kong government representatives tasked with drawing in foreign investment attended a tech conference in Toronto, Canada, to promote their offshore technology hub, which is ready for use by Canadian crypto and Web3 firms.

An event showcasing Hong Kong’s crypto-centric ecosystem was co-hosted by the Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK) at Collision 2024 in Toronto.

Emily Mo, the director of the Toronto ETO, highlighted several startup-friendly policies during her speech, including Hong Kong’s readiness to collaborate with “pre-commercial specialist technology companies” and taxes that are lower than those in Canada. She further stated:

“There is a creative mindset on Web3/virtual assets developments. Fintech, health technology, green technology and property technology, etc, are trending in Hong Kong and Asia these days.”

According to Mo, investment from the public and commercial sectors is available to Canadian companies operating in Hong Kong.

For nearly a decade, the governments of Hong Kong and Canada have maintained a double taxation agreement. It was intended to stop fiscal evasion in relation to taxes on personal and corporate income, as well as avoid double taxation.

The Subcommittee on Web3 and Virtual Asset Development was established on June 22 by Johnny Ng Kit-Chong, a member of the Hong Kong Legislative Council, with the goal of advancing the growth of Web3 and digital assets in Hong Kong.

In order to build a unified environment for Web3 development with strong and clear laws, the council is seeking comments on several crucial issues of Web3 policy development, including striking a balance between technological, legal, and regulatory frameworks.

All crypto exchanges that were operating in Hong Kong without a license had to close their doors in May. Although over 20 exchanges had first filed for crypto licenses, the majority of them withdrew their applications due to noncompliance with the regulations.

One crypto exchange with headquarters in Hong Kong, Gate[.]HK, said that it would reopen for business after rebuilding its platform to meet Hong Kong legal standards. Among these demands are the implementation of counterterrorism financing and anti-money laundering procedures. The firm stated:

“Gate[.]HK is actively working on the aforementioned overhaul.”

Retracted license applications from crypto exchanges include well-known international firms including Huobi HK, Bybit, and OKX, among others.

Share IT
Deep
Deep

Get Daily Updates

Crypto News, NFTs and Market Updates

Can’t find what you’re looking for? Type below and hit enter!