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# Hong Kong’s Cyberport Attracts Over 150 Web3 Firms In The Last Year As the government of Hong Kong strives to establish itself as a digital assets hub, the city’s Cyberport center has garnered attention from Web3-focused firms. Cyberport, a technology business park founded in 2004, focuses on various industries including fintech, smart living, digital entertainment, esports, AI, blockchain, and cybersecurity. According to a blog post by Hong Kong’s financial secretary, Paul Chan, over 150 Web3-related firms have joined Cyberport in the past year. In the government’s financial budget, Chan allocated HK$50 million ($6.37 million) to support Cyberport’s development and attract Web3 firms. Chan believes that the influx of Web3 firms will foster research and development, driving innovation through Cyberport in Hong Kong. He also mentioned a committee for Digital Economy Development that facilitates research on cross-border data flows, digital infrastructure, transformation, and talent development. Additionally, the government has allocated 500 million yuan to Cyberport for implementing the Digital Transformation Support Pilot Program. The Digital Transformation Support Pilot Program utilizes a one-to-one matching funding model to assist small and medium-sized businesses in accessing digital support solutions. These efforts aim to attract high-end talents to Hong Kong. Currently, over 1,900 digital technology companies have registered in Cyberport, including Web3 venture capital firm Anomica Brands and Consensys, the software developer behind the Ethereum-based MetaMask crypto wallet. The government’s strategy to transform Hong Kong into a digital economy is progressing with these developments. Alongside these initiatives, Hong Kong has recently introduced licensing rules for cryptocurrency trading platforms, prioritizing investor protection. The Securities and Futures Commission of Hong Kong stated that these rules ensure suitable onboarding processes and good governance. In an interview, Neil Tan, chairman of the Hong Kong Fintech Association, discussed the regulators’ aims to provide a regulatory framework for virtual assets service providers with a focus on investor protection. Tan expressed that this step demonstrates Hong Kong’s commitment to becoming a virtual asset hub. Hong Kong’s reputation as an evolving player in the digital assets ecosystem has attracted the interest of major crypto firms like Huobi, OKX, Bitfinex, and Binance. With the new licensing regime for crypto assets, more Web3 players may be drawn to Hong Kong’s digital assets hub. *[AI]: Artificial Intelligence *[HK]: Hong Kong *[HTML]: HyperText Markup Language
Bitrabo Editorial
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