The US-based crypto exchange Gate.io has revealed plans to pursue the crypto-friendly country Hong Kong. A press release issued on February 22 announced that Gate Group is planning to register for the crypto license with Hong Kong regulators.
A recent announcement by the Hong Kong government officials disclosed plans to fund the Web3 project in the region. Therefore, the government’s contribution to the crypto space has inspired digital operators to pursue the Hong Kong market.
Hong Kong Amends Crypto Regulation
The attempt to cope with emerging economies necessitated the Hong Kong government to formulate friendly crypto regulations and develop strategies to support the development of crypto technologies. According to the Hong Kong 2023-2024 budget, the country has allocated $6.4 million towards crypto and Web3 developments.
Beyond this, Hong Kong plans to equip its citizens with digital skills to build a crypto-friendly workforce. A statement issued by Hong Kong Finance Secretary Paul Chan on February 22 revealed that the country is set to launch Web3 campaigns by collaborating with international partners.
Chan stated that the government plans to host Web3-related workshops for the youth and will integrate strategies to build international business cooperation for digital service providers.
In addition, Chan challenges countries in the Special Administrative Region (SAR), including China, to push Web3 development to reap more benefits from the crypto space. He acknowledges the government’s contribution in formulating and adopting friendly regulations to attract foreign investors in the Hong Kong market.
Gate Group Enters Hong Kong
Following the government’s involvement in crypto, Gate Group is planning to enter the Hong Kong market. The founder of Gate Group, Dr Han Lin, forecasted that Hong Kong would become the next crypto hub providing a strategic marketplace for digital assets.
The suitability of Hong Kong’s crypto regulatory framework inspired Lin and his team to prioritize expanding to the region. In his February 22 address, Lin plans to partner with regulators, legislators and investors to host digital asset development events.
The upcoming event aims to gather inputs from key market players who play a crucial role in virtual development. Gate Group proposed plans aim at supporting the Hong Kong government in attaining its long-term objective of becoming a global crypto hub.
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