Hong Kong Lawmaker To Attract Web3 Firms Using Startup Accelerator
According to the South China Morning media outlet, G-Rocket, a startup accelerator firm located in Hong Kong, wants to assist 1,000 Web3 startups. This assistance aims to attract more Web3-based firms to Hong Kong.
G-Rocket Attracts Web3 Firms With New Accelerator Program
Meanwhile, this company has an intriguing executive body. Johnny Ng Kit, the co-founder of the company, is a lawmaker in Hong Kong. Other executives in the company are Chinese investors who live in Dubai and Singapore – two major aspiring crypto hubs.
In a recent interview, TRON founder, Justin Sun, argued that China is watching Hong Kong’s regulatory stance on crypto. According to him, Hong Kong is an “experimental base” for China.
Meanwhile, this report comes at the heels of the FTX contagion, which crippled the broader crypto market. At the peak of the crisis, Auros, a licensed crypto exchange in Hong Kong, announced that it would enter into provisional liquidation.
The crypto exchange stated that it was having some financial issues. Similarly, Atom Asset Exchange (AAX) stopped withdrawals due to the crisis.
Additionally, the FTX saga prompted global regulatory scrutiny from regulators and policymakers, including Hong Kong’s Securities and Futures Commission (SFC). The regulator warned users about the risks of investing in exchanges and staking platforms.
The SFC advised users to beware of unregistered crypto platforms. However, the crisis did not force the government to ban crypto.
Crypto Regulation In Hong Kong
Meanwhile, Hong Kong is looking forward to its upcoming Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) bill in 2023. Also, the country’s licensing system for Virtual Asset Service Providers (VASPs) will become effective on June 1st, 2023, along with other amended bills.
Meanwhile, some reports alleged that the SFC would enforce new regulatory measures on licensed crypto firms. This will add to the current AML/CFT compliance scheme.
Nevertheless, Hong Kong still aims to become a top crypto hub. Earlier, Hong Kong’s financial secretary, Paul Chan, said that “the country wants to make its policy clear to the global market. This would showcase the country’s plan to try out financial innovation using digital currencies.”
Presently, the crypto market is experiencing a downturn. Still, Hong Kong’s fintech ecosystem believes the future of the crypto sector is bright.
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