Technology Companies Throng to Set Up Headquarters in Hong Kong

• Paul Chan Mo-po announced that the technology companies have been contacting the government to set up their headquarters in Hong Kong.
• A number of pilot activities are organized by the government to test the technical advantages of virtual assets.
• Hong Kong has introduced a licensing system for virtual asset providers.

The Financial Secretary of Hong Kong, Paul Chan Mo-po, declared that over the last two months, many technology companies and high-tech start-ups had been actively contacting the government, proposing to set up their international headquarters in Hong Kong.

Under the policy of “grabbing enterprises and talents”, many business institutions have already planned to expand their firms along with the growth of Hong Kong’s business.

Previously, in October 2022, Hong Kong launched a $3.8 billion fund to attract international business to the city after the stagnant situation of the pandemic. The financial instability as well as the strict restrictions crushed the status of Hong Kong as the global financial hub.

John Lee, the Chief Executive of Hong Kong, while introducing newer measures to bring back Hong Kong to the forefront said:

The government will proactively trawl the world for talent. We have to present the true picture of Hong Kong to the world and promote our strengths.

Notably, Chen Moabo announced that innumerable pilot activities are organized by the government as well as the regulatory system. Specifically, the programs intended to test the “technical advantages of virtual assets and explore related applications”. In addition, he said that the “green bonds” will be issued by the government, which will be tokenized for subscription by institutional investors.

Further, Chen Maobo told that the government has set up a “licensing system for virtual asset service providers” intending to provide a certain degree of market recognition for virtual asset exchanges. Under the new system, virtual assets are also required to be consistent with the current system of traditional financial institutions.

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