As a researcher with a keen interest in blockchain technology and its real-world applications, I find myself deeply impressed by Hong Kong’s Cyberport’s rapid advancements in this field. Having spent years delving into the complexities of digital economies, I can confidently say that the 270+ blockchain enterprises under Cyberport’s roof is a testament to the region’s forward-thinking approach and commitment to technological innovation.
In simple terms, Cyberport, a government-managed business center located in Hong Kong, now houses approximately 270 companies that specialize in blockchain technology, following the addition of over 120 such firms within the past 16 months.
On November 19th, the legislative body of the Hong Kong Special Administrative Region (HKSAR), known as the Legislative Council, published a document outlining Cyberport’s initiatives aimed at fostering the growth of Web3, cryptocurrency, and blockchain networks.
For the upcoming 2023-24 financial plan, the Hong Kong administration earmarked $50 million to aid Cyberport. By June 2023, as reported by Financial Secretary Paul Chan Mo-po, over 150 Web3 companies had found a home within Cyberport.
Consequently, the $50 million investment and swift progress significantly expanded Hong Kong’s Web3 company portfolio to over 270 entities, among which are three valued at over a billion dollars (unicorns). The report highlighted this growth.
“The founders of these over 270 enterprises originate from over 20 countries and regions, including Japan, Korea, the United States (“US”), Canada, Germany, the United Kingdom and India, in addition to Hong Kong and the Mainland (China).”
Experimenting with real-world applications of blockchain technology
As an analyst, I’ve been closely observing the dynamic landscape of Cyberport Web3 companies. From my perspective, these innovative entities are integrating blockchain technology into tangible applications, spanning across various domains such as smart living, digital entertainment, financial technologies (fintech), and cybersecurity and data protection.
Furthermore, Cyberport is aggressively seeking out companies that focus on blockchain security, safekeeping of digital assets, and creation of cryptocurrency wallets. This move aims to foster collaboration among the diverse Web3 firms within their network.
Ongoing licensing drive for crypto exchanges
Beyond drawing in Web3 professionals and businesses worldwide, Hong Kong’s financial authority, the Securities Futures Commission (SFC), has also disclosed intentions to grant operational licenses to cryptocurrency trading platforms by the year-end 2024.
As per statements made by SFC CEO Julia Leung, it’s expected that the Hong Kong administration will advance in granting licenses to the 11 Virtual Asset Trading Platforms (VATPs) that had earlier submitted applications for operational permits.
16 companies are currently waiting for a decision on their VATP application verdicts, while 3 digital asset trading platforms have already received licensing approvals. As of November 20th, only one cryptocurrency exchange – the Hong Kong Virtual Asset Exchange – has been granted a license by Hong Kong.
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2024-11-20 11:50