Catenaa, Thursday, November 28, 2024 – Cyberport, Hong Kong’s state-backed tech hub, said it had expanded its footprint in the blockchain space, now hosting over 270 Web3 enterprises.
This growth, fueled by the city’s $50 million budget allocation for 2023-24, reflects Hong Kong’s ambition to become a global leader in blockchain and crypto innovation.
Over the past 16 months, more than 120 Web3 firms have joined Cyberport, with participants spanning over 20 countries, including Japan, the US, and India.
The hub also boasts three blockchain unicorns, strengthening its global reputation.
Cyberport enterprises focus on real-world blockchain applications across smart living, fintech, digital entertainment, and cybersecurity. Efforts to enhance the ecosystem include onboarding specialists in blockchain security, crypto wallets, and asset custody.
Meanwhile, Hong Kong is refining its crypto regulations as it prepares to issue Virtual Asset Trading Platform (VATP) licenses by year-end.
Eleven firms are already in the licensing process, while 16 more await review, signaling heightened interest in the city as a crypto hub.
In addition, Hong Kong’s Monetary Authority (HKMA) has warned against misleading practices by some crypto firms falsely presenting themselves as banks.
Two overseas companies were recently flagged for illegal representations, underscoring regulatory vigilance.
Further complicating the crypto landscape, Interpol has issued red notices for two Hong Kong citizens involved in alleged cryptocurrency fraud and theft. The duo reportedly promoted fraudulent crypto investments and mining equipment.
