Hong Kong government agencies – dedicated to attracting foreign investment – visited
Hong Kong government agencies – dedicated to attracting foreign investment – visited a technology conference in Toronto to announce their shovel-ready offshore technology center for Canadian cryptocurrency and Web3 startups.
The Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK) and StartmeupHK (SMUHK) co-hosted an event at Collision 2024 in Toronto, highlighting the cryptocurrency scene in Hong Kong. Kong.
Speaking at the event, ETO Toronto Director Emily Mo highlighted current startup-friendly regulations, such as lower taxes compared to Canada and Hong Kong’s willingness to work with “companies specialized pre-commercial technologies”. She added:
“There is a creative mindset when it comes to Web3/virtual asset development. Fintech, health tech, green tech, real estate tech, etc. are becoming popular in Hong Kong and Asia these days.
Tax Convention between Canada and Hong Kong
Mo said Canadian companies in Hong Kong are allowed to receive public and private financing.
The governments of Canada and Hong Kong entered into a double taxation agreement more than a decade ago. It aims to avoid double taxation and prevent financial evasion with respect to personal and corporate income taxes.
about: Hong Kong officially bans all unlicensed cryptocurrency exchanges
On June 22, Hong Kong Legislative Council Member Johnny Ng Keat Chung announced the establishment of the Web3 and Virtual Asset Development Subcommittee to promote the development of Web3 and digital assets in Hong Kong.
The Council seeks feedback on several important aspects of Web3 policy development, including balancing technical, legal, and regulatory frameworks to create a consistent environment for Web3 development with strict and clear regulations.
Exodus from cryptocurrency exchanges in Hong Kong
In May, all cryptocurrency exchanges operating without a license in Hong Kong were forced to close. While more than 20 exchanges initially applied for a cryptocurrency license, most withdrew it after failing to meet specific requirements.
Gate.HK, a Hong Kong-based cryptocurrency exchange, announced that it will relaunch its services after rebuilding its platform to comply with Hong Kong regulatory requirements. These requirements include establishing measures to combat money laundering and terrorist financing. The company said:
“Gate.HK is actively working on the above-mentioned fix. We plan to resume our operations in Hong Kong in the future and contribute to the virtual asset ecosystem after obtaining the appropriate licenses.
Cryptocurrency exchanges that have withdrawn their license applications include prominent global players such as OKX, Huobi HK, and Bybit, among others.
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