Tech
Hong Kong shows off its crypto and Web3 prowess at Toronto tech conference
During a recent technology conference in Toronto, Hong Kong showcased its cross-border prowess in crypto and Web3 technology. Government bodies in the region, aiming to attract foreign investment, have showcased their technology hub to crypto and Web3 startups in Canada.
Additionally, Hong Kong plans to leverage its tax treaty with Canada to expand Web3 technology.
Hong Kong’s Robust Cryptocurrency and Web3 Landscape
The recently concluded Toronto technology conference, Collision 2024, ran from June 17 to June 20, Toronto time. The Hong Kong Economic and Trade Office in Toronto (Toronto ETO), StartmeupHK (SMUHK), and Invest Hong Kong (InvestHK) co-hosted the conference.
During the event, the co-hosting entities highlighted Hong Kong’s prominent cryptocurrency and Web3 landscape. They classified Hong Kong as a hub and leading region that supports the development of startup technology ecosystems globally.
Additionally, the event featured a discussion session, Masterclass, titled “Hong Kong Opportunities: Fintech/Crypto/Web3 and Beyond.” Emily Mo, director of ETO Toronto, attended the masterclass and spoke about Hong Kong’s startup-friendly regulatory attitude.
According to Director Mo, Hong Kong’s collaboration with Canada will connect Canadian companies to partners in Hong Kong, mainland China and other regions of the world.
Mo also noted that Hong Kong is an international financial center with the potential to transform Canadian technology entities. He pointed out that Hong Kong offers a dynamic venture capital sector with lower taxes than Canada and most countries.
Furthermore, Mo said that Hong Kong’s innovative rules distinguish the region’s stance on technological progress. For example, Hong Kong supports the listing of pre-commercial specialized technology companies that will help the growth of Canadian startups.
Hong Kong’s Canada Alliance aims to expand its technology hub
The collaboration between Hong Kong and Canada crosses various fields. During his speech, Mo also mentioned Hong Kong’s financing initiatives for Canadian companies. She noted that in addition to private funding, Hong Kong offers public funding and talent admission programs.
Hong Kong’s numerous financing programs attract and facilitate technology companies and professionals in the region.
Additionally, the Hong Kong and Canadian governments have been abiding by a tax treaty for more than a decade. The agreement aims to avoid double taxation and prevent tax evasion on personal and corporate income.
Additionally, Hong Kong and its authorities are continually devising ways to enhance the region’s digital assets and Web3 growth. On June 22, Johnny Ng Kit-Chong, a member of the Legislative Council of Hong Kong, announced the formation of a subcommittee on the development of virtual resources and Web3.
According to the legislator, the committee will do so collect feedback from the global Web3 industry on crucial policies. These include information on balancing and integration technology AI with Web3and legal and regulatory strategies.
The information generated will help authorities promulgate relevant regulations and strategies in the future.
Additionally, Hong Kong has stood out as a financial hub in the virtual landscape, which stands out from China’s strict stance on cryptocurrencies. While embracing digital assets, Hong Kong has also established measures to regulate its cryptocurrency sector.
In May, Hong Kong closed all unlicensed shops cryptocurrency exchanges. Its regulatory oversight includes failure to comply with rigorous on-site inspections, anti-money laundering and anti-terrorism measures.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile and high-risk asset class.
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