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Hong Kong Displays Its Prowess in Crypto And Web3 in Tech Conference Toronto



Hong Kong Displays Its Prowess in Crypto And Web3 in Tech Conference Toronto

During a recent tech conference in Toronto, Hong Kong displayed its cross-border prowess in crypto and Web3 technology. The region’s government entities, which aim to attract foreign investments, showed off its tech hub to crypto and Web3 startups in Canada.

Moreover, Hong Kong plans to leverage its tax treaty with Canada to expand Web3 technology. 

Hong Kong’s Robust Crypto and Web3 Landscape 

The just-concluded tech conference in Toronto, Collision 2024, ran from June 17 to June 20, Toronto time. Hong Kong’s Economic and Trade Office in Toronto (Toronto ETO), StartmeupHK (SMUHK), and Invest Hong Kong (InvestHK) co-hosted the conference.

During the event, the co-host entities highlighted Hong Kong’s prominent landscape in the crypto and Web3 space. They classified Hong Kong as a leading hub and region that supports the development of startup tech ecosystems globally.

Further, the event featured a discussion session, Masterclass, tagged “Hong Kong Opportunities: Fintech/Crypto/Web3 and Beyond.” Emily Mo, Toronto ETO director, participated in the Masterclass and spoke about Hong Kong’s startup-friendly regulatory stance. 

According to Director Mo, Hong Kong’s collaboration with Canada will connect Canadian companies to partners from HK, mainland China, and other global regions.

Mo also noted that Hong Kong is an international financial hub with the potential to transform Canadian tech entities. She pointed out that HK offers a dynamic venture capital sector with lower taxes than Canada and most countries.

Additionally, Mo stated that Hong Kong’s innovative rules distinguish the region’s stance on technological advancement. For instance, Hong Kong supports listing pre-commercial specialist tech companies that will help the growth of Canadian startups.

Hong Kong’s Canada Alliance Aims to Expand Its Tech Hub

The collaboration between Hong Kong and Canada cuts across different areas. During her speech, Mo also mentioned Hong Kong’s funding moves for Canadian companies. She noted that besides private funding, Hong Kong offers public funding and talent admission schemes. 

Hong Kong’s numerous funding programs attract and facilitate tech companies and professionals in the region.

Moreover, the Hong Kong and Canadian governments have observed a tax treaty for over a decade. The agreement is geared toward avoiding double taxation and preventing tax evasion on personal and corporate income.

Further, Hong Kong and its authorities continually devise ways to improve the region’s digital assets and Web3 growth. On June 22, Johnny Ng Kit-Chong, a member of the Hong Kong Legislative Council, announced the formation of a virtual asset development and Web3 subcommittee.

According to the lawmaker, the committee will collate feedback from the global Web3 industry on crucial policies. These include information on balancing technology, integrating AI with Web3, and legal and regulatory strategies.

The generated information will aid the authorities in promulgating relevant regulations and strategies in the future.

Additionally, Hong Kong has distinguished itself as a financial hub in the virtual landscape that is distinct from China’s stern crypto stance. While embracing digital assets, Hong Kong has also set measures to regulate its crypto sector.

In May, Hong Kong shut down all unlicensed crypto exchanges. Its regulatory check cut across non-compliance with strict on-site inspections, Anti-Money Laundering, and Counter-Terrorist Financing measures.

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.

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