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Hong Kong Showcases Crypto and Web3 Expertise at Toronto Tech Conference

Hong Kong promotes its crypto and Web3 advantages at the Toronto tech conference, emphasizing lower taxes and supportive regulations
June 26, 2024

In a bid to attract Canadian crypto and Web3 startups, Hong Kong government entities showcased their technology hub’s advantages at a major tech conference in Toronto. The event, co-hosted by the Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK), highlighted Hong Kong's supportive regulatory environment and lower tax regime.

Toronto ETO director Emily Mo emphasized the startup-friendly landscape in Hong Kong, pointing out that the region offers significantly lower taxes compared to Canada and is open to collaborating with pre-commercial specialist technology companies. Mo stated, “There is a creative mindset on Web3 and virtual asset developments. Fintech, health technology, green technology, and property technology are trending in Hong Kong and Asia these days.”

Hong Kong has maintained a double tax agreement with Canada for over a decade, preventing double taxation and promoting fiscal cooperation. This agreement allows Canadian businesses operating in Hong Kong to access both public and private funding, enhancing their growth potential.

Recently, the Hong Kong Legislative Council formed the Subcommittee on Web3 and Virtual Asset Development, spearheaded by member Johnny Ng Kit-Chong. This subcommittee aims to foster Web3 and digital asset growth in Hong Kong by seeking feedback on critical policy aspects and ensuring a balanced regulatory framework.

However, the regulatory landscape for crypto exchanges in Hong Kong has tightened. As of May, all unlicensed crypto exchanges were required to cease operations. While over 20 exchanges had initially applied for licenses, many withdrew after failing to meet stringent requirements. Gate.HK, a prominent exchange, plans to relaunch after restructuring to comply with these regulations, including implementing Anti-Money Laundering and Counter-Terrorist Financing measures.

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