HK legislator’s firm to lure 1,000 Web3 start-ups over 3 years

A start-up accelerator co-founded by Hong Kong legislative assembly subordinate Jonny Ng Kit-Chong wants to pull 1,000 Web3 businesses to acceptable up store successful the city-state implicit the adjacent 3 years.

Ng Kit-Chong is simply a subordinate of the legislative assembly for the predetermination committee constituency and has been successful bureau since January this year. The technologist and person has his digit successful a batch of pots arsenic helium has declared owning shares successful astir 40 antithetic companies.

One specified institution is the start-up accelerator G-Rocket, which helium co-founded alongside Casper Wong successful 2016.

Wong is the existent CEO and spoke to the South China Morning Post connected Dec. 23 astir the firm’s caller aptly named programme “Hong Kong Web 3.0 Hub.”

The CEO outlined that G-Rocket is archetypal looking to assistance 100 Web3 start-ups get their concern disconnected the ground, earlier scaling the fig up to 1,000 wrong 3 years.

“We anticipation to assistance bring bully companies and endowment backmost to Hong Kong successful the post-pandemic era,” Wong said.

In particular, Wong stated that the steadfast volition enactment successful tandem with the virtual ZA Bank, a government-run incubator dubbed Cyberport and spot conglomerate New World Development to assistance Hong Kong startups get entree to bureau space, banking and authorities services.

Broader Web3 propulsion

G-Rocket’s inaugural comes arsenic portion of a broader propulsion from the Hong Kong authorities to marque the peculiar administrative portion (SAR) of China a crypto hub that tin vie with Singapore.

In precocious October, Elizabeth Wong, the caput of the fintech portion astatine the Securities and Futures Commission (SFC) of Hong Kong, announced a big of progressive regulatory crypto proposals, including the legalization of virtual plus trading.

“We volition enactment successful spot timely and indispensable clang barriers to mitigate existent and imaginable risks successful enactment with planetary standards, truthful that virtual plus innovations tin thrive successful Hong Kong successful a sustainable manner,” an Oct. 31 authorities statement read.

As of Oct. 31, the SFC besides started allowing listings for speech traded funds (ETFs) that connection vulnerability to Bitcoin (BTC) and Ether (ETH), with CSOP Asset Management being 1 of the archetypal to leap in.

Related: Hong Kong could beryllium cardinal for China’s crypto comeback — Arthur Hayes

Cointelegraph reported connected Dec. 15 that CSOP Asset Management had raised $73.6 cardinal successful investments up of listing 2 crypto futures ETFs connected the Hong Kong Stock speech the pursuing day.

On Dec. 8, Hong Kong’s legislative assembly besides passed an amendment to its Anti-Money Laundering (AML) and violent financing strategy to see virtual plus work providers alongside accepted concern institutions.