Hong Kong officially announced support for cryptocurrency projects

Today, October 31, the Hong Kong authorities officially announced their support for projects working in the field of virtual assets.

In a statement, Hong Kong officials called cryptocurrencies and companies working with them a "blooming sector and ecosystem." The Hong Kong authorities are going to create a special agency that will "regulate risks and promote innovation in the field of digital assets."

“Hong Kong is an open and friendly community. We welcome people who create new projects in the field of cryptocurrencies,” the statement emphasizes.

The document also notes support for asset tokenization projects. In addition, the Hong Kong authorities will support projects that create smart contracts for various applications.

“Our position clearly shows that Hong Kong supports financial innovation and will provide any necessary funds to develop the virtual asset ecosystem,” the document concluded.

Earlier, audit firm KPMG reported that 58% family offices and high net worth investors in Hong Kong and Singapore intend to invest in cryptocurrencies.