November 22, 2024
By Anjali Kochhar
Hong Kong’s Cyberport, a government-backed business hub, has rapidly expanded its Web3 ecosystem, now hosting over 270 blockchain-related enterprises. This milestone reflects Hong Kong’s growing ambition to establish itself as a global hub for blockchain innovation and digital asset development.
The Legislative Council (LegCo) of the Hong Kong Special Administrative Region (HKSAR) recently released a report outlining Cyberport’s achievements in advancing Web3, cryptocurrency, and blockchain ecosystems. According to the report, Cyberport added more than 120 Web3 firms within the last 16 months. This rapid growth was fueled by a $50 million government allocation in the 2023–24 budget, which aimed to promote the development of the blockchain industry and attract global talent. By mid-2023, Cyberport had already housed over 150 Web3 companies, as noted by Financial Secretary Paul Chan Mo-po.
Today, Cyberport’s network includes over 270 enterprises, with founders originating from more than 20 countries and regions, such as the United States, Japan, South Korea, Germany, India, and Canada. Additionally, it is home to three blockchain unicorns, demonstrating its ability to attract high-value companies and foster innovation on a global scale.
Cyberport’s success lies in its focus on real-world applications of blockchain technology. Companies within its network have been actively developing solutions for smart living, digital entertainment, fintech, and cybersecurity. These advancements underscore the potential of blockchain to address practical challenges and reshape traditional industries.
The LegCo report also highlights Cyberport’s efforts to strengthen collaboration among its Web3 firms. This includes actively recruiting companies specialising in blockchain security, asset custody, and crypto wallets, ensuring a robust infrastructure for the growing network. By building a supportive environment for Web3 businesses, Cyberport has positioned itself as a key player in the global blockchain ecosystem.
In addition to Cyberport’s expansion, Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), is driving efforts to create a regulated environment for cryptocurrency businesses. SFC CEO Julia Leung recently announced plans to issue operational licenses to 11 Virtual Asset Trading Platforms (VATPs) by the end of 2024. A total of 16 companies are currently awaiting decisions on their VATP applications. This licensing initiative reflects the Hong Kong government’s commitment to balancing innovation with regulatory oversight, ensuring a secure and trustworthy crypto trading environment.
Cyberport’s rapid development aligns with Hong Kong’s broader strategy to attract global Web3 talent and strengthen its position as a leading blockchain hub. By fostering innovation and creating a regulatory framework that supports growth, Hong Kong is poised to compete with other major blockchain centres worldwide.
The combination of a thriving Web3 ecosystem at Cyberport and a transparent licensing framework for virtual asset trading platforms marks a significant step forward for Hong Kong.
About the Author
Anjali Kochhar is a journalist specializing in cryptocurrency and blockchain news in India and globally. With over three years of media experience, she focuses on uncovering stories that go beyond the surface. An avid reader, she enjoys writing on diverse topics.
