According to the report from the Financial Services and the Treasury Bureau, in 2019 more companies working with blockchain technology were opened in Hong Kong than firms associated with any other financial technology sector. Blockchain has surpassed the technology sectors of wealth, payments, cybersecurity, regulatory tech, credit technology and insurance technology.
Since 2018, Hong Kong has been aimed to attract talented professionals from around the world who specialize in innovative technologies, including blockchain, through a special immigration policy. The efforts of the authorities were paid off. In 2019, of the new blockchain companies, 45% were corporate blockchain enterprises, 27% created platforms for trading digital assets, 14% provided custodial services for digital assets, and 9% were engaged in trade finance settlements.
In 2020, Hong Kong continues to attract investment in the crypto sector, including the capital of institutional players. In February Fidelity International invested $14 mln in Hong Kong-Based OSL Institutional Digital Asset Platform.
Image courtesy of Bitcoin Exchange Guide