Hong Kong demonstrates its expertise in crypto and Web3 technologies in Toronto

The government agencies of Hong Kong responsible for attracting foreign investments recently attended a tech conference in Toronto, Canada, to promote its offshore technology hub for Canadian crypto and Web3 startups.
The Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK) organized an event at Collision 2024 in Toronto to showcase Hong Kong’s crypto-friendly environment.
During the event, Toronto ETO director Emily Mo emphasized the startup-friendly regulations in Hong Kong, including lower taxes compared to Canada and its willingness to collaborate with “pre-commercial specialist technology companies.” Mo also mentioned the tax treaty between Canada and Hong Kong, which allows Canadian businesses in Hong Kong to receive public and private funding.
The Canadian and Hong Kong governments have had a double tax agreement in place for over a decade to prevent double taxation and fiscal evasion related to personal and corporate income taxes.
In June, Hong Kong Legislative Council member Johnny Ng Kit-Chong established the Subcommittee on Web3 and Virtual Asset Development to support the growth of Web3 and digital assets in Hong Kong. The council is seeking input on various critical aspects of Web3 policy development to create a cohesive environment with clear regulations.
The crackdown on unlicensed crypto exchanges in Hong Kong resulted in the closure of all exchanges operating without a license. While over 20 exchanges initially applied for a crypto license, most withdrew their applications after failing to meet the requirements. One of the exchanges, Gate.HK, announced plans to relaunch its services after restructuring its platform to comply with Hong Kong’s regulatory standards, including implementing Anti-Money Laundering and Counter-Terrorist Financing measures.
Prominent global cryptocurrency exchanges like OKX, Huobi HK, and Bybit retracted their license applications as well.
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