Hong Kong is one of the Asian countries that have shown a great degree of openness towards the development of the fintech industry. Crypto and blockchains are benefiting from the favorable business regime in the city and the number of start-up companies in this field has grown in recent years. Hong Kong is standing out from other Asian countries because of its favorable regulatory regime and its policies for blockchain and cryptocurrency providers.
We invite you to watch the following video on opening a cryptocurrency business in Hong Kong:
Hong Kong, a cryptocurrency center
Cryptocurrencies are virtual currencies for which a special cryptography is used for security purposes. This makes the currency difficult to counterfeit. Moreover, this currency is not issued by a central authority, thus clearly separating it from the Government and its control.
The first cryptocurrency that became well-known to the general public was bitcoin. Now, other blockchains like Gatecoin are making their appearance in financial centers like Hong Kong.
The Special Administrative Region classifies Bitcoin and other cryptocurrencies as a type of virtual commodity that is created virtually/in the virtual world. Government officials have yet to release a clear framework for regulating this virtual currency. Even with a lack of a clear regulatory framework for virtual currencies, Hong Kong remains one of the of main crypto/blockchain markets in Asia because of its sound approach towards financial services. Hong Kong is seen by experts as an ideal jurisdiction for those who want to open a Hong Kong company that activates in the crypto/blockchain industry.
Conditions for company formation in Hong Kong
Cryptocurrency companies in Hong Kong need to be incorporated and registered as per the current Companies Law. All new corporate structures are registered with the Companies Registry and function based on a Business Certificate.
Hong Kong companies need to have a locally registered office. One of our company formation agents in Hong Kong can help you during the company set-up procedure.
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