2024

Emily

Hong Kong government entities dedicated to attracting foreign investments visited a tech conference in Toronto, Canada, to advertise its offshore ready-to-move 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) co-hosted an event at Collision 2024 in Toronto, highlighting Hong Kong’s crypto-centric landscape. 
Speaking at the <a href="https://www.info.gov.hk/gia/general/202406/22/P2024062200180.htm" target="_blank" rel="noopener nofollow">event</a>, Toronto ETO director Emily Mo underscored existing startup-friendly regulations, such as lower taxes than in Canada and Hong Kong’s willingness to work with “pre-commercial specialist technology companies.” She added:
<blockquote data-ct-non-breakable="true">
 “There is a creative mindset on Web3/virtual assets developments. Fintech, health technology, green technology and property technology, etc, are trending in Hong Kong and Asia these days.”
</blockquote>
<h2 data-ct-non-breakable="true" id="tax-treaty-between-canada-and-hong-kong">Tax treaty between Canada and Hong Kong</h2>
Mo said that Canadian businesses in Hong Kong are allowed to receive public and private funding.
The governments of Canada and Hong Kong have had a double tax <a href="https://www.canada.ca/en/department-finance/programs/tax-policy/tax-treaties/country/hong-kong-agreement-2012.html" target="_blank" rel="noopener nofollow">agreement</a> in place for more than a decade. It was designed to avoid double taxation and prevent fiscal evasion regarding taxes on personal and corporate income.
Related: <a href="https://cointelegraph.com/news/hong-kong-unlicensed-crypto-exchanges">Hong Kong officially kicks out all unlicensed crypto exchanges</a>
On June 22, Hong Kong Legislative Council member Johnny Ng Kit-Chong <a href="https://cointelegraph.com/news/hong-kong-web3-virtual-assets-policy-feedback">announced the formation</a> of the Subcommittee on Web3 and Virtual Asset Development to promote the development of Web3 and digital assets in Hong Kong.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/10de5ef3-434e-47d7-a0c1-308ac45bf272.png" alt="" title="">
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 Source: <a href="https://x.com/Johnny_nkc/status/1804388548327694343" target="_blank" rel="noopener nofollow">Johnny Ng</a>
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</figure>
The council seeks feedback on several critical aspects of Web3 policy development, including balancing technical, legal and regulatory frameworks to create a cohesive environment for Web3 development with robust and clear regulations.
<h2 data-ct-non-breakable="true" id="crypto-exchange-exodus-in-hong-kong">Crypto exchange exodus in Hong Kong</h2>
In May, all crypto exchanges operating without a license in Hong Kong were <a href="https://cointelegraph.com/news/hong-kong-crypto-license-withdrawals-2024">forced to shut down</a>. While more than 20 exchanges had initially applied for a crypto license, most withdrew it after failing to meet the set requirements.
One Hong Kong-based cryptocurrency exchange, Gate.HK, said it would relaunch its services after reconstructing its platform to comply with Hong Kong’s regulatory requirements. These requirements include establishing Anti-Money Laundering and Counter-Terrorist Financing measures. The company stated:
<blockquote data-ct-non-breakable="true">
 “Gate.HK is actively working on the aforementioned overhaul. We plan to resume our business in Hong Kong in the future and contribute to the virtual asset ecosystem after obtaining the relevant licenses.”
</blockquote>
Crypto exchanges that retracted their license applications include prominent global players such as OKX, Huobi HK and Bybit, among others.
Magazine: <a href="https://cointelegraph.com/magazine/polkadot-indy-500-driver-conor-daly-dad-holds-dot/">Polkadot’s Indy 500 driver Conor Daly: ‘My dad holds DOT, how mad is that?’</a>

Hong Kong shows off crypto, Web3 prowess in Toronto

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