According to Odaily, Mr. Ng Kit Chuang – a member of the Hong Kong Legislative Council – recently posted on platform X (Twitter) a call for Web3 companies operating in Singapore to consider relocating their headquarters and teams to Hong Kong.
This call comes in the context of Singapore recently issuing a set of 'Licensing Guidelines for Digital Token Service Providers', tightening regulations for organizations, businesses, and individuals participating in the virtual asset sector.
Mr. Ng emphasized that since Hong Kong announced the framework for supporting virtual assets in 2022, the government has proactively promoted the development of the Web3 industry. Unofficial statistics show that there are now over 1,000 Web3 companies established and operating in this special administrative region.
In addition to expressing goodwill, Mr. Ng also committed to providing specific support for the relocation of headquarters and personnel from Singapore to Hong Kong – a move seen as direct competition in the race to become Asia's digital financial hub.
