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Blockchain Firms Flocked to Hong Kong in 2019: Report

More blockchain firms arrange store in Hong Kong in 2019 than corporations from some other fintech sub-sector, in response to a report from the area’s Financial Services and the Treasury Bureau.

Representing 39% of the 57 fintechs that InvestHK, the government-owned inward funding advocate, wooed final 12 months, blockchain outgrew the wealth tech, funds, cybersecurity, regulatory tech, credit score tech and insurance coverage tech sectors as Hong Kong’s overseas fintech relocation engine.

Those efforts seem like paying off in additional methods than one. Hong Kong had 4 occasions larger than common demand for blockchain professionals in a 2019 LinkedIn report, which ranked blockchain because the area’s high rising ability set. 

Hong Kong’s heightened curiosity in blockchain jobs and corporations spreads throughout the trade, the Treasury report exhibits. 

Of 2019’s newcomer blockchain corporations, 45% had been enterprise blockchain firms, 27% constructed digital asset buying and selling platforms, 14% had been digital asset custodians and 9% targeted on commerce finance settlement.

An further 5% had been “exploring the area of security tokens” in response to the Treasury report. That cautious wording could also be a operate of safety tokens’ nascent regulatory standing. Hong Kong’s monetary regulator issued steerage on safety tokens in March 2019 and guidelines for the exchanges who commerce them in November.

But the Securities and Futures Commission’s buying and selling platform guidelines are solely an “interim solution,” in response to the report. It referred to as for legislative motion on the matter.

Blockchain corporations represented 27% of InvestHK’s newcomer fintechs in 2019, the report mentioned. 

Hong Kong has continued to draw crypto ventures and investments in 2020, together with capital from institutional gamers. In February, Fidelity International invested $14 million within the firm working crypto trade OSL, which relies in Hong Kong.

More progress is probably going on the way in which. Cyberport, a government-owned fintech enterprise park and accomplice to Hyperledger, plans to maintain fostering its blockchain cluster, in response to the report.

Disclosure

The chief in blockchain information, CoinDesk is a media outlet that strives for the best journalistic requirements and abides by a strict set of editorial insurance policies. CoinDesk is an impartial working subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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