Hong Kong Legislator Encourages Web3 Companies to Relocate from Singapore

According to Odaily, Hong Kong Legislative Council member Ng Kit Chuang recently expressed on X that Singapore has introduced new policies for digital token service providers through its 'Guidelines on Licensing for Digital Token Service Providers.' These guidelines impose new regulations on companies, institutions, and individuals involved in virtual assets. Since Hong Kong's declaration on virtual assets in 2022, the region has actively welcomed the industry's development. Informal statistics indicate that over a thousand Web3 companies have established themselves in Hong Kong. Ng Kit Chuang extended an invitation to those currently operating in Singapore to consider relocating their headquarters and personnel to Hong Kong, offering assistance to facilitate their transition.