Bitmake, as a globally-oriented emerging trading platform with headquarters based in Dubai, primarily operates in Turkey, Dubai, Argentina, and some Southeast Asian countries. The total number of current users has exceeded one million. Compliance and global business development have always been Bitmake’s two major business focuses. Currently, Bitmake holds a US MSB license, a Canadian MSB license, and a Dubai DMCC license. Bitmake has been paying attention to the Hong Kong government’s release of blockchain policies. As early as the end of 2022, it set up an office in Hong Kong and has been maintaining close familiarity and contact with Hong Kong’s regulatory and financial industries. It has also been continuously monitoring changes in Hong Kong’s policies and has long-term communication with relevant departments. This enables Bitmake to better adapt to new regulations in the digital asset industry and plan to apply for a Hong Kong license to meet the challenges and opportunities of the industry.
“Hong Kong, as an international financial center, has an optimistic outlook for its future development prospects in the blockchain industry and digital currency field,” said Richard, a director of a US investment bank and a Bitmake consultant. “As one of the largest markets for digital currency transactions in the Asia-Pacific region, Hong Kong has a broad investor base and a high level of market activity. Compared with other countries and regions such as Singapore, Hong Kong has a superior geographical location and is also a cultural crossroads between the East and the West, with excellent cultural and language advantages. Hong Kong is determined to compete as a global virtual asset center and take a crucial step forward in the global crypto industry, boosting the confidence of all Web3 industry practitioners.”
Currently, the application for a Hong Kong license begins on June 1, 2023. To apply for a license for a virtual asset exchange in Hong Kong, an application must be submitted to the Securities and Futures Commission (SFC). The SFC has significant power in setting requirements for issuing licenses and subsequent regulatory oversight. It is noteworthy that those who have already provided virtual asset services in Hong Kong prior to June 1, 2023, will have a 12-month transitional period.
[Photo shows Hong Kong Chief Executive Li Ka-chiu attending the inauguration ceremony of Hong Kong Web 3.0 Association]
On April 11, 2023, Hong Kong Chief Executive Li Jiachao delivered a speech at the inauguration ceremony of the Hong Kong Web3.0 Association, stating that the development of Web3.0 is at a golden starting point, and Hong Kong must dare to become a leader in this wave of innovation. To seize the opportunities of Web3.0, the Special Administrative Region Government has announced a new budget, allocating HKD 50 million to Cyberport to accelerate the development of Hong Kong’s Web3.0 ecosystem, especially to promote cross-industry cooperation. Cyberport has also established a Web3.0 base earlier this year.
On February 22, it was announced that Hong Kong will establish a specialized working group for the development of virtual assets to promote the growth of the Web3 ecosystem. Hong Kong Financial Secretary Paul Chan Mo-po stated during the announcement of the 2023-2024 Hong Kong Government budget that Cyberport has already established a Web3 base earlier this year. He also announced that HKD 50 million will be allocated to accelerate the development of the Web3 ecosystem, including organizing large international seminars to help the industry and enterprises better understand the latest developments, promoting cross-industry cooperation, and hosting more youth workshops.
For crypto practitioners and investors, Hong Kong’s new policies are undoubtedly attractive.
[Pictured is Xiao Feng, Chairman of Wanxiang Blockchain and Chairman of HashKey Group, delivering a speech]
At the Hong Kong Web3 Carnival in April 2023, Xu Feng, Chairman of Wanxiang Blockchain and HashKey Group, stated that the development of Web3 requires adherence to innovation and steady progress, and that appropriate regulation and promotion should drive development. Only by proceeding with caution can Web3 be established firmly in Hong Kong. He called on Web3 practitioners to tell the story of Web3 and Hong Kong.
Hong Kong Financial Secretary Paul Chan Mo-po stated that the development of Web3 must not damage the stability of the financial system or the protection of investors. He believes that Web3 can bring benefits to the market and society and is a reversible trend.
Hong, the President of OKX, stated that Web3 can give users more control and transparency, and technology can be used to balance transparency and privacy. In the future, more individuals will have control over financial data and assets and gain data freedom.
Qiu Dagen, a member of the Hong Kong Legislative Council, stated that the Hong Kong government is making rapid progress in supporting virtual assets, and in June, it will introduce a licensing system for virtual asset service providers. The main focus of future work will be to connect with the digital renminbi, promote research and development, and talent services.
Richard, a director of a US investment bank and a Bitmake consultant, told reporters that Bitmake is strengthening its compliance measures to meet regulatory scrutiny of the global crypto industry. The new regulations for digital asset exchanges in Hong Kong willbring innovation, regulate the industry, and prevent illegal activities such as money laundering and terrorism financing. The company will continue to focus on sustainable growth and strive to become a reputable and fully compliant digital asset ecosystem globally.
Since its launch in July 2021, Bitmake has achieved impressive results and its international influence continues to grow. International mainstream media such as IEEE, Forbes, The Wall Street Journal, Bloomberg, CNBC, and others have continued to conduct tracking research and reports on Bitmake.
After a long period of decline, the crypto and Web3.0 markets have begun to gain momentum. Hong Kong has a large pool of financial talent and entrepreneurial resources, which can bring more in-depth exchanges and collisions of ideas for the development of the digital economy and Web3. The Hong Kong Trade Development Council stated that Hong Kong not only has the determination but also has sufficient ability to develop the virtual asset industry. The Hong Kong government will also work hand in hand with the industry to actively introduce more policies that are conducive to the development of Hong Kong’s virtual asset industry and to improve and develop a prosperous virtual asset ecosystem.
