Arslan Butt
Hong Kong has shown its readiness to establish a task force to provide suggestions on how to achieve its newly adopted objective of becoming a crypto hub. According to Financial Secretary Paul Chan’s statement on the budget for the 2023-2024 fiscal year, several creative companies have been considering setting up operations in Hong Kong over the past few months.
Beijing Endorsing Hong Kong's Push to Become a #Crypto Hub. https://t.co/boqf4Reck3 pic.twitter.com/DA6Y8f534J
— Blockchain Daily (@blckchaindaily) February 22, 2023
Financial Secretary Paul Chan has announced that the next step towards turning Hong Kong into a crypto hub would be to establish and lead a task force on virtual asset development. The task force will include representatives from major policy offices, financial regulators, and market participants, and will be tasked with providing recommendations for the sector’s sustainable and responsible growth.
On Monday, Hong Kong took a significant step towards becoming a crypto capital by unveiling a plan to allow ordinary investors to trade digital currencies like Bitcoin and Ether. These efforts have been viewed as a highly positive move for the cryptocurrency market as a whole, as they are likely to increase investor confidence in the sector.
Hong Kong Budget 2023
Hong Kong is set to invest HK$50 million in promotional efforts to boost the city’s image. However, the finance minister has also introduced a new campaign called “Happy Hong Kong,” which aims to provide people with culinary and entertainment experiences in the city. The campaign is part of the government’s efforts to stimulate the local economy and attract more tourists to the region.
Funding for the Hong Kong Police Force is to remain largely frozen in the coming financial year, though the “plant, vehicle and equipment” budget was increased by 59 per cent in finance chief Paul Chan’s 2023 budget. pic.twitter.com/g7HP3rXsKv
— Hong Kong Free Press HKFP (@hkfp) February 22, 2023
On Wednesday, Financial Secretary Paul Chan announced that a marketing task force, which was established just last month, will receive HK$50 million to coordinate efforts by government agencies and affiliated organizations to promote Hong Kong’s new advantages.
The move is part of the government’s efforts to enhance the city’s image and boost its economy by highlighting its strengths and unique offerings.
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This article was written for Business 2 Community by Arslan Butt.
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