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Hong Kong Is Getting More and More Involved With Blockchain Technology

Ashour Iesho | Sep 26, 2017 | 12:30

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Bitcoin and blockchain technology are getting a lot of attention in the city of Hong Kong.

The Future Of Hong Kong

Bitcoin and blockchain technology are getting a lot of attention from different sectors worldwide. From finance to legal matters and even cyber security, Blockchain technology is revolutionizing a lot of different industries. Hong Kong seems to be another country that has caught the “cryptocurrency fever.” Two of the most dominant industries in Hong Kong are finance and shipping. In the last couple of years, both industries have tried to increase their growth. With blockchain technology, many experts in Hong Kong believe that it will help the domestic industry to rapidly grow and scale. It’s worth to note that not only the private sector in Hong Kong is seeing a bright future for blockchain technology. The Hong Kong government is also heavily investing in blockchain technology that benefits different government entities. According to a Bloomberg article, the monetary authority of Hong Kong is developing its very own cryptocurrency and using blockchain technology as a solution for mortgage applications, e-check tracking, and financial trading.

Blockchain Company Boom In Hong Kong

With the recent boom of Initial Coin Offerings, a lot of blockchain-related companies and startups have been established in the city of Hong Kong. Some of these companies include the cryptocurrency exchanges Gatecoin and BitMex. OpenANX has been Hong Kong’s most prominent Initial Coin Offering yet. A whopping $14 million was raised in the first day of the ICO as enthusiastic investors bought OAX tokens at a rate of $750,000 every ten minutes. Regulators in Hong Kong are carefully observing ICOs in order to better understand the current cryptocurrency market. In an interview with Bloomberg, Paul Chan, Hong Kong’s financial secretary, said the following regarding the current situation of ICOs in Hong Kong:

We have to be very careful with this because on the one hand, we encourage innovation and free markets, but on the other hand, we do have to look after our small investors.

Apparently, financial regulators in Hong Kong are taking a softer approach on ICOs than their Chinese counterparts, who recently suspended all Initial Coin Offerings in China.

What are your thoughts on the potential of blockchain technology for the industry of Hong Kong? Do you think that Bitcoin and blockchain technology could help countries to grow their infrastructure and industries? Let us know in the comments below!

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