With the rapid development of blockchain technology, Web 3 is emerging as a core driver of the global economy, attracting numerous startups eager to innovate in this space. As an international financial hub, Hong Kong offers world-class infrastructure, robust legal and regulatory frameworks, and a strategic geographic location, making it an ideal environment for Web3 and virtual asset businesses. The Hong Kong government, in partnership with Cyberport, has been actively promoting the growth of Web 3 by offering extensive support and resources to startups in the fields of virtual assets, fintech, and decentralised technologies.
Recognising the global interest in expanding Web3 businesses into Hong Kong, the following guide outlines the city’s unique advantages and opportunities to help companies gain an early edge.
In 2022, the Hong Kong government introduced a series of forward looking policies and initiatives aimed at promoting the sustainable growth of the Web3 ecosystem.
In the 2023 financial budget, the Hong Kong government allocatedHK$50 million to support Cyberport’s efforts in developing a thrivingWeb3 ecosystem. Cyberport has since become a key player in nurturing startups by providing funding, infrastructure, talent development, andmarket connectivity. This initiative has created fertile ground for promising companies to establish their presence in Hong Kong.
One of Cyberport’s standout programs is the Web3 Proof-of-ConceptSubsidy Scheme, which encourages Web3 technology firms to collaborate with established players in traditional industries. Each project receives up toHKD 150,000 funding support for its development. The scope of supported projects is vast, ranging from real estate and construction to carbon credit certification, arts and culture.
In addition to funding, Cyberport has also introduced the "Web3.0 Investors Circle", which was to create an exclusive network for investors in the Web3 domain. This initiative not only attracts capital to Web3-related industries but also fosters collaboration between investors and entrepreneurs,creating a vibrant ecosystem for innovation.
To further expand Hong Kong’s Web3 ecosystem, platforms like852Web3 are actively promoting high-potential projects across Asia and encouraging them to establish operations in Hong Kong. 852Web3 also worked closely with Cyberport to organise large-scale Demo Days. It provides an exceptional platform for Web3 projects to showcase their innovations to potential investors, while also facilitating efficient communication between participating startups and various Cyberport departments. This collaboration ensures that projects receive the targeted support they need to thrive inHong Kong’s burgeoning Web3 ecosystem.
Beyond its partnership with Cyberport, 852Web3 is dedicated to fostering local Web3 communities while attracting international projects to establish a presence in Hong Kong. One notable example of 852 Web3 Impact involves an internationally renowned intellectual property (IP) brand that decided to expand its operations to Hong Kong. Recognising HongKong’s robust legal framework and immense growth potential, the brand faced several challenges in navigating the local setup process.
With 852Web3’s direct involvement, the brand received comprehensive professional advice, covering everything from company registration and bank account setup to leveraging Cyberport programmes. By addressing these hurdles, 852Web3 successfully guided the brand through the complexities of establishing its regional headquarters in Hong Kong.
Hong Kong boasts a simple and competitive tax system, along with an open and transparent business environment, which makes it an attractive destination for companies from around the world to invest. To further support business development, InvestHK and other government agencies provide comprehensive assistance. From business planning to implementation and expansion, they offer investors free professional advice and support services, ensuring their success in Hong Kong.
