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As of last June, the importance of the Asian market for cryptocurrencies has increased even more, especially in the Hong Kong region. Although China has adopted a harsh stance against cryptocurrencies, the Hong Kong Autonomous Region has taken a series of steps that embrace crypto but also aim to protect investors. This has increased the interest of crypto companies in Asia.
Hong Kong and Cryptocurrencies
As of June, we saw that cryptocurrencies became legally investable for individual investors. The Hong Kong administration did not stop there and took a variety of steps to support Web3 innovation in the region. The reason for the increasing incentives is the expected market share growth of blockchain-based technologies in the coming years.
As many countries have been slow to act on this matter, countries like the UAE, Hong Kong, and Singapore have become much more advantageous. Companies are moving their headquarters to these regions that offer clear rules on crypto and contribute to the economies of the countries.
NEO Coin in Hong Kong
Although the price exceeded $11 following the news, it did not achieve a massive gain. A few minutes ago, the team, which also announced its participation in the Cyberport Incubation Program as well as an office in the region, wrote the following while delivering the good news;
“Neo, an open-source, community-focused platform where developers build the Smart Economy, announced that it has officially opened its Hong Kong office and expanded its presence in the developing blockchain hub. Located in Cyberport, Hong Kong’s leading digital technology and Web3 hub, the new office will be at the forefront of Neo’s efforts to realize the Smart Economy and will serve as a base to support Hong Kong’s leading Web3 developer talents and encourage investment in the region.”
Speaking at the opening of the new office, Neo’s Founder and CEO of Neo Global Development, Da Hongfei, said;
“I am excited to officially open this new office in Hong Kong, marking an important step in our ongoing expansion in Asia and aligning our efforts with the excellent work done by Hong Kong government officials to solidify Hong Kong as a Web3 hub. Hong Kong’s position as an innovation hub was exemplified by our highly successful Neo APAC Hackathon, which showcased and highlighted the best developer talents in Asia with events in five cities across the region. Aware of the critical role in promoting the development of the Web3 sector, we held our much-acclaimed Hong Kong Hackathon final and the associated celebration at Cyberport.”
