4-6-2025 – In a move to cement Hong Kong’s status as a global hub for digital innovation, Legislative Council member Ng Kit Chuang has issued an open invitation to virtual asset enterprises in Singapore to relocate to the city. This call to action, shared recently on X, comes in the wake of Singapore’s newly unveiled ‘Guidelines on Licensing for Digital Token Service Providers,’ which introduce stringent regulations for companies, institutions, and individuals engaged in the virtual asset sector. Hong Kong, by contrast, is positioning itself as a welcoming haven for the burgeoning Web3 industry.
Since its landmark 2022 declaration on virtual assets, Hong Kong has rolled out the red carpet for blockchain and crypto enterprises, fostering an environment ripe for growth. Informal estimates suggest that over 1,000 Web3 companies have already planted roots in the city, drawn by its progressive stance and supportive ecosystem. Ng’s outreach underscores Hong Kong’s ambition to outpace regional rivals, offering tailored assistance to ease the transition for Singapore-based firms considering a move.
Singapore’s new guidelines mark a tighter regulatory framework for digital token service providers, prompting some in the industry to reassess their options. Ng’s invitation seizes this moment, pitching Hong Kong as a dynamic alternative where innovation can thrive with fewer constraints.
