Despite the current business crisis caused by the FTX crash, the Hong Kong government remains dedicated to the development of its cryptocurrency infrastructure. According to Paul Chan, Hong Kong's financial secretary, the local government and authorities are open to working with crypto and fintech businesses in 2023. 

Chan remarked at an event held by the state-run incubator Cyberport that Hong Kong has become a hub which links high-quality virtual asset enterprises. Hong Kong launched its first two exchange-traded funds (ETFs) for bitcoin futures in mid-December, raising over 70 million USD ahead of their debut.

Over the last two months, the Hong Kong government has received several proposals from crypto-related enterprises to establish global headquarters in Hong Kong, according to the finance secretary. Many industrial businesses have also indicated interest in expanding operations in Hong Kong or going public on local markets, according to Chan.

Hong Kong is trying its utmost to offer enough oversight to the crypto market in order to unlock the potential of technologies like Web3. The new legal framework is intended to provide bitcoin exchanges with the same level of market acceptance as traditional financial institutions already enjoy.

Sources:

https://finance.yahoo.com/news/hong-kong-pushes-ahead-crypto-084955114.html

https://time.com/6245551/hong-kong-crypto-hub/

https://cointelegraph.com/news/hong-kong-wants-to-become-crypto-hub-despite-industry-crisis

https://www.investing.com/news/cryptocurrency-news/hong-kong-wants-to-become-crypto-hub-despite-industry-crisis-2976268