Reveel in Hong Kong: Investor Updates and Market Insights
Connecting to the thriving blockchain ecosystem with a unique advantage
Following a productive week in Korea, the Reveel team continued its momentum in Hong Kong. We connected with investors that were excited about our progress to-date and our upcoming private sale. Hong Kong is a great place to be as it attracts blockchain projects, experts, and investors from around the world. One of the indicators of Hong Kong’s important role in the global blockchain revolution is the skyrocketing number of ICOs that are being hosted there. It has been reported that Beijing’s toughened stance on ICOs is pushing projects out of the mainland toward places like Hong Kong and Singapore.
Regulatory Environment
Hong Kong, the former British colony, operates on a separate legal system different from mainland China, which remains open to cryptocurrency trading. At the same time, the Securities and Futures Commission (SFC) keeps a close watch on the cryptocurrency industry and ICOs. It has taken action against some local crypto exchanges and ICOs and has warned the public about thed potential risks related to investments in the crypto market. Nevertheless, Hong Kong continues to ramp up financial, cross-border blockchain initiatives, continuously building its reputation for being an important international crypto hub. The Hong Kong government is also planning to establish a blockchain-based trade financing system, which is expected to work closely with China’s Belt and Road Initiative.
Furthermore, the Hong Kong Monetary Authority entered into a fintech collaboration agreement with the Financial Services Regulatory Authority of the Abu Dhabi Global Market — the UAE capital’s authority overseeing its financial market. The two governments plan “to start a dialogue on the opportunity to build a cross-border trade finance network using distributed ledger technology (DLT).” Hong Kong’s actions towards building blockchain-based international trade networks indicates that it is headed towards the wide adoption of blockchain technology.
Financial Environment
What sets apart Hong Kong from the rest of the world’s crypto hubs is that Hong Kong houses many financial institutions that can serve as potential investors for blockchain projects. In addition, Hong Kong’s long standing zero-capital gains tax policy continues to nurture an investor-friendly environment that attracts capital-raising projects, including blockchain projects. The decision by the PwC office in Hong Kong to accept Bitcoin as payment for its services demonstrates that the growth of companies in the digital asset and crypto space shows no signs of slowing down.
We are looking forward to furthering the discussions with those interested in our upcoming private token sale. The Reveel community continues to be excited about what’s coming up in our roadmap. For the latest updates, follow along our journey on Telegram and Twitter!
