A Hong Kong lawmaker’s company will bring in 1,000 Web3 start-ups over the next 3 years.

A start-up accelerator co-founded by Jonny Ng Kit-Chong, a member of the Hong Kong Legislative Council, wants to bring 1,000 Web-based companies to the city-state over the next three years.

Since January of this year, Ng Kit-Chong has been a member of the legislative council for the election committee constituency. The engineer and politician has his hand in a lot of pies because he owns shares in about 40 different companies.


One of these companies is G-Rocket, which he and Casper Wong started together in 2016.

Wong is the CEO right now. On December 23, he talked to the South China Morning Post about the company’s new programme, which is called “Hong Kong Web 3.0 Hub.”

The CEO said that First Rocket’s goal is to help 100 Web-based start-ups get their businesses off the ground. Within three years, that number will grow to 1,000.

Wong said, “We hope to help bring good companies and talented people back to Hong Kong after the pandemic.”

In particular, Wong said that the company will work with the virtual ZA Bank, a government-run incubator called Cyberport, and the property conglomerate New World Development to help Hong Kong startups get access to office space, banking, and government services.


G-plan Rocket’s is part of a larger effort by the government of Hong Kong to make the special administrative region of China a crypto hub that can compete with Singapore.

At the end of October, Elizabeth Wong, head of the fintech unit at Hong Kong’s Securities and Futures Commission (SFC), announced a number of new ideas for regulating crypto, such as making trading of virtual assets legal.

In an Oct. 31 government statement, it said, “We will put in place timely and necessary crash barriers to reduce actual and potential risks in line with international standards, so that innovations in virtual assets can grow in Hong Kong in a sustainable way.”

As of October 31, the SFC also started letting exchange-traded funds (ETFs) that give investors access to bitcoin (BTC be listed.

Stock prices dropped by $16,844.


ETH and Ether

Stocks fell $1,220.

CSOP Asset Management was one of the first companies to get involved.

Cointelegraph reported on December 15 that CSOP Asset Management had raised $73.6 million in investments before putting two crypto futures ETFs on the Hong Kong Stock Exchange the next day.

On December 8, Hong Kong’s legislative council also changed its anti-money laundering and counter-terrorism financing (AML/CTF) system to include virtual asset service providers along with traditional financial institutions.


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