Breaking Crypto News – Hong Kong Crypto and Web3 Brilliance Shines at Toronto Event
Breaking Crypto News – Hong Kong government representatives tasked with drawing in foreign investment attended a tech conference in Toronto, Canada, to promote their offshore technology hub, which is ready for use by Canadian cryptocurrency and Web3 firms.
An event showcasing Hong Kong’s crypto-centric ecosystem was co-hosted by the Hong Kong Economic and Trade Office in Toronto (Toronto ETO), Invest Hong Kong (InvestHK), and StartmeupHK (SMUHK) at Collision 2024 in Toronto. Emily Mo, the director of the Toronto ETO, highlighted several startup-friendly policies during her speech, including Hong Kong’s readiness to collaborate with “pre-commercial specialist technology companies” and taxes that are lower than those in Canada.
There is a creative mindset on Web3/virtual assets developments. Fintech, health technology, green technology and property technology, etc, are trending in Hong Kong and Asia these days.
Mo
Hong Kong Continues to Support Web3 Development
For nearly ten years, there has been a double taxation agreement between the governments of Hong Kong and Canada. Its goal was to stop fiscal evasion of personal and corporate income taxes, as well as double taxation.
To encourage the growth of Web3 and digital assets in Hong Kong, Johnny Ng Kit-Chong, a member of the Legislative Council for Hong Kong, announced on June 22 the creation of the Subcommittee on Web3 and Virtual Asset Development. The council is seeking input on several crucial areas related to the development of Web3 policies, such as striking a balance between the legal, technological, and regulatory frameworks in order to establish a cohesive regulatory framework that supports Web3 development.
FAQ
What Does Offshore Mean in Technology?
Whereas offshore refers to services performed in a foreign nation, usually one with lower labor and operating expenses than the company’s home country, onshore refers to services performed within the same nation where the company’s headquarters or major activities are located.
What is the meaning of a Double Tax Agreement?
A deal to prevent or lessen (minimize) territorial double taxation of the same income by two nations (referred to as the contracting states) has been signed.
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