Hong Kong: The Fastest developing Blockchain hub in Asia
ICOs are the hottest and trending topics over Internet, and many nations are actively becoming hubs in their respective continents. We are going to talk about one such nation which is progressively becoming the one of the favorite Blockchain destination across Asia.. Yes!! its Hong Kong.
Hong Kong is fully geared up to get hold of his new position at the Asian Forefront in the fintech and other global financial services industry. Presumably, the stakes are indeed high as the people are becoming more and more aware about crypto scams. Well but that applies to all!! The companies now have to prove their trust and reliability to a greater extent so as to ensure maximum participation in their ICO. This is another reason why Bitcoin Hong Kong authorities are into educating people regarding this new technology and investment opportunity.
Why Hong Kong is becoming the favorite destination for Blockchain companies?
From the last year (2017), Hong Kong has been actively attracting a lot of companies to become their base for their Blockchain project. Check out the few reasons:
1. No Language Problem
As English being one of the official languages in Hong Kong, Western Countries are more comfortable over here.
2. Less Legalities and Tax rates
The legal regulations and restrictions are much more stringent in China than in Hong Kong. The tax rates slabs are pretty low over and are capped at 15% which makes Honk Kong a best place to do business.
3. Plethora of consultancies
Umpteen consultancies, professional services and law firms are available across the country which proves beneficial on advising over ICO and ICO coins.
4. Active participation by authorities and community
The Bitcoin and other financial regularities in Honk Kong are actively educating people and newbies regarding cryptocurrencies and their scope. People are free to ask even the bizzarest of question regarding Blockchains during the discussions.
5. The crypto Industry growing exponentially
The entire infrastructure required for pitching a token sale or a Blockchain project is readily available in the country which directly turns up Hong Kong as the hub for ICO Financial services in Asia.
The scenario can be well judged that more than 10 ICO are pipelined in the coming couple of months and many have been already active.
Last year HK Securities and Future Commission made the regulations more strict so as to eliminate the fraudsters, scammers and fake ICO from the market. The commission defined the criteria for the ICO coins or tokens to be considered as security tokens or utility ones.
The protocols set by the HK commission received an overwhelming response from both companies as well as investors. The investors were happy as now they would be investing in a less precarious activity and would end up in a profitable project.