Hong Kong - Embracing crypto, new acceptance mode, $100 mln raiser

[Flexystar]

Well, we have seen a lot of negative news in the crypto sphere for a long time now. So here is little out-of-the-blue good news for our cheer-ups as we move toward the end of the financial year.

After a press release, the Hong Kong fund is set to raise around $100 mln for crypto investment and this is to be done before the 2023 year-end. They have already had success in the year 2022 by raising around $30 mln and thus making themselves one of the positive investors of crypto.

How this fund will be used? Well, it is set to support WEB3-based projects and regimes through their Crypto partner ProDigital Future. "The fund is led by Ben Ng, a partner at Hong Kong-based equity firm SAIF Partners, and Curt Shi, a long-time tech investor from China."

The leader of a fundraiser who is Curt Shi has declared that it won't just help Hong Kong to be more crypto-friendly but also other nations and continents like Australia, Singapore, Europe, and USA. Not only this, but ProDigital Futures is also the biggest investor in the sports and gaming metaverse spaces.

This is some news one can be sure of, it may influence others to invest more in crypto.

The new Hong Kong-based equity fund will focus on the regional market and embrace Web3 startups.

As Hong Kong is again opening up to the crypto market, local investors are launching a $100 million fund to finance the digital industry. The new fund, ProDigital Future, will aim at early-stage Web3 companies oriented at the regional market.

According to a Bloomberg report from March 30, ProDigital Future has finished its half-year fundraising period with about $30 million in its pockets. However, it plans to raise $100 million by the end of 2023.

The fund is led by Ben Ng, a partner at Hong Kong-based equity firm SAIF Partners, and Curt Shi, a long-time tech investor from China. At this point, Sunwah Kingsway Capital Holdings and Golin International Group have already hopped in to support the fund.

So far, Shi told journalists that the fundraising process has been “relatively smooth,” although the investors are cautious about putting their money into crypto projects. Reportedly, Hong Kong investors and some family offices from China, Australia and Singapore also participated in ProDigital Future.

The fund will “embrace Hong Kong and its policies” but intends to be present in Australia and Singapore, “as well as in Europe and the United States.”

ProDigital Future has already invested in six digital-asset projects with metaverse company GigaSpace and One Future Football, a digital football league from Australia currently operating in stealth mode.

In October 2022, the government of Hong Kong floated the idea of introducing its own bill to regulate crypto. On Feb. 20, Hong Kong’s Securities and Futures Commission released a proposal for a licensing regime for cryptocurrency exchanges, set to take effect in June.

The regime suggests a necessary licensing procedure, demanding that potential market players meet several prerequisites, including the safe custody of assets, Know Your Customer, Anti-Money Laundering and Combating the Financing of Terrorism regulations.

Hong Kong fund plans to raise $100 million for crypto investment

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[Maus0728]

It is not surprising that a country that is regarded as "crypto-friendly" is taking steps towards regulating cryptocurrency trading. Last time I heard, Hong Kong plans to implement these regulations by June of this year, and that Chinese companies are showing interest in creating web3 businesses in Hong Kong.

Furthermore, it is not surprising that this fundraising event could be a tactic to maintain their country's reputation as Asia's "crypto hub."

[siniminomorocomunisakito]

It is not surprising that a country that is regarded as "crypto-friendly" is taking steps towards regulating cryptocurrency trading. Last time I heard, Hong Kong plans to implement these regulations by June of this year, and that Chinese companies are showing interest in creating web3 businesses in Hong Kong.

Furthermore, it is not surprising that this fundraising event could be a tactic to maintain their country's reputation as Asia's "crypto hub."

and also this is a positive sign for the crypto market and can encourage more people to invest in cryptocurrencies. maybe they want to use this money to support projects related to WEB3 technology like you said to make Hong Kong more crypto friendly and also support other countries like Australia, Singapore, Europe and USA.

[so98nn]

Good to see Hong Kong returning with its new agenda regarding crypto. I don’t know why it’s really hidden gem but it is one of the friendly nation when it comes to the blockchain technology. If they are part of G20 then definitely it will also put big impact in decision making process of how crypto shall be reinvented as Future space to trade. Now since this news is all about fund raiser which is pretty high amount considering we talking about 100 million dollars, they are already directly involved with crypto projects and showing willingness to accept it on higher dimensions. Hope so they succeed in the given fund raiser and also make successful web3 developments.

[tjtonmoy]

I saw a post many months ago where someone said, couldn't remember his name, so sorry for that. But what he said, I still remember that. Something like this, Those countries that are putting ban on Bitcoin will come forward first to accept bitcoin again.
And I can see that here clearly. China put multiple bans on Bitcoin since 2018. And now china will be the largest crypto-friendly country again. I wonder when our government will legalize Bitcoin. And I think we can see a good pump on the market after this. But there's also news about some bank in USA selling a huge amount of their bitcoin holdings. It is going to be exciting to see which one will have the biggest impact on the market.

[Bushdark]

It is not surprising that a country that is regarded as "crypto-friendly" is taking steps towards regulating cryptocurrency trading. Last time I heard, Hong Kong plans to implement these regulations by June of this year, and that Chinese companies are showing interest in creating web3 businesses in Hong Kong.

Furthermore, it is not surprising that this fundraising event could be a tactic to maintain their country's reputation as Asia's "crypto hub."

Hong Kong had been a very friendly country that has the interest of promotimg cryptocurrency attracting investors to there country to make sure that there economy keeps growing and developing. This is a brace approach that will make cryptocurrency investors to see Hong Kong as a abode for other cryptocurrency activities. This is a brave move by the country since the use of cryptocurrency will never stopped and there are more persons that are ready to run transactions in cryptocurrency.

[Husires]

What is the positive in the amount of 100 million dollars, it is true that it is huge for an individual or a small institution, but for a fund, I do not think that.
The only positive aspect is if that fund is owned by countries, otherwise it represents the fund's vision of investing less than 1% in high-risk investments, and here Bitcoin may be a good option, especially with expectations of a price increase during the next two years.

[o48o]

I wonder what's their stance is going to be against mining as that's an essential part of some crypto infrastructure. Or are they just now fully embracing and regulating any other then POW based cryptos?
I could definitely see them fighting against any permissionless systems and use environmental argument to drive POW away. Later on they can move to other arguments where they regulate away any unwanted people (criminals, opposition, etc)

[ashmodeus]

~snip

well ,There is currently no regulation on the mining of cryptocurrencies in Hong Kong , as i saw on news, and also for investor , hong kong seems given a positive action by relaxing the ban on trading for retail investors as long Traders just able to trade tokens with the largest market cap, and companies may be forced to close if they don’t meet regulatory requirements.

[doomloop]

I wonder what's their stance is going to be against mining as that's an essential part of some crypto infrastructure. Or are they just now fully embracing and regulating any other then POW based cryptos?
I could definitely see them fighting against any permissionless systems and use environmental argument to drive POW away. Later on they can move to other arguments where they regulate away any unwanted people (criminals, opposition, etc)

Considering how crypto-friendly they show themselves to be, they should probably find some solution around that too, but as said in the post, the funds they are allocating are mostly for web-3-based projects and we all know that most of the projects these days prefer PoS over PoW, so the possibilities of having many projects requiring mining will be pretty low.

Overall, it's positive news for all cryptocurrency supporters living in Hong Kong and also other parts of the world, if I understood correctly, they will also fund or support projects from other regions too.

[Fortify]

Well, we have seen a lot of negative news in the crypto sphere for a long time now. So here is little out-of-the-blue good news for our cheer-ups as we move toward the end of the financial year.

After a press release, the Hong Kong fund is set to raise around $100 mln for crypto investment and this is to be done before the 2023 year-end. They have already had success in the year 2022 by raising around $30 mln and thus making themselves one of the positive investors of crypto.

How this fund will be used? Well, it is set to support WEB3-based projects and regimes through their Crypto partner ProDigital Future. "The fund is led by Ben Ng, a partner at Hong Kong-based equity firm SAIF Partners, and Curt Shi, a long-time tech investor from China."

The leader of a fundraiser who is Curt Shi has declared that it won't just help Hong Kong to be more crypto-friendly but also other nations and continents like Australia, Singapore, Europe, and USA. Not only this, but ProDigital Futures is also the biggest investor in the sports and gaming metaverse spaces.

This is some news one can be sure of, it may influence others to invest more in crypto.

It's maybe no surprise that Hong Kong is trying to reposition itself as a crypto hub, after China destroyed it's legacy as being one of the most respected financial locations on the planet. However Hong Kong is a shell of it's former self after it was absorbed by China and all independence has been removed. It is now at the whims of the political class, the CCP, who are so erratic in their handling of financial matters that few places trust them out of choice. You would be warned not to park any crypto there as you never know when the rules will change and they will seize all your funds, just like their many random crackdowns on things like the gambling and even the tech industry, that have happened recently.

[Crypt0Gore]

It is starting to look silly that countries who ban crypto are now claiming to have the best interest of crypto at heart, how do you expect me to believe this? Because the US did the same, now they want Bitcoin to seize to exist, what makes you think that China won't go back on their words shortly again? They have turned this whole thing into jokes, banning and unbanning here and there like a basketball match.

China is still in the graphic card business but they are not allowed to mine crypto, there was also a rumor that you can only use one or two graphics cards for mining at home, but not build a mining farm where huge amounts of electricity will be drawn, I am confused about all this restriction and ban and unban, it looks like a game.

[DrBeer]

I have doubts that these "freedoms" are for a long time. Returning to China's "hard embrace," Hong Kong will be forced to play by China's rules. There can be no talk of any independence or autonomy, I hope you understand that this is all "beautiful advertising." And knowing China's policy regarding cryptocurrencies and scripting freedoms, I am sure that these “shoots” of the free market will soon be clamped down by legislative norms, including for the “Special Administrative Region of China”. I would not now invest in projects that are trying to launch in Chinese-controlled territory

[hyudien]

How this fund will be used? Well, it is set to support WEB3-based projects and regimes through their Crypto partner ProDigital Future. "The fund is led by Ben Ng, a partner at Hong Kong-based equity firm SAIF Partners, and Curt Shi, a long-time tech investor from China."

This is what we need to underline and pay close attention to where we cannot yet see which direction or not to include Bitcoin in the list of investment targets. Of course, Hong Kong will easily reach an agreement and guarantee the crypto community there if it is able to unite goals. The young people who dominate the crypto market in Hong Kong must be wise because the investment line being discussed may not be fully decentralized. In other words, it requires government approval which ultimately remains in the centralization space.

[passwordnow]

Aside from that good news, I've seen that Hong Kong is serious about its recovery. They're also boosting their tourism and that's why there's a connection between this acceptance and embracement of crypto into their SAR. I think it all sums up that it's part of their plan for the recovery and the boost to their tourism which is one of their major contributor to their economy.

I have doubts that these "freedoms" are for a long time. Returning to China's "hard embrace," Hong Kong will be forced to play by China's rules. There can be no talk of any independence or autonomy, I hope you understand that this is all "beautiful advertising." And knowing China's policy regarding cryptocurrencies and scripting freedoms, I am sure that these “shoots” of the free market will soon be clamped down by legislative norms, including for the “Special Administrative Region of China”. I would not now invest in projects that are trying to launch in Chinese-controlled territory

Actually, you've got valid thoughts and concerns. But before being too negative about their plans related to crypto, I'll wait on where is this bringing them. Although there's some solid consideration on what you've said since they're a SAR and has a connection to China for which what might be dictated to them, either be negative or positive about crypto, they'll have to obey.

[noorman0]

So my guess is right that bitcoin-friendly efforts are only implemented in special areas of cities in China, and include being welcomed by local banks because what is certain is that this service will be widely used in several crypto businesses in that region.

[DrBeer]

Aside from that good news, I've seen that Hong Kong is serious about its recovery. They're also boosting their tourism and that's why there's a connection between this acceptance and embracement of crypto into their SAR. I think it all sums up that it's part of their plan for the recovery and the boost to their tourism which is one of their major contributor to their economy.

I have doubts that these "freedoms" are for a long time. Returning to China's "hard embrace," Hong Kong will be forced to play by China's rules. There can be no talk of any independence or autonomy, I hope you understand that this is all "beautiful advertising." And knowing China's policy regarding cryptocurrencies and scripting freedoms, I am sure that these “shoots” of the free market will soon be clamped down by legislative norms, including for the “Special Administrative Region of China”. I would not now invest in projects that are trying to launch in Chinese-controlled territory

Actually, you've got valid thoughts and concerns. But before being too negative about their plans related to crypto, I'll wait on where is this bringing them. Although there's some solid consideration on what you've said since they're a SAR and has a connection to China for which what might be dictated to them, either be negative or positive about crypto, they'll have to obey.

On the other hand, I admit that China is playing, as in many ways, a double game. On the one hand, it is “tightening the screws” somewhere, on the other hand, cryptocurrency for China is, it seems to me, a very valuable resource in terms of finances and internal financial problems. Perhaps they see it as a kind of "digital gold", perhaps they know something that we ordinary people do not know. It is not for nothing that China, through its "independent businessmen and businesses", is accumulating, or rather, concentrating significant reserves of cryptocurrencies.
Perhaps we are just watching another high-level game and confrontation between the two world powers - the USA and China

[el kaka22]

I would say that if you can focus like this to improve the crypto acceptance with a business and funding style, it gets a lot better. Because you are convincing a lot of people to start a web3 startup, if they do, then there are dozens even hundreds of people who work in those companies eventually, and then maybe thousands, and all their families as well.

This all comes down to convincing a lot of people to at least have a bit of bitcoin. This is just local, think of this globally done in most nations, that would be as good as it gets and that's what we need as well. I hope that it will get better eventually but meanwhile this is good locally.