Hong Kong Extends Migrant Policy to Facilitate DLT and FinTech Professionals

A brand new Hong Kong authorities initiative seeks to draw professionals in Distributed Ledger Expertise (DLT) by simplifying the immigration coverage, in response to a press launch published August 28.

On Thursday, the federal government of Hong Kong revealed its first Talent List aimed toward attracting “extremely expert” consultants in 11 totally different fields, together with fintech, DLT, and cyber safety, from world wide. The transfer designates the federal government’s intention to “assist Hong Kong’s growth as a excessive value-added and diversified financial system.”

In keeping with the press launch, Hong Kong will facilitate profitable candidates underneath the Expertise Listing by way of the High quality Migrant Admission Scheme (QMAS). The QMAS has an annual quota of 1,000 individuals. The Chief Secretary for Administration and Chairman of the Human Sources Planning Fee, Matthew Cheung Kin-chung, mentioned:

“The promulgation of the Expertise Listing is considered one of our main initiatives to boost our aggressive benefits in attracting worldwide abilities, creating cluster results, stimulating the event of native abilities and propelling Hong Kong ahead.”

Whereas Hong Kong continues taking regulatory actions in direction of digital currencies and Preliminary Coin Choices (ICOs), stating that the brand new know-how “comes with dangers,” it appears to have set sights on changing into a global blockchain hub.

Final month, the Hong Kong Financial Authority (HKMA) introduced the launch its personal blockchain commerce finance resolution with 21 banks in August, aiming to considerably cut back paperwork, prices, and safety dangers for members.

In June, the HKMA signed a fintech collaboration settlement with the Monetary Companies Regulatory Authority of the Abu Dhabi International Market “to begin a dialogue on the chance to construct a cross-border commerce finance community utilizing [DLT].” That month, Alibaba subsidiary Ant Monetary trialled its first blockchain remittances, sending a transaction in three seconds between its AliPayHK app in Hong Kong and Filipino cost app GCash.

The Hong Kong College of Science and Expertise Enterprise College (HKUST) lately acquired a $20 million analysis grant to enhance the safety capabilities of digital cost techniques earlier this month.

Moreover, the HKUST in partnership with the College of Hong Kong are planning to discover blockchain know-how functions, and talk about the opportunity of Hong Kong’s transformation into a world fintech hub.

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