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Hong Kong Extends Migrant Policy to Facilitate DLT and FinTech Professionals

  • A new Hong Kong government initiative aims to attract professionals in Distributed Ledger Technology (DLT) by simplifying the immigration policy.
  • The government published its first Talent List, which seeks to attract highly skilled experts in fields including fintech, DLT, and cyber security.
  • Successful applicants under the Talent List will be facilitated through the Quality Migrant Admission Scheme (QMAS).
  • The QMAS has an annual quota of 1,000 people.
  • The initiative is part of the government’s efforts to support Hong Kong’s development as a high value-added and diversified economy.
  • Hong Kong is taking regulatory actions towards digital currencies and Initial Coin Offerings (ICOs) while aiming to become an international blockchain hub.
  • The Hong Kong Monetary Authority (HKMA) recently announced the launch of its own blockchain trade finance solution with 21 banks.
  • The HKMA has also signed a fintech collaboration agreement with the Financial Services Regulatory Authority of the Abu Dhabi Global Market to explore the opportunity of building a cross-border trade finance network using DLT.
  • The Hong Kong University of Science and Technology Business School (HKUST) received a $20 million research grant to improve the security capabilities of electronic payment systems.
  • The HKUST and the University of Hong Kong are planning to explore blockchain technology applications and discuss the possibility of Hong Kong’s transformation into a global fintech hub.
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