Hong Kong authorities announced a new immigration policy that simplifies immigration procedures to attract Distributed Ledger Technology (DLT) technology experts on August 28. It is part of a plan for high value-added economic development in Hong Kong to attract professionals from around the world who possess 11 advanced technologies, including PinTech, DLT and cyber security.
The Hong Kong authorities will first apply to applicants with the technology in accordance with the Quality Migrant Admission Scheme (QMAS), which is a system that provides Hong Kong citizenship by selecting excellent talent from the countries that have been in operation since 2006. QMAS has a capacity of 1,000 people per year. The Hong Kong authorities are aiming to attract talented talent to gain competitive advantage and to boost Hong Kong industry development.
Of course, Hong Kong is regulating cryptography and ICO, but at the same time seems to be aiming at an international block-chain center. Hong Kong’s Financial Services Authority announced its block-chain loan solution in August. The goal is to reduce paperwork, costs and security risks at banks. In June, they also agreed to a partnership with PinTech, which aims to build a financial network that transcends national borders by using the DLT in Abu Dhabi Global Market Financial Services Regulatory Authority. Hong Kong University of Science and Technology has also attracted $ 20 million in research funding to improve electronic payment system security. The research team will study block chaining technology and look for the possibility of Hong Kong becoming a global pin-tec central. For more information, please click here .