More Than Cute Memes – The Top 12 Utility Tokens Give Investors More For Their Money

More Than Cute Memes – The Top 12 Utility Tokens Give Investors More For Their Money

Meme coins might be fun, but holding them rarely has any additional benefits. This is in stark contrast to utility tokens, which provide unprecedented access to some of blockchain’s most innovative projects.

To find out which utility tokens are the best, here are the 12 hottest options on the market right now:

  • Metacade (MCADE)
  • AltSignals (ASI)
  • Chainlink (LINK)
  • 1Inch Network (1INCH)
  • Basic Attention Token (BAT)
  • Binance Coin (BNB)
  • Ripple (XRP)
  • Chiliz (CHZ)
  • Ethereum (ETH)
  • Yearn.Finance (YFI)
  • Enjin Coin (ENJ)
  • Decentraland (MANA)

1. Metacade (MCADE)

What is Metacade?

Metacade (MCADE) is a GameFi platform that offers a vast selection of different arcade-style games in a single location. Each title has play-to-earn mechanics, allowing gamers to earn cryptocurrency rewards while they progress through levels and advance their skills.

Gameplay in the metaverse arcade ranges from casual to competitive, as Metacade’s Compete2Earn feature allows players to go head-to-head for the chance to win major prizes paid in MCADE tokens.

MCADE has vast utility within the Metacade ecosystem, with its primary use case being to provide rewards as users participate in the platform’s various features. Metacade’s features go beyond the arcade, as users can also earn MCADE while sharing knowledge, interacting with other users, and testing out new blockchain games before they are officially launched.

Metacade aims to become a central hub for the Web3 community as it offers a central location to access some of the most valuable alpha in the blockchain gaming and cryptocurrency space. MCADE powers an advanced incentive system that is expected to attract a significant number of users over time.

Why buy MCADE?

Not only is Metacade a comprehensive GameFi platform with a range of earning mechanics, but the platform also supports the development of new arcade games directly through the Metagrants program. MCADE token holders can vote to decide which new projects receive funding, as MCADE gains additional utility as one of the best governance tokens to be launched in recent times.

The MCADE token presale has attracted $12m worth of investment and is now in its final stage. As a brand-new project in the crypto space, Metacade has immense potential for growth and the presale could be the perfect opportunity to get involved.

>>> You can participate in the Metacade final stage presale here <<<

2. AltSignals (ASI)

What is AltSignals?

AltSignals (ASI) has supported 50,000 crypto traders with profitable trading signals since it first launched in 2017, and is now expanding its blockchain offering with an artificial intelligence toolkit.

The platform’s proprietary trading indicator, AltAlgo, has helped traders who matched its calls to 10x their portfolio in 19 separate months. The new AI-powered toolkit, ActualizeAI, is designed to improve the frequency and accuracy of trading signals, which gives it massive value in the realm of crypto trading.

ActualizeAI uses natural language processing (NLP) and predictive modelling to achieve a higher accuracy rate than alternative trading tools. Its machine learning capabilities are expected to constantly evolve its utility, which is accessed through holding the project’s new native token, ASI.

ASI also gives access to AI Members Club, which provides additional benefits to AltSignals users. By holding the ASI utility token, users gain access to lucrative investment opportunities for early-stage cryptocurrencies and can compete in online trading tournaments for the chance to win cryptocurrency prizes.

Why buy ASI?

The ASI token is brand-new and powers an existing platform that has a proven track record for success. By combining artificial intelligence with algorithmic indicators, AltSignals delivers profitable trading signals with an unprecedented level of accuracy. ASI token holders gain exclusive access to this new suite of tools and can gain a real edge while trading as a result.

The ASI crypto presale is still ongoing. Early participants are expected to see major returns on their initial investment, and the ASI token is also designed to provide greater access to profitable investments in the future.

ASI is certainly one of the top utility tokens around right now and the presale is a highly promising investment opportunity as a result. Crypto utility tokens rarely provide users with additional avenues for making a profit, which makes ASI stand out in the world of Web3.

>>> You can participate in the AltSignals presale here <<<

3. ChainLink (LINK)

What is ChainLink?

ChainLink, or LINK as it is commonly known, is a type of decentralized network that connects blockchain platforms to external systems. ChainLink does this by collecting data from off-chain sources before recording it in blockchain-compatible APIs that can be used in smart contracts.

The network is a tamper-proof and reliable way to securely transfer data between two incompatible systems. ChainLink provides data from real-world events that is stored in off-chain databases, which allows for a greater range of blockchain applications to be built using smart contracts and self-executing codes.

ChainLink nodes are responsible for gathering and connecting the right data in order for these processes to occur automatically on the blockchain. The ChainLink solution makes it possible to build secure and reliable applications with improved complexity, making blockchain a viable alternative to centralized application networks.

Why buy LINK?

ChainLink has become a top 20 cryptocurrency by market cap thanks to its unique blockchain solution. It’s a decentralized storage network that serves an important function in Web3, and it has formed hundreds of major partnerships as a result.

LINK is naturally different from most utility tokens, as the network is used to grant access to data that would otherwise be unavailable on the blockchain. It is a highly sought-after crypto asset investment and one of the top utility tokens because it supports the wider crypto ecosystem directly.

4. 1Inch Network (1INCH)

What is 1Inch Network?

1Inch Network, or 1INCH, is a decentralized exchange (DEX) aggregator that aims to provide the best possible trades for its users. Since the particular service offered by 1Inch Network is fully decentralized, it relies on complex smart contracts to find the ideal route for peer-to-peer cryptocurrency transactions.

1Inch is one of the largest crypto exchanges. 1Inch can also help to minimize costs as users pay transaction fees, as the smart contracts deployed by the platform consider the most cost-effective routes.

1INCH, the native token, offers a rebate of 1% – 7% of commissions on all transactions after connecting to the 1INCH swap protocol. The network ensures maximum efficiency for its users by harnessing external blockchain pools that contain token liquidity, allowing users access to global crypto markets and offering optimized rates.

Why buy 1INCH?

The 1Inch token is one of the best examples of utility tokens powering a decentralized protocol, as the utility coin incentivizes external parties to contribute towards the protocol. 1INCH doubles as a governance token, allowing all holders of security tokens to vote in proposals made by the 1Inch Decentralized Autonomous Organization (DAO).

The current price of 1INCH is $0.50. It is one of the best buy utility cryptocurrency investments as it has significant upside potential from the current price level. 1INCH has access to liquidity from 10 different blockchains, making it stand out from other utility tokens on this list.

5. Basic Attention Token (BAT)

What is Basic Attention Token?

Basic Attention Token (BAT) is a blockchain-based, decentralised digital advertising system designed to offer higher efficiency and improved transparency in online advertising. BAT is the platform’s native utility token which enables on-platform rewards for users who watch online advertisements.

The Basic Attention Token platform is linked to Brave browser to enable privacy-preserving advertisements. Companies can purchase ad space directly on the network using BAT tokens, and a portion of all transactions is circulated back to both advertisers and users when adverts are watched.

The platform seeks to balance user privacy, publisher benefit and advertiser spend by making use of BAT tokens and Brave browser. In this anonymous system, users receive rewards for their attention to digital advertisements.

Why buy BAT?

BAT is an example of how utility tokens work to facilitate a broad number of blockchain use cases, as Basic Attention Token’s unique blockchain infrastructure helps minimise ad fraud, improves user privacy and provides higher investment returns for advertisers due to improved targeting capabilities.

The current price of BAT is $0.23. Not all utility tokens have a truly unique offering, but Basic Attention Token is a prime example of a coin that solves a specific problem using open-source distributed ledger technology. BAT is, without a doubt, one of the top utility tokens in Web3.

6. Binance Coin (BNB)

What is Binance Coin?

Binance Coin (BNB) is a cryptocurrency created by Binance, the company behind the largest of all centralized exchanges (CEX) in Web3 by daily trading volume. BNB is used to power the Binance Ecosystem, allowing traders and businesses to use BNB for various fees, such as token listings and trading fees on the centralized exchange.

BNB is also used to pay gas fees for Binance Smart Chain (BSC), which is the most-used decentralized blockchain network in the world. It supports the development of custom tokens and applications, which has led to increasing utility for BNB as it is essential while using the network.

By holding BNB tokens, users can also gain discounts on trading fees while using Binance exchange. Binance exchange also offers staking services to allow BNB holders to earn a passive income on the platform.

Why buy BNB?

Binance is one of the most influential crypto projects in the world and the platform’s native token plays a crucial role. It powers the company’s range of different blockchain assets and services, including the largest CEX and the most-used blockchain infrastructure.

The current price of BNB is $307, down from an all-time high at $690. As one of the most comprehensive utility tokens in the crypto space, the current price level could be a great entry point for long-term investors.

7. Ripple (XRP)

What is Ripple (XRP)?

XRP, also known as Ripple, is a digital asset designed for use in secure and scalable payments. XRP was created by Ripple Labs Inc to provide banks and payment providers an instant and low-cost global settlement system.

XRP has proven itself to be faster, safer and more efficient than traditional methods of transferring money internationally – allowing users to make transactions within seconds regardless of their geographic location.

XRP is one of the most popular utility tokens for financial institutions because it can provide instant liquidity for cross-border transactions. It is a cost-effective way of processing foreign exchange requests, as any fiat currency can be swapped for XRP before the transaction value is sent across the world in seconds.

Why buy XRP?

XRP continues to hold tremendous potential as a reliable, cost-effective way of transferring digital money across borders, despite its ongoing court case with the Securities and Exchange Commission (SEC).

The SEC aims to prove that XRP is a security due to it being created by a centralized company, while Ripple argues that there was no initial coin offering (ICO) to raise funds and that the XRP security token is primarily used to secure a decentralized blockchain called XRP Ledger.

Many different utility tokens fall under the same category as XRP, as a degree of centralization is necessary for an organization to achieve a goal. The industry is expected to gain regulatory clarity in the wake of the XRP trial, which could massively boost the total value price of XRP if it emerges victorious.

8. Chiliz (CHZ)

What is Chiliz?

Chiliz (CHZ) is a digital fintech platform that specializes in blockchain technology and sports engagement. Its goal is to leverage an innovative platform to develop fan engagement and monetization opportunities for the world’s leading sports brands, including teams, individual athletes, and federations.

Chiliz’s technology also allows supporters to gain voting privileges for their favorite sports teams. CHZ tokens are used to purchase fan tokens that can be used to participate in governance. Not only does this make fans feel closer to the day-to-day action, but it also provides an additional revenue stream for sports franchises.

Through Chiliz, fans have the power to influence their favorite sports in ways that were never before possible, while receiving financial rewards via Fan Tokens for participating. Chiliz has already reached tremendous success, securing partnership deals with major sporting organizations such as LaLiga Santander, AC Milan and more.

Why buy CHZ?

CHZ holders access voting rights and can influence preceedings at major sporting organizations in brand-new ways. In exchange for having their voices heard, fans receive rewards with monetary value. CHZ underlies this entire process and is therefore one of the top utility tokens in Web3.

The current price of CHZ is $0.12. The native crypto coin for the Chiliz ecosystem has vast potential for the future thanks to its useful solution for major sporting enterprises, making it one of the best utilities to buy for the long-term.

9. Ethereum (ETH)

What is Ethereum?

Ethereum (ETH) is a blockchain-based, open-source platform that allows developers to build and deploy decentralized applications. Ethereum supports self-executing smart contracts, where contractual agreements are written in code and executed automatically when certain conditions are met.

Ethereum decentralizes data storage and enables peer-to-peer interactions without the need for third parties such as banks. Ethereum uses its own native cryptocurrency, Ether, which is used to pay gas fees every time they interact with the blockchain.

Transaction fees are the primary use case for Ethereum. Since Ethereum supports almost 2000 independent decentralized applications (dApps), ENS domains, and the majority of non fungible tokens (NFTs), this gives ETH tremendous value within the Web3 ecosystem.

Why buy ETH?

ETH has seen widespread use as both an investment vehicle and a digital currency, owing to it being a medium of exchange within Web3. Its utility as a medium of exchange is a primary source of demand for the token, which is the second largest cryptocurrency by market capitalization.

Since Ethereum completed The Merge in 2022, the Ethereum blockchain has switched to a proof-of-stake protocol. This makes the network more efficient, which could help it support an increasing number of applications and users over time. ETH is certainly one of the top utility tokens to buy now for future returns.

10. Yearn.Finance (YFI)

What is Yearn.Finance?

Yearn.Finance (YFI) is a decentralized finance platform that enables users to maximize their earning potential. Through Yearn.Finance, users can optimize their cryptocurrency yield using a selection of automated strategies.

YFI provides all the services that a traditional financial advisor or bank would offer without the fees associated. It is similar to a traditional hedge fund, except the platform analyzes the most profitable strategies for yield farming across many leading DeFi projects.

Yearn.Finance is user-friendly and requires little effort to use, as anyone can access a full suite of DeFi services simply by depositing funds on the platform. Its intuitive design and integrated tools allow users to increase their income while saving both time and money.

Why buy YFI?

YFI utility token holders gain governance privileges in the Yearn.Finance DAO. Tokens can also be earned as a reward for staking on the platform, which helps to facilitate transactions and sustain liquidity levels and secure the platform.

As a leading DeFi aggregator that offers a comprehensive suite of tools, YFI is one of the best utility tokens on the crypto market. YFI has extremely scarce tokenomics, with just 36,666 tokens in circulation. Its deflationary design made it the first crypto to be worth more than Bitcoin and gives it major potential for future investment returns.

11. Enjin Coin (ENJ)

What is Enjin Coin?

Enjin Coin (ENJ) is a popular cryptocurrency that was developed for use within the Enjin Network. It is an Ethereum-based token that was specially designed to enable the easy creation of digital assets for blockchain gaming.

Enjin enables developers and gamers to create virtual goods with custom functions. This can include in-game trading capabilities, variable scarcity levels and more. ENJ utility tokens represent a method of locking liquidity in in-game digital assets, which provides near-instant, low-slippage trading for blockchain gaming marketplaces.

ENJ utility tokens generally serve the creation of in-game digital assets, but they can also be used to pay transaction fees on Enjin Network and to help developers create NFT-based games. Marketplaces that are compatible with ENJ can be ported into custom-built dApps, helping make a smooth user experience for blockchain-based gamers.

Why buy ENJ?

Enjin Coin has vast utility within the Enjin ecosystem, which is a comprehensive suite of tools that helps to boost the overall level of development in GameFi. By easing the process of creating gaming applications on the blockchain, ENJ plays an important role in the blockchain gaming revolution.

ENJ tokens are currently valued at $0.40 and have major upside potential. As blockchain gaming grows in popularity, unique crypto assets that use ENJ facilities are likely to become more prevalent. As a result, ENJ is one of the best utility tokens to buy right now.

12. Decentraland (MANA)

What is Decentraland?

Decentraland is a virtual reality platform powered by the Ethereum blockchain. Decentraland’s digital currency is called MANA, and it is used to purchase land and in-game assets. Decentraland gives its users complete ownership of digital assets within their virtual world.

Anything people build in Decentraland — art galleries, music venues, castles, stores, amusement parks — will remain owned by them as long as they can afford to pay for the land. The metaverse world gives users an unprecedented level of control over their gaming experience, which has led to an ever-increasing number of activities within the virtual landscape.

Decentraland provides an exciting opportunity for people who are looking for a way to create or collaborate in a shared virtual world. Users can monetize their creations thanks to the MANA token, which is the medium of exchange on the platform’s marketplace.

MANA tokens are used to buy and sell LAND parcel NFTs, custom avatars, unique in-game items, and much more. Token holders also gain governance privileges, as Decentrland uses a democratic system through its decentralized autonomous organization (DAO).

Why buy MANA?

The MANA token represents a growing platform that could revolutionize the digital landscape over the coming years. Decentraland is a fast-growing project that can support people across the world in both work and leisure, which makes the MANA utility token one of the best options for long-term investment.

The current price of MANA is $0.58. It is currently one of the most valuable GameFi cryptos by market capitalization. The token’s in-built utility helps generate constant demand thanks to the popularity of the game world that it powers. Blockchain networks can help to usher in a new age of gaming, and the MANA token could be a key player in this process.

What is the Best Utility Crypto to Buy Right Now?

Arguably the best utility crypto to buy now is Metacade (MCADE). It is used for play-to-earn rewards in the biggest on-chain arcade, and unlike coins that represent other GameFi platforms, MCADE supports a vast number of gameplay experiences in a single location.

Early-stage digital currencies such as MCADE have vast potential for growth. Since Metacade offers a comprehensive gameplay experience and generous reward potential for users, it is widely expected to become a leading name in the GameFi sector.

Related Crypto FAQs

What makes a token utility?

A cryptocurrency typically offers utility within a specific platform when it is classified as a medium of exchange to facilitate peer-to-peer transactions. This sets utility tokens apart as digital currencies, as they are used to transfer value from one independent party to another in exchange for a digital good, service or asset.

Which crypto has real utility?

Most top cryptocurrencies have real utility. In fact, few cryptocurrencies have no utility. Prominent exceptions are meme coins and scam tokens; however, meme coins can still be used as a medium of exchange as long as there is token liquidity on the blockchain.

Which altcoins have the most utility?

Major projects such as Binance, AltSignals, and Metacade have extensive utility for their native token. Each project offers something unique to blockchain users, and the utility token helps to power each ecosystem in different ways.

You can participate in the Metacade final stage presale here.

You can participate in the AltSignals presale here.

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UBS & Credit Suisse Shares Sink Following Bailout Deal

UBS & Credit Suisse Shares Sink Following Bailout Deal

UBS and Credit Suisse both saw their shares spiral after the former agreed to an emergency rescue of the latter. 

Shares of Swiss banking giants UBS and Credit Suisse plunged substantially following a takeover of the latter. On Monday morning, UBS secured a 3 billion Swiss franc ($3.2 billion) bailout of its troubled domestic rival amid the global banking crisis.

Swiss authorities had assisted in facilitating the “emergency rescue” to preempt a contagion risk to the global banking system. However, Credit Suisse’s stock plummeted by a staggering 60% at 9:05 am London Time following the development. In addition, cross-town banking rivals UBS also experienced an unsavory 10% drawdown in value after acquiring Credit Suisse. Furthermore, the European banking index was down approximately 2% around the same time. Lenders such as Deutsche Bank, Barclays, and ING traded lower by more than 4%.

UBS Chairman Comments on Credit Suisse Deal amid Fallen Shares

UBS Chairman Colm Kelleher weighed in on the Credit Suisse development amid the shares decline of both financial powerhouses. Kelleher described the deal, part of a cut-price deal to stem a larger banking contagion, as “attractive” for UBS shareholders. However, the UBS Chairman further stated that such an appeal does not necessarily pose the same proposition for Credit Suisse. Instead, Kelleher emphasized that “as far as Credit Suisse is concerned, this is an emergency rescue.” Also, shedding light on the core of the rescue scheme, he added:

“We have structured a transaction which will preserve the value left in the business while limiting our downside exposure. Acquiring Credit Suisse’s capabilities in wealth, asset management, and Swiss universal banking will augment UBS’s strategy of growing its capital-light businesses.”

Terms of Deal Could Make or Mar Embattled Bank

Credit Suisse posed great concern for the banking system as the Zurich-based global investment bank teetered on the brink of an implosion. As it stands, the 167-year-old financial services facilitator has numerous international subsidiaries. In addition, Credit Suisse also boasts a balance sheet twice as large as Lehman Brothers’ before the latter’s collapse in 2008. Credit Suisse’s balance sheet came in at roughly 530 billion Swiss francs (over $571 billion) at the end of 2023.

UBS sees Credit Suisse’s balance sheet as an asset following the acquisition, with the combined bank projected to be a massive lender. In a late Sunday press release, UBS said the joint effort should generate over $5 trillion in total invested assets. In addition, the banking giant added that the combination of banking resources would achieve “sustainable value opportunities.”

Capital Economics group chief economist Neil Shearing described the Credit Suisse takeover as the best way to silence any viability doubts. However, Shearing also pointed out that the details of the UBS buyout agreement could leave Credit Suisse better or worse off. In his own words, the “devil will be in the details.”

In a Monday note, Shearing said:

“One issue is that the reported price of $3,25bn (CHF0.5 per share) equates to ~4% of book value and about 10% of Credit Suisse’s market value at the start of the year.”

According to the economist, “This suggests that a substantial part of Credit Suisse’s $570bn assets may be either impaired or perceived as being at risk of becoming impaired.”

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Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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XRP Scam Alert: India's Major News Channel Hacked to Promote Fake Airdrop Featuring Ripple CEO

XRP Scam Alert: India's Major News Channel Hacked to Promote Fake Airdrop Featuring Ripple CEO

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Gamza Khanzadaev

XRP scam featuring Ripple’s Brad Garlinghouse promoted by Twitter and involving India’s major news channel News24

India’s News24 Twitter account has become yet another victim of crypto hackers, who managed to gain access to it and began posting phishing links on its behalf mentioning the fake XRP airdrop. As is standard, these posts pretend to be an official Ripple event and even feature the crypto company’s CEO, Brad Garlinghouse, in their previews.

It is important to remember that neither Ripple nor anyone else arranges any XRP airdrops, and all such offers to switch to dubious sites are highly likely to be fraudulent.

Scale of scam victims is growing

With the hacking of the News24 account, XRP scammers could be said to have reached a new high, given that more than 1.4 million people are subscribed to it. Previously, similar attacks targeted relatively smaller Twitter accounts, but nonetheless belonging to those in power.



As reported by U.Today, scammers have managed to take over the accounts of the governor of the Indian state of Madhya Pradesh, a councilor of a French municipality, as well as the Indian embassy in Oman. It is likely that hackers specifically targeted such accounts, counting on their weak security and high degree of trust in their followers.

Interestingly, News24 does not seem to have noticed the hack at the moment, and their Twitter feed continues to publish standard content interspersed with Ripple scam ads.

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Report: China Will Become a Metaverse Tech Leader During 2023

Report: China Will Become a Metaverse Tech Leader During 2023

A report issued by Globaldata, a global consulting and data analysis company, predicts that China will become a leading country in metaverse tech during 2023. The firm believes that the development of other technologies like artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and 6G will allow China to configure itself as a metaverse hub.

China to Lead Metaverse Industry in 2023

While the interest in the metaverse seems to be waning at a worldwide level, China is still pushing to become a leader in the industry. According to a recent report prepared by Globaldata, a consulting firm, China is positioning itself to surpass the West when it comes to metaverse tech, as the country will keep investing in technologies related to this field.

The report states the importance that China gives to these accessory technologies will allow it to become a center for the metaverse. It states:

The growing emphasis on VR, AR, AI, and 6G aims to outpace advances in the West and position China as a global hub for the metaverse.

Furthermore, Globaldata believes that there are signs that indicate that China will continue to invest in virtual reality and artificial intelligence with the objective of promoting the economic development of the nation. Several Chinese provinces and cities have already presented plans to become metaverse tech hubs, including Shanghai and Zhejiang among them.

Where Will the Metaverse Go?

While the metaverse is commonly associated with software and hardware dedicated to the consumers, the report proposes the Chinese metaverse is likely to focus more on the industry and the benefits that it can reap from including metaverse tech in its processes.

The Chinese Ministry of Industry and IT recently released a report on the application of VR and metaverse tech into industrial processes, showing how these can be mixed efficiently. Globaldata predicts the metaverse will be more appreciated than other technologies due to the possibilities it presents. On this, it explains:

Chinese investments in metaverse-related technology will highlight the value of the metaverse compared to existing one-off experiences such as social media, gaming, or ecommerce.

However, even with estimations that put the metaverse sector value at $376 billion by 2025, 2023 is described as a year in which investments in the metaverse will suffer a cool-down phase, product of the “cooling interest, economic obstacles, and the immaturity of enabling technologies.”

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Artificial Intelligence, Augmented Reality, China, globaldata, industry, IT, Metaverse, report, Shanghai, West, Zhejiang

What do you think about the prediction that puts China over the western world when it comes to metaverse investments? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Over 80 crypto firms eyeing presence in Hong Kong: Financial Secretary

Over 80 crypto firms eyeing presence in Hong Kong: Financial Secretary

More than 80 virtual asset-related firms across Mainland China and foreign nations have expressed interest in establishing a presence in Hong Kong, amid efforts from the city to become a leading hub for Web3. 

In a March 20 speech in Hong Kong, the Secretary for Financial Services and the Treasury, Christian Hui, stated that Hong Kong is attracting “interest” from various crypto firms across the world since last October.

Hui noted that since the Hong Kong government released its policy statement on Virtual Asset’s Development in October 2022, over 80 virtual asset-related companies have expressed interest in “establishing their presence in Hong Kong,” as of the end of February 2023.

He added that 23 crypto firms have already indicated that “they planned to establish their presence” in the thriving city. The firms included virtual asset (VA) exchanges, blockchain infrastructure firms and blockchain network security firms.

Hui noted that these companies were interested to learn more about the “implementation details” of the policy statement, as well as regulatory requirements, visa requirements for talent admission as well as targeted support measures for the virtual assets and Web3 sector.

Hui said that Hong Kong already has over 800 fintech companies and that it is “well-positioned” to be a leading hub for Web3, noting this year’s budget allocation of “$50 million” to “expedite the Web3 ecosystem.”

Related: Hong Kong’s crypto ambition gets subtle nod from Beijing: Report

Hui further reiterated Hong Kong’s plans to establish a licensing regime for virtual asset service providers in June 2023. He suggested this could lead to more crypto firms flocking to Hong Kong, noting:

“Through the establishment of a comprehensive and clear regulatory system, we are expecting more quality VA enterprises to set up businesses in Hong Kong or to seek development opportunities in Hong Kong.”

Hong Kong’s Securities and Futures Commission (SFC) is currently accepting submissions for feedback on its licensing regime as part of a consultation process that will continue until March 31.

It proposed that all centralized cryptocurrency trading platforms operating in Hong Kong must be licensed with the regulatory body.