Jonny Ng Kit-Chong, a member of the Hong Kong Legislative Council, is a co-founder of a start-up accelerator that aims to lure 1,000 Web3 companies to the city-state over the next three years, as reported by Cointelegraph.
According to Cointelegraph, Ng Kit-Chong has served as a legislative council representative for the election committee constituency since January of this year. The politician and engineer has declared owning shares in about 40 different companies, putting his finger in many pies.
One of these businesses is the startup accelerator G-Rocket, which he and Casper Wong co-founded in 2016.
Cointelegraph further noted that in order to assist Hong Kong startups in gaining access to office space, banking, and government services, Wong specifically mentioned that the company will collaborate with the online ZA Bank, the government-run incubator Cyberport, and the real estate giant New World Development.
Prior to listing two cryptocurrency futures ETFs on the Hong Kong Stock Exchange the following day, CSOP Asset Management raised $73.6 million in investments, according to Cointelegraph.
The Anti-Money Laundering (AML) and Terrorist Financing System in Hong Kong was amended on December 8 to include virtual asset service providers in addition to conventional financial institutions, Cointelegraph noted.
(With insights from Cointelegraph)