PANews reported on August 8 that according to Sing Tao Daily, Wu Jiezhuang, chairman of the Hong Kong Legislative Council's Web3 and Virtual Asset Development Subcommittee, conducted a survey of the Web 3.0 industry this month and announced the results of the survey today (8th). It was found that most Web 3.0 companies settled in Hong Kong had difficulties opening bank accounts in Hong Kong. When opening an account in a virtual bank, the company's shareholders or directors were required to come to Hong Kong many times, and they were required to have a fixed deposit, and the handling fees were high. It took nearly half a year to successfully open an account. Wu Jiezhuang said that opening an account in a virtual bank is easier than that in a traditional bank, but these Web 3.0 companies have been unable to open an account after a long period of delay, which is undoubtedly a fatal blow to their business in Hong Kong. He suggested that the government and banks relax the conditions if feasible.
In the past few days, Wu Jiezhuang's team visited more than 120 Web 3.0 companies that settled in Hong Kong after 2022. 83% of the companies' industries involved virtual assets; 95% opened accounts in virtual banks in Hong Kong, of which nearly 70% of the companies had been required by virtual banks to have shareholders or directors visit Hong Kong multiple times, and 60% were required to have fixed deposits; 54% of the companies could open accounts in half a year or more, nearly 20% could open accounts between two to five months, and 3% were rejected.
Wu Jiezhuang admitted that Web 3.0 is developing too fast, with new businesses emerging every quarter and different new frauds occurring. He believed that banks do not have enough knowledge about these companies involved in virtual assets, and the related businesses are too small. Banks may not be willing to invest talents, technology and resources for review, which hinders the development of banks in Web 3.0. When asked whether Web 3.0 companies will leave due to failure to open accounts, he believed that there will definitely be some, but they are still not the majority. He emphasized that these companies will go wherever the conditions are good. He said that the whole world is changing, and he hopes that Hong Kong will welcome related companies in terms of policies and provide them with sufficient supporting facilities to settle down.