Gocheto Financials is excited to attend Hong Kong Bitcoin Week, kicking off May 8 and running through the weekend. Bitcoin in HK is getting a lot of attention these days after the first Bitcoin exchange-traded funds (ETFs) went public on Tuesday, April 30, so this week’s festivities bring a well-timed reason to celebrate, connect, and learn about the latest developments surrounding the digital assets industry.
Our team is attending the official Bitcoin Asia Conference and various side events in the coming days, while announcing the launch of Mind Body Bitcoin, and encouraging entrepreneurs to set up Bitcoin businesses in Hong Kong.
Here’s what we’re looking forward to during Hong Kong Bitcoin Week:
May 8th, 2024
Can’t wait to hear talks by Coingecko, Animoca, Axie Infinity and more. This is a great collection of people talking about starting businesses in the Web3 space.
A most important discussion on the Bitcoin tech stack, taproot, sidechains and BTC yield!
We would never miss an opportunity for a Bitcoin Dragon themed party at the exquisite Kerry Hotel.
May 9th, 2024
We’re looking forward to the following panels:
Hong Kong: The Bitcoin Frontier in Asia - 9:30 AM
Bitcoin Financialization in Hong Kong - 10:00 AM
Layering Success: Innovation on Bitcoin - 11:20 AM
Exploring Bitcoin Use Cases: Mortgages, Payroll, Identity, and Beyond - 1:45 PM
Mining Geopolitics - 3:20 PM
We’re eager to meet the top minds working on the future of fungible tokens on Bitcoin.
Really looking forward to meeting the folks from ALEX and Stacks while we discuss Bitcoin DeFi and enjoy some sushi.
May 10th, 2024
We’re looking forward to the following panels:
Bitcoin Season 2 Layer 2 - 10:00 AM
Bitcoin DeFi: Protocol Layer - 10:30 AM
Bitcoin Native Assets - 12:00 PM
Bitcoin Adoption Trends: Asian Market - 12:50 PM
Bitcoin Prediction Markets - 2:00 PM
Miniscript: Bitcoin Inheritance Planning - 2:30 PM
All Roads Lead to Lightning - 3:50 PM
We’re attending to hear Cipher speak about the protocol development and meet RGB++ ecosystem teams and learn about their experience.
Saturday May 11th, 2024
An early morning hike organized by Gocheto Financials. We will take a group of Bitcoiners up Victoria Peak for the best view in town. Inspiring conversations often come up during and after an intense workout.
A full day of learning from the top minds in the Ordinals ecosystem. We’re sure to meet some influential builders, artists, collectors, and investors. NFTs on Bitcoin are here to stay.
A great opportunity to speak to engineers about the technical nuances of payments and channels on Bitcoin. HashKey and Lightning Labs are leaders in the space who we can all learn a lot from.
Scalability is one of the cornerstone conversation topics when it comes to Bitcoin. We’ll definitely attend to learn more about Citrea’s rollup solution.
Mind, Body, Bitcoin
Hong Kong Bitcoin Week seems like the perfect time to announce a new project sponsored by Gocheto Financials.
By promoting the idea that a healthy mind and body are the foundations for a prosperous financial future, Mind, Body, Bitcoin envisions a world where individuals recognize the inseparable link between these three components of holistic well-being.
Far too often we see people prioritizing their finances over mental and physical health. In the grand tapestry of existence, where the threads of human aspirations and desires intertwine, the allure of wealth and financial abundance take center stage. Yet, we must pause and contemplate: Is the pursuit of Bitcoin and the relentless chase for riches truly a path to lasting happiness and fulfillment?
What is wealth without purpose? What is abundance without meaning? The accumulation of riches, divorced from a deeper understanding of the self and the world, is a hollow victory.
Don’t get us wrong, stacking sats certainly contributes to higher levels of life satisfaction. Mind, Body, Bitcoin is simply here to remind you to look beyond the allure of Bitcoin's siren song. Engage in the pursuit of knowledge, immerse yourself in experiences that expand your horizons, and foster connections that enrich your soul.
Our Mind, Body, Bitcoin soft launch will take place Saturday, May 11th, 2024, meeting in the lobby of the Island Shangri-La, Hong Kong at 9 am for an easy urban hike up Victoria Peak with fellow Bitcoin aficionados. Anyone who wants to join can RSVP here. And if you can’t make this hike, don’t worry, there will be plenty more to come. Mind, Body, Bitcoin has a lot more planned to connect the top minds in mental well being, fitness, and Bitcoin.
Setting Up a Bitcoin Business in Hong Kong
We also want to take a moment to encourage those coming for Hong Kong Bitcoin Week, or even those of you who are abroad, to build your Bitcoin business in Hong Kong.
Hong Kong has already become a major hub for the Bitcoin industry, and it’s a great time to establish a corporation here and start building. You will benefit from the clarity established by the government and regulating bodies who have been swift to provide transparent guidelines on what’s required from a business operating with Bitcoin in Hong Kong. We’re proud to say that Hong Kong wants this industry to thrive.
Benefits of Setting Up a Bitcoin Business in Hong Kong
Supportive regulatory environment
World class financial infrastructure
Sizeable pool of talented professionals
Access all of the Asian markets
Competitive tax system
Hong Kong is a renowned global financial hub with a robust banking system and a well-developed digital infrastructure. This may seem unnecessary under the bankless Bitcoin ethos, but the sophisticated financial ecosystem, competitive capital market, and abundance of venture capitalists, private equity firms, and institutional investors provides ample opportunities for Bitcoin-ready initiatives.
Geographically, Hong Kong serves as a gateway between the East and the West, making it an ideal location for businesses looking to tap into both Asian and international markets. With its proximity to mainland China and its strong connections with other Asian economies, Hong Kong provides access to a vast, rapidly growing, and tech-friendly customer base.
Dubai and Switzerland are typically popular choices for incorporating businesses due to attractive corporate tax rates, but Hong Kong’s 8.25% tax on the first HK$2M profits and 16.5% on the remainder is significantly more favorable than the 21% tax rate deducted from American corporations, or percentages in the high 20s and low 30s taxed by Portugal, Germany, and Italy.
Following the principle of “same business, same risks, same rules,” Hong Kong’s Securities and Futures Commission (SFC) appears committed to treating Bitcoin and other virtual assets in a similar light as traditional financial products. According to Financial Times, after approving the first spot bitcoin and exchange traded funds (ETFs) in April, total trading turnover across the six Hong Kong virtual asset ETFs on their first day was HK$99.5M (US$12.7M).
Of course, Hong Kong Bitcoin is expected to penetrate into corporate operations and commerce far beyond its role in the virtual asset exchanges. Prominent bank, HSBC, is now even tokenizing gold. Making the gold token easily accessible through their online banking platform and the HSBC HK Mobile App, this is just one of many signs of acceptance and new use cases meant to transition existing customers into the virtual asset era and attract new customers who see value in them. Of course, Bitcoin’s breakthroughs inspired and enabled products like HSBC’s tokenized gold.
Opportunities for Hong Kong Bitcoin Businesses
Develop new Bitcoin products and services
Expand into established and developing markets
Partner with established Bitcoin businesses
Raise capital from investors
Based on Invest Hong Kong estimates, over 800 fintech companies are operating in the city. And a HK$2B Innovation and Technology Venture Fund (ITVF) was set up by the Government to co-invest on a matching basis with selected private venture capital funds in I&T startups in Hong Kong.
ICOs, and later STOs have emerged in Hong Kong as a popular method for fundraising in the digital asset space. The Prince Token marked the first real estate fund security token offering (STO) in Hong Kong in September 2023. Its purchase gave professional investors annual distributions from rental income and potential appreciation in property value. With a minimum investment of only HK$1,000 (US$128), businesses raising funds in Hong Kong could suddenly open up opportunities previously only available to investors ready to dole out HK$1M for traditional real estate investments.
One of Hong Kong’s favorite messaging apps, Telegram, has been giving WhatsApp a run for its money in recent years and now appears to be climbing further up the popularity ladder by adding features that leverage the benefits of virtual assets. Telegram’s wallet only supports 3 digital assets: BTC, USDT, and TON. With institutional support in Hong Kong, businesses of all sizes can integrate Telegram wallets into their payment processes, opening up a global customer base.
HashKey, a Hong Kong based Web3 infrastructure developer and virtual asset group is enabling easy transfers of funds between Telegram and bank accounts. That means Hong Kong businesses and individuals such as freelancers can provide their services to clients anywhere in the world and accept Bitcoin for services. Hong Kong companies are no longer reliant on complex banking payments from abroad. They can simply accept BTC and then convert it to funds in their bank account through HashKey.
See You At Hong Kong Bitcoin Week
What did we miss? Hong Kong Bitcoin Week is sure to be a whirlwind of digital wallets, wine, and shared admiration for tech and financial innovations. We try our best to stay tapped into the latest developments regarding Bitcoin in HK and its surrounding region, so feel free to drop us a note if there’s something else you want to recommend or chat with out team about.
Connect with our Telegram group @bitcoinweekhk