Hong Kong is enticing Web3 businesses currently based in Singapore to relocate by leveraging its more lenient regulatory environment. According to Odaily, Hong Kong Legislative Council member Ng Kit Chuang recently shared his proposition on X regarding new regulations introduced for digital token service providers in Singapore. These guidelines impose stricter requirements on companies, institutions, and individuals working with virtual assets. Following Hong Kong’s declaration of support for the virtual asset industry in 2022, the region has actively attracted numerous Web3 firms to establish themselves there. Ng Kit Chuang believes this relocation would provide significant benefits for businesses seeking to thrive under less restrictive conditions. The legislator offered assistance to facilitate these transitions for companies currently operating in Singapore.