Background

The development of the Guangdong-Hong Kong-Macau Greater Bay Area is the national strategy personally planned, deployed and promoted by the General Secretary Xi Jinping.

The Greater Bay Area acts as the key area for Hong Kong and Macau to integrate into the overall development of the country and cooperate comprehensively with Mainland China. It will also become the core of the domestic and international blockchain and digital economy.

In December 2017, Huangpu District of Guangzhou issued the “Ten Policies for Blockchain”, which attracted more than 150 blockchain enterprises to gather and develop. The blockchain industry innovation base started to become sizeable. In March 2018, the Ministry of Industry and Information Technology replied to show support to the Huangpu District that it has utilize the resources of being a competitive manufacturing and technology district to create the hub for software with the use of blockchain. Huangpu District of Guangzhou plans to further raise the support for the “Ten Policies for Blockchain” policy in December 2018.

On November 1, 2018, the Hong Kong Securities Regulatory Commission issued a regulation on cryptocurrency. The regulations on exchanges, public links and licenses raised industry attention and awareness. Hong Kong then began to give signal to the blockchain world: To embrace the new era for electronic finance.

On November 9, 2018, the Guangdong-Hong Kong-Macau Greater Bay Area Blockchain Alliance was established. With the headquarter based in Huangpu District of Guangzhou, Hong Kong and Macau also set up the joint headquarters.

Huangpu District has the resources and capabilities for blockchain innovation. Hong Kong has the talents and favorable environment for blockchain finance. Macau has the advanced development in blockchain application. Goals of fully utilizing these strengths in the Greater Bay Area and speeding up the development of blockchain project to cultivate blockchain unicorn enterprise are set. With the guidance from the China Electronics Technology Standardization Institute and Blockchain Industry Associations in Guangzhou and Hong Kong and the help of organizations providing blockchain professional services such as fund, training and testing, a number of new blockchain enterprises are selected to implement the “Greater Bay Area blockchain blue chip project joint incubator plan” altogether.