STEPN to Set up Regional Headquarters in Hong Kong-Based Business Park

Popular move-to-earn platform STEPN is set to establish its regional headquarters in the Hong Kong government-owned business park, Cyberport, the South China Morning Post reported on Monday.

STEPN Expands to Hong Kong

Jerry Huang, the co-founder of STEPN, shared details on the development, where he noted that it would bolster the adoption of Web 3 in the country. He also said that the idea’s inception came during his meeting with George Lam, the former chairman of Cyberport. Commenting on their meeting, Huang said:

“I was honored that [Lam] came to see me [. . .] We had dinner and Dr. Lam enthusiastically invited us to go and help Hong Kong create a Web 3 start-up environment together. I felt very happy and encouraged.”

Huang further stated that only a core team of over 10 people from STEPN’s entire workforce might be the first to move to the new headquarters. He added that other workers in the company, many of whom are based in various parts of the world, will not be mandated to change their locations. 

While STEPN is currently headquartered in Australia, Huang believes Hong Kong to be a fine place for his company’s regional headquarters, as he mentioned that the country “represents the best fusion of Western and Eastern cultures,” and also holds a position as one of the richest countries in the world.

Is Hong Kong the Right Place?

STEPN’s expansion to Hong Kong comes at a time when several crypto-related companies are leaving the country due to its strict measures on adopting cryptocurrencies. 

Recall that the Hong Kong government had attempted to restrict crypto services to only institutional investors earlier in 2021. Around the same time, though, Global Digital Finance, a body consisting of various crypto platforms like Coinbase, BitMEX, and Huobi, advised the government against the idea. 

However, the proposal was approved later in 2021, meaning that retail crypto investors could no longer access crypto trading services on centralized exchanges.

Meanwhile, the move-to-earn platform, built on the Solana network, banned users from mainland China in July, in response to “relevant regulatory policies.” News of the ban resulted in a drop in the platform’s tokens, GMT and GST.