The world’s major financial cities are waking up to blockchain’s disruptive potential, and while some are drafting regulations and consulting legal experts, cities like Hong Kong are making significant moves.
Hong Kong’s Blockchain Push
On Aug. 28, the Hong Kong government added distributed ledger technologies (DLT) to its list of “Quality Migrant Admission Scheme” (QMAS), which awards bonus marks to experts seeking employment in specific areas or looking to move to the city.
Alongside DLTs, the notice listed other disruptive technologies touted to lead the “Fourth Industrial Revolution”–which includes artificial intelligence, robotics, biometrics and chemical engineering.
For the uninitiated, the QMAS scheme allows skilled workers to enter and settle in Hong Kong without the typical employer-sponsored requisite. However, as the list noted, entrants are subject to a quota-scheme (limited to 1,000 entrants annually) and tends to favor “highly skilled or talented” persons only.
The QMAS scheme was developed to help build Hong Kong’s economy and enhance the city’s competitiveness, according to the release.
A Points-Based Test
For those interested, applicants must meet predefined criteria before being awarded points from a “general” test or an “achievement-based” test. All participants are then graded against each other using a comprehensive percentile system.
According to the announcement:
“For applicants who meet the specifications of the respective profession under the Talent List, bonus marks will be given under the General Points Test of the QMAS.”
Blockchain enthusiasts looking to settle down in Hong Kong must qualify under the list’s terms to be considered a “quality admission.” The aforementioned terms include holding a bachelor’s degree, work experience in the field of interest and an application-centric understanding of DLT.
Cover Photo by Thomas Chan on Unsplash
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