Hong Kong will be a great place for crypto, fintech and other startups to set up shop in the new year, the city’s financial secretary said on Monday, looking past the current upheaval in the industry.

Paul Chan, speaking at a Web3 forum in Cyberport, said Hong Kong remains committed to becoming a regional crypto hub — an ambition expressed at the end of October, just before Sam Bankman-Fried’s FTX exchange had its industry-altering meltdown — and will work to attract new businesses from all over the world.

Following the city’s policy statement, several leading tech firms and startups are now considering a move of their headquarters or an expansion to Hong Kong, Chan said, without disclosing their names.

“As certain crypto exchanges collapsed one after another, Hong Kong became a quality standing point for digital asset corporates,” said Chan, who’s been Hong Kong’s financial secretary since 2017. The city has a robust regulatory framework that “matches international norms and standards” while prohibiting free-riders, he added.

Hong Kong is preparing to issue more licenses for digital asset trading firms. The city is also planning a consultation on crypto platforms — exploring the potential for retail participation in the industry — the details of which will be published soon, said Joseph Chan, under secretary for financial services and the treasury, at the same event.