Hong Kong to Implement Universal AML Requirements for OTC Crypto Traders
The Hong Kong government is set to expand its Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations to include over-the-counter (OTC) cryptocurrency transactions. The adjustment is aimed at aligning OTC digital asset trades with the regulatory standards applied to retail cryptocurrency exchanges. Extending AML Ccontrols to OTC cryptocurrency transactions Hong Kong authorities launched a “Public […]
Hong Kong sets crypto licensing deadline to boost security
In a significant development within Hong Kong‘s financial sector, the Securities and Futures Commission (SFC) has issued a crucial advisory to investors in the virtual asset space. With the impending regulatory transition period set to end, the SFC emphasizes ensuring that virtual asset trading platforms are fully licensed, a move aimed at bolstering investor protection […]
Hong Kong to regulate OTC crypto trading Platforms for investor protection
Hong Kong, a global financial hub, is taking significant steps to regulate over-the-counter (OTC) crypto trading platforms, aiming to ensure transparency and safeguard investors in the digital asset marketplace. The region’s Financial Services and the Treasury Bureau (FSTB) recently announced its intention to introduce a new regulatory framework for OTC crypto trading. This move comes […]
Hong Kong tightens grip on virtual asset providers with new licensing deadline
The Hong Kong government has set a firm deadline for virtual asset service providers (VASPs) to align with new licensing requirements. Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, in blog post, conveyed the urgency for unlicensed VASPs to comply by February 29 or face cessation of operations by May 31. This […]
Hong Kong Withdraws from eAsian Cup in Qatar Over Name Display Issue
Hong Kong’s participation in the eAsian Cup, an esports tournament held alongside the Asian Cup in Qatar, came to an unexpected end as the city’s football team withdrew due to a dispute over the display of their official name. The team, known as “Hong Kong, China” in official sports associations, encountered technical difficulties with the […]
Hong Kong Imposes 50% Minimum Insurance Requirement for Licensed Crypto Exchanges
In a bid to ensure the safety of investors’ funds, the Hong Kong Securities and Futures Commission (SFC) has instituted a minimum insurance requirement of 50% for licensed cryptocurrency exchanges that handle customers’ assets. This move is aimed at fortifying the cryptocurrency market and protecting users from potential security breaches or insolvency. Hong Kong Exchanges […]
Hong Kong mandates crypto exchange insurance at 50% for licensing
Marking a bold move in the cryptocurrency sector, Hong Kong’s Securities and Futures Commission (SFC) has recently mandated a minimum insurance requirement of 50% for licensed crypto exchanges managing customer assets. This groundbreaking rule, aiming to bolster the security and integrity of digital asset exchanges, reflects Hong Kong’s commitment to establishing a robust and reliable […]
Bitcoin ETF-led crypto industry takes a rather unique direction in Asia – How will this affect investors?
In recent years, the global financial landscape has witnessed a transformative shift with the advent of cryptocurrencies, and now, a new chapter is unfolding as Bitcoin Exchange-Traded Funds (ETFs) pave the way for a distinctive direction in the Asian markets. The introduction of Bitcoin ETFs has sparked significant interest and debate, as it represents a […]
HashKey Group and OKX forge game-changing blockchain alliance
HashKey Group, a leading digital asset management and blockchain solutions provider, has announced a strategic partnership with OKX, a top-tier virtual asset exchange. This collaboration is set to revolutionize the digital asset landscape in Hong Kong, focusing on blockchain infrastructure, product innovation, and investor education. HashKey Group and OKX commit to investor education The cornerstone […]
Hong Kong crypto exchange OSL foresees issuance of first Spot Crypto ETFs by mid-year
Gary Tiu, the Executive Director and Head of Regulatory Affairs at OSL, a Hong Kong-licensed cryptocurrency exchange, has revealed that the special administrative region could potentially witness the introduction of its first spot cryptocurrency exchange-traded funds (ETFs) by the middle of this year. This development comes as Hong Kong continues to explore opportunities in the […]
Hong Kong’s financial firm VSFG set to launch spot Bitcoin ETF in Q1 2024
Venture Smart Financial Holdings (VSFG), a leading financial services company based in Hong Kong, is gearing up for a significant move in the cryptocurrency market. The firm plans to introduce a spot Bitcoin exchange-traded fund (ETF) within the first quarter of 2024. This strategic decision aligns with the company’s goal of expanding its asset management […]
Hong Kong lawmaker calls for crypto education and leadership in virtual assets
Johnny Ng, a prominent lawmaker in Hong Kong, has voiced his opinion regarding approving spot Bitcoin ETFs in the United States. He took to social media to express his belief that Hong Kong should take the initiative in cryptocurrency. Ng emphasized the need for Hong Kong to lead by fostering innovation and implementing relevant policies […]
Hong Kong Researchers Propose AI and Robotics Curriculum for Young Students
In a groundbreaking move, a group of Hong Kong-based researchers has spearheaded an initiative to revolutionize education by introducing a comprehensive framework centered around the realms of artificial intelligence (AI) and robotics. The AI4K12 initiative aims to familiarize young students with the rapidly evolving landscape of these emerging technologies, tailoring its approach to K-12 education. […]
HashKey Exchange adopts new compliance measures in Line with Hong Kong’s travel rule
HashKey Exchange, a prominent player in the digital asset sphere in Hong Kong, has revamped its operational framework to align with the new Travel Rule. This regulatory change, effective from the start of 2024, signifies a major shift in how virtual asset service providers (VASPs), including cryptocurrency exchanges, operate within the region. The Travel Rule, […]
Hong Kong tightens rules for stablecoins, aims for hub status
In a significant move to position itself as a leading virtual asset hub, Hong Kong has introduced stringent regulations for stablecoins. This development presents a challenging landscape for popular stablecoins such as Tether (USDT) and USD Coin (USDC), as the new regulatory framework is considered more rigorous than Singapore’s. Hong Kong’s stringent regulatory approach According […]
World leaders join digital economy forum for web 3.0 and Metaverse
The digital economy landscape is witnessing a seismic shift as world leaders converge for the “Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference”, also known as the first Yuan Asset Forum and the 9th Guanhuo Web 3.0 Thousand People Summit. This pivotal event, orchestrated by a coalition of influential organizations including the Silk Road […]
Hong Kong proposes licensing for fiat-referenced stablecoins
The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have released a consultation paper outlining their proposal to accept and regulate fiat-referenced stablecoins (FRS) within the region. This significant development aims to provide a regulatory framework for stablecoin issuers while mitigating associated risks. The consultation period is set to […]
Hong Kong opens crypto ETF market to retail investors
Hong Kong is taking a significant step forward in the cryptocurrency market by allowing retail investors to directly access exchange-traded funds (ETFs) linked to cryptocurrencies. This move, announced jointly by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority, marks a pivotal moment in the city’s efforts to establish itself as a […]
Hong Kong takes the lead as Asia’s crypto hub in 2023— here’s why
Hong Kong has solidified its position as a burgeoning hub for cryptocurrency and Web3 innovation in a noteworthy move. It is important to know that June marked the initiation of the city’s official crypto licensing regime for virtual asset trading platforms. This pivotal step enabled licensed exchanges, including HashKey and OSL, to extend retail trading […]
Short-term gains drive majority of Hong Kong’s crypto investors, survey reveals
A recent study conducted by the Department of Applied Social Sciences at the Hong Kong Polytechnic University sheds light on the motivations of virtual asset investors in Hong Kong. According to the survey, approximately three-quarters of surveyed investors expressed their primary motive as pursuing short-term returns. This significant majority also indicated their belief in virtual […]
ZA Bank leads Hong Kong’s Web3 revolution with over 80 crypto partnerships
Hong Kong-based ZA Bank has solidified its commitment to the Web3 ecosystem, providing support to over 80 web3 companies. The digital-only bank, known for its innovative approach, is making significant strides in becoming a global hub for web3. In a recent blog post titled “ZA Bank 2023 in Review,” the bank outlined its achievements and […]
JPMorgan ex-banker shakes up Hong Kong
The story of how Nicolas Aguzin, a former JPMorgan star banker, faced challenges at Hong Kong Exchanges and Clearing (HKEX) unravels like a gripping novel. Aguzin’s tenure as CEO of HKEX, beginning in May 2021, was marked by ambitious initiatives and unconventional ideas, but it also highlighted the complexities and political sensitivities of running one […]
Hong Kong’s Emergence as a Hub for Startups and AI Applications
In the wake of a harrowing week that included a typhoon and black rainstorm, the rescue of a missing student showcased the power of collaboration between humans and machines, particularly in the application of Information and Technology (I&T) in Hong Kong. The Fire Services Department’s (FSD) use of geographic information and artificial intelligence (AI) to […]
Hong Kong launches digital green bonds with major banks
Hong Kong (HK) is taking significant strides in digital asset finance in Asia. The city has engaged five major banks, including HSBC Holdings Plc and Credit Agricole CIB, to lead a series of digital green bond sales. This move is a testament to Hong Kong’s commitment to merging advanced financial technologies with sustainable practices, leveraging […]
Hong Kong SFC alerts on HongKongDAO and BitCuped fraud concerns
The Securities and Futures Commission (SFC) of Hong Kong has issued a significant warning against two cryptocurrency firms, Hong Kong Digital Research Institute (HongKongDAO) and BitCuped, for their involvement in fraudulent operations. This step underscores the SFC’s commitment to regulating the burgeoning digital currency market and protecting the interests of investors. Hong Kong SFC acts […]
Hong Kong’s SFC issues fraud warning against two crypto entities
The Securities and Futures Commission (SFC) of Hong Kong has recently issued a stern warning against two cryptocurrency entities, Hong Kong Digital Research Institute and BitCuped, for suspected fraudulent activities. The SFC, in collaboration with the Hong Kong Police Force, has blocked access to the websites of these entities to prevent potential investment scams. The […]
Bitget suspends new user onboarding in Hong Kong
Cryptocurrency exchange and Web3 company Bitget has temporarily halted new user onboarding as it engages in negotiations poised to reshape its presence in the Asia-Pacific region. The move comes shortly after Bitget’s exit from Hong Kong, a significant crypto hub in the APAC region. The exchange’s decision to suspend new registrations in China is part […]
Hong Kong explores ICO as economic booster
Hong Kong is considering a bold new approach to rejuvenate its economy: the introduction of an Initial Coin Offering (ICO). This idea, first suggested by the Hong Kong Securities and Futures Professional Association, has sparked lively debate among financial experts and policymakers. The proposal is seen as a radical step, diverging from traditional economic recovery […]
Hong Kong securities association proposes Initial Coin Offering (ICO) mechanism
The Hong Kong Securities and Futures Professional Association has put forth a surprising proposition to revitalize Hong Kong’s economy. In a document released on November 29, the association’s president, Chen Zhihua, included a suggestion that Hong Kong consider launching an initial coin offering (ICO) mechanism. This proposal, among others, aims to stimulate economic growth and […]
Accelerated crypto approvals in Hong Kong post-JPEX rugpull incident
Hong Kong, a city known for its skyscrapers and dim sum, has been making headlines in the world of cryptocurrency. Following the JPEX rugpull incident, a situation that sent shockwaves through the crypto community, Hong Kong’s government has shifted gears, accelerating the approval process for cryptocurrency products. This move aims to bolster the development of […]
Standard Chartered Bank ventures into China’s Digital Yuan project
Standard Chartered Bank has announced its participation in the trials of China’s digital yuan, also known as the e-CNY. This move positions Standard Chartered as one of the first foreign banks to engage directly with China’s Central Bank Digital Currency (CBDC) initiative, highlighting a significant shift in the digital currency ecosystem. Digital Yuan: A step […]
Interactive Brokers HK gains approval for crypto trading
In a significant development for the cryptocurrency market in Hong Kong, Interactive Brokers Hong Kong (IBHK) has received approval from the Securities and Futures Commission (SFC) to extend its virtual asset trading services to retail clients. This move allows Hong Kong residents to engage in trading activities involving major cryptocurrencies such as Bitcoin (BTC) and […]
Hong Kong’s SFC puts Binance’s license bid under scrutiny
Binance, the world’s leading cryptocurrency exchange, confronts major regulatory challenges in its bid to secure a crypto license in Hong Kong. This situation arises amid the backdrop of the exchange’s founder, Changpeng Zhao, pleading guilty to violations of US anti-money-laundering laws, casting doubt over the exchange’s future in the region. Regulatory scrutiny intensifies The situation […]
Hong Kong eyes Bitcoin integration in revamped investor immigration scheme
Hong Kong’s Legislative Council, from the Science and Technology Innovation Community, has proposed the inclusion of Bitcoin purchased on licensed exchanges as part of the city’s revamped investment immigration program, according to a local media report. The proposal comes as Hong Kong reactivates its investment immigration program after an eight-year hiatus, setting an entry threshold […]
Hashkey Capital’s Jupiter Zheng Highlights Hong Kong’s Crypto Market Potential
Hong Kong’s aspiration to become a leading digital asset hub gains momentum as industry experts anticipate a surge in cryptocurrency adoption. Jupiter Zheng, a partner at Hashkey Capital, underscores Hong Kong’s readiness for this transition, fueled by a significant influx of crypto expertise. This readiness is a beacon of hope for the city’s economy, which […]
BAYC’s ApeFest attendees later experience ‘extreme pain’ and vision issues
Recently, Yuga Labs went big with ApeFest that went down in Hong Kong. Like anything Yuga Labs has done – such as the popularity of Bored Ape Yacht Club (BAYC) – ApeFest was expected to go big. Did the event meet the expected community demands? Yes. However, there is trouble for those wo made it […]
Hong Kong’s SFC considers spot crypto ETFs in pursuit of a global DeFi hub
The Securities and Futures Commission (SFC) of Hong Kong, known for its stringent regulations and oversight of traditional financial markets, is now dipping its toes into the intriguing and rapidly evolving spot crypto ETFs trend. According to a report by Bloomberg, Hong Kong is considering whether to allow exchange-traded funds to invest directly in crypto. […]
Visa and local banks finish digital dollar test in Hong Kong
Visa, a globally renowned payment processor, has successfully navigated the intricate waters of digital currency through the conclusion of a pivotal pilot program of the digital dollar in collaboration with HSBC and Hang Seng Bank under the umbrella of the Hong Kong Monetary Authority. The undertaking, labeled e-HKD, pivots around the innovative concept of deposit […]
Hong Kong maintains Web3 Vision amid JPEX fraud case
Despite the ripples from the recent alleged $165 million scandal involving the crypto exchange JPEX, the Hong Kong government remains undeterred in its commitment to the Web3 vision for the region. This stance was clearly articulated during a Nov. 2 keynote at Hong Kong Fintech Week. Christopher Hui, the region’s Secretary for Financial Services and […]
HashKey unveils first licensed crypto app for retail in Hong Kong
Hong Kong’s renowned cryptocurrency exchange, HashKey, has officially expanded into the retail sector with the launch of its innovative trading app. This move marks the platform as the premier licensed virtual asset exchange app in Hong Kong. Livio Weng, HashKey’s Chief Operating Officer, revealed in a recent interview that the app has garnered the green […]
