As Hong Kong takes center stage in the regional crypto business, local firms are trying to expand their customer base. One such firm, HashKey Group, is reportedly raising up to $200 million in funding to tap new opportunities. HashKey Eyes $200 Million in Funding Targeting a more significant share of the Asian crypto market, Hong...Read More
In a landmark ruling, Hong Kong’s High Court declared crypto as property that can be held in trust. This marks the first time such a decision regarding asset class has been made in the city-state. The ruling, which was handed down in liquidation of a case involving the now-defunct crypto exchange Gatecoin, essentially puts crypto...Read More
A 55-year-old resident of Hong Kong has reportedly fallen victim to an online cryptocurrency investment scam and lost her entire savings worth nearly HK$7 million (almost $900,000). Such fraud cases have become quite frequent in the region lately. A study estimated that Hong Kong investors had lost around $50 million during the first half of...Read More
Government officials have confirmed the city’s crypto commitments at the Hong Kong Web3 Festival this week as it aims to become a fully regulated crypto hub attracting investment and Web3 startups. On April 12, Financial Secretary Paul Chan Mo-po reiterated that appropriate regulations and oversight were of paramount importance. “I believe that everybody has learned from...Read More
Seychelles-based crypto exchange OKX has announced its plans to expand its presence in Hong Kong by applying for virtual asset licenses under the new regulatory regime as well as Type 1 and 7 licenses under the Securities and Futures Ordinance. It also plans to establish a Hong Kong entity for launching virtual asset services in...Read More
The financial watchdogs of Hong Kong will reportedly host a meeting between domestic cryptocurrency businesses and bankers. The initiative could ease financing for the industry as the region seeks to emerge as a global digital asset hub. Crypto firms based in Hong Kong have supposedly received support from leading Chinese banks in the past several...Read More
The subsidiaries of some of the largest Chinese banking institutions, including the Bank of Communications, the Bank of China, and Shanghai Pudong Development Bank, have reportedly either started offering their services to cryptocurrency businesses based in Hong Kong or reached out to them. The special administrative region has recently emerged as a digital asset hub,...Read More
Is China experimenting with crypto in its backyard – Hong Kong? Over the last few months, the city has made some decisive moves to have a clear regulatory environment for crypto businesses in its jurisdiction. Hong Kong is the special administrative region of China with a separate legal system and control over its markets. As...Read More
On Feb. 20, the crypto pioneer said his working thesis at the moment is that the next bull run is going to start in the East. He added that it will be a reinforcement of the principle that crypto is a global asset class. Each region can have its own rules and stance on crypto,...Read More
Hong Kong’s position as an upcoming hub of crypto businesses is being increasingly noticed and discussed in the relevant circles. In a tweet, Coinbase CEO Brian Armstrong referred to the city-state to stress that the United States may lose its position as the financial hub of the world for lacking crypto regulations. Armstrong Calls for...Read More
Last year’s industry-wide meltdown has haunted Asian firms as they cautiously plot their recovery. China was once a hotbed for crypto mining and trading. Even after announcing a blanket ban on all digital asset activities more than a year ago, there’s reason to believe that the country may make a comeback in the space. Tron...Read More
Regulators in Hong Kong will soon decide which crypto tokens its citizens can invest in amid a raft of new digital asset policies coming this year. The move is the latest crypto regulatory step taken by Hong Kong in a market that has a long association with significant digital asset trading volume. Hong Kong to...Read More
The blockchain gaming platform Animoca Brands seeks to raise around $1 billion for its latest Web3 and Metaverse investment fund during the year’s first quarter. The initiative comes in spite of the market decline and the FTX crash, which have vaporized much of the interest in cryptocurrencies. Special Attention on Web3 The Hong Kong-based Animoca...Read More
Amber Group – a cryptocurrency platform backed by Singapore’s investment company Temasek – completed a $300 million funding round. The money will be distributed to clients affected by the FTX collapse. The company, which had to cope with severe issues due to the ongoing bear market, recently acquired the Singaporean exchange – Sparrow Holdings. Trying...Read More
Two exchange-traded funds (ETFs) that track US-listed cryptocurrency futures will reportedly debut on the Hong Kong stock exchange this Friday (December 16). The products will have bitcoin and ether as underlying assets and will become the first futures ETFs listed in Asia. Crypto ETFs Amid the Recent Turmoil According to a Reuters coverage, the ETFs...Read More
Hong Kong’s legislative council has added a new amendment to the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 to accommodate the cryptocurrency industry. The legislation will essentially introduce a licensing regime for virtual asset service providers (VASPs). Hong Kong’s Licensing For VASPs Under the new additions, VASPs seeking to start operations in the region...Read More
China’s autonomous special administrative region – Hong Kong – reportedly aims to legalize cryptocurrency retail trading and emerge as a digital asset hub. According to the Co-Founder of BitMEX – Arthur Hayes – the state’s vision and crypto adoption could propel a new bull market. What Is on the Agenda? A recent coverage by Bloomberg...Read More
China was emerging as the epicenter of the crypto industry. Within a decade, the country witnessed the spawning of giant exchanges like Binance Holdings Ltd. as well as the biggest Bitcoin mining firms. However, Beijing’s move to ban crypto trading and mining last year seemed poised to douse the entire domestic industry. Hong Kong, on...Read More
C Capital – a company established by Hong Kong billionaire Adrian Cheng – reportedly intends to raise $500 million to invest in digital currencies, credit, and private equity over the next year and a half. The firm thinks the cryptocurrency market has already bottomed, meaning that delving into it now is the perfect timing. ‘When...Read More
HashKey Capital Limited – the investment arm of the finance company HashKey Group – received approval from Hong Kong’s Securities and Futures Commission (SFC) to manage a portfolio of 100% digital assets. The regulatory green light doubled down on the pro-crypto stance that the special administrative region of China has displayed recently. Not long ago,...Read More
Cryptocurrency scams have reportedly been one of the most common cyber offenses in Hong Kong during the first half of 2022, and 25% involved digital assets. The concerning number of such fraudulent schemes could be explained by the growing interest in cryptocurrencies displayed by many Hong Kong residents. A recent research classified the state as...Read More
With a score of 8.6 points out of 10, the special administrative region of China – Hong Kong – was crowned as the most crypto-ready country globally. The second position belongs to the previous leader – the United States of America, while Switzerland is third. Changes at the Top The latest worldwide crypto readiness report...Read More
Digital assets exchange Huobi will close down its Thailand operations permanently with effect from July 1, 2022. A unit of the Seychelles-based company, Huobi Thailand, ran into trouble with the local watchdog in February-March 2021 when it was red-flagged for violation of regulations. Huobi Shuts Down Thai Ops “Due to the decision of the board...Read More
The Securities and Futures Commission (SFC) of Hong Kong recently issued a statement on the financial and legal risks surrounding non-fungible tokens (NFTs). It claims that such tokens are not only prone to the typical security vulnerabilities of crypto, but could also constitute financial assets bound by SFC regulation. From Collectibles to Financial Assets According...Read More
A recent study conducted by Finder estimated that 34% of the Indian respondents had played a play-to-earn (P2E) game. Hong Kong (29%) ranked second, while the UAE held the third position with 27%. India Leads the Way in the P2E Universe Finder’s NFT Gaming Adoption Report determined that play-to-earn games have become a highly popular...Read More
Babel Finance – a cryptocurrency service provider that offers digital asset lending – reportedly secured $80 million in a Series B financing round. The investment boosted the company’s valuation to $2 billion. Babel Focuses on the Long Run As reported by Reuters, the fundraiser was led by leading venture capital firms, including Circle Ventures, 10T...Read More
HSBC, a former cryptocurrency critic, continues with its involvement with the Metaverse after its recent partnership with The Sandbox. The latest initiative will allow certain Hong Kong- and Singapore-based investors to engage with companies focusing on the new emerging trend. Citing a statement from the bank on April 6, Reuters reported that the new funds...Read More
Huobi Technology plans to launch ETFs that track cryptocurrencies for retail investors in Hong Kong. The company has reportedly submitted its proposal to Hong Kong’s Securities and Futures Commission (SFC) and waiting for a nod. Huobi’s ETF Plans It intends to structure its ETFs such that they are “accessible to retail investors with less than...Read More
Dozens of clients of the Hong Kong-based cryptocurrency exchange Coinsuper reportedly complained they can not retrieve funds from the platform. At least seven of them have contacted the police regarding the issue. Frozen Funds on Coinsuper According to a January 7 Bloomberg coverage, the problem has occurred in late November. Five of the trading venue’s...Read More
Hong Kong Customs officials said Tuesday that they had arrested two individuals suspected of laundering money worth over $380 million through their personal bank accounts and a crypto trading platform. Arrested for Crypto Laundering The suspects, a 28-year-old woman and her 21-year-old brother, were arrested in Yau Tong, a residential district in Hong Kong after...Read More
