The largest stock exchange in Hong Kong has announced that it will launch a new crypto index to meet the increasing demand for digital assets. In a new announcement, Hong Kong Exchanges and Clearing Limited (HKEX) says it will launch its own “Virtual Asset Index Series” on November 15. The index will aim to provide […]
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A Hong Kong woman lost $12K in a crypto exchange scam after waiting hours for a promised cash handoff that never arrived. Hong Kong Woman Scammed in Crypto Exchange Scheme Hong Kong authorities are investigating a cryptocurrency scam reported by a woman at an exchange shop in Mong Kok on Saturday, where she claimed to […]
A U.S. Securities and Exchange Commission (SEC) commissioner has urged the U.S. to adopt a more proactive approach to crypto regulation, pointing to the leadership of Indo-Pacific nations like Japan, Singapore, and Hong Kong. He emphasized that these countries have crafted clear frameworks that foster innovation while protecting investors, in contrast to the U.S., where […]
Hong Kong police have dismantled a notorious fraud syndicate responsible for defrauding victims of HK$360 million using romance scams tied to fake cryptocurrency platforms. Arresting 27 individuals, some linked to triads, they revealed the sophisticated use of deepfake technology and digital media expertise to deceive victims across Asia. Massive Fraud Syndicate Busted: Deepfake Romance Scams, […]
Tether has achieved its first 10 years with a considerable jump in its user base, a closer relationship with US authorities and fresh regulatory challenges in Europe.
Tether marked its first 10 years amid a considerable expansion in its user base. According to the stablecoin issuer, it had 350 million users on Oct. 7, an increase of 148% from its 141 million users in 2022.
Tether’s USDT (USDT) rapid growth over the past two years can be partially attributed to a tighter regulatory landscape in the United States, which has put pressure on domestic crypto companies since the FTX debacle in November 2022.
Increased scrutiny by regulators, combined with the 2023 banking crisis that led to the temporary depegging of its primary competitor, USD Coin (USDC), drove many users to move their assets away from US-based platforms amid concerns over regulatory risks and the stability of the financial system. Even though market conditions have evolved since then, Tether has successfully retained a significant portion of these users.
Hong Kong’s Securities and Futures Commission (SFC) has confirmed that the full regulatory framework for digital assets is set to be completed by next year, according to CEO Liang Fengyi. She also noted that 11 more crypto platforms are in the process of applying for licenses, with the first round of assessments already finished. SFC […]
The Hong Kong Monetary Authority (HKMA) has moved into Phase 2 of its e-HKD pilot program, expanding its exploration into tokenized deposits and e-HKD. With 11 groups of firms selected, the initiative delves into practical applications such as offline payments and asset settlement. The creation of an industry forum aims to solve potential challenges while […]
Sygnum, a Swiss digital asset banking group, has registered its local subsidiary with the Liechtenstein financial regulator. This move allows the company to offer regulated services in the EU and European Economic Area under the incoming MiCA framework. With plans for further growth in Asia, including Hong Kong and Singapore, Sygnum continues to strengthen its […]
East Asia’s cryptocurrency market is experiencing significant growth, driven by institutional adoption in South Korea and Hong Kong, according to a report by blockchain analytics firm Chainalysis. South Korea leads with $130 billion in on-chain value, while Hong Kong emerges as a major hub due to its unique regulatory framework. Both regions reflect shifting attitudes […]
First Digital Trust, which provides crypto custody services for institutions, says that Hong Kong is not yet ready to regulate USD-backed stablecoins.
Hong Kong-based First Digital Trust expressed hopes that the city will accelerate the regulation of the digital assets sector, warning that it risks falling behind the rapid pace of industry development if it does not.
Hong Kong, aiming to position itself as a global hub for cryptocurrency, currently has only two fully licensed virtual asset trading platforms: Hash Blockchain and OSL Digital Securities. Many other crypto exchanges are still awaiting full operational licenses in the city.
“It is understandable its (Hong Kong’s) current approach to regulation in trading is more conservative and slower than some other jurisdictions since it prioritizes the protection of investors,” Vincent Chok, CEO of First Digital, told Cointelegraph in an exclusive interview. However, he pointed out:
