South Korea, Hong Kong Lead Crypto Market Growth in East Asia

September 19, 2024 Bitcoin.com

Altcoins

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 […]

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Hong Kong should try to speed up crypto regulation: First Digital CEO

September 14, 2024 Coin Telegraph

Coin Telegraph

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:

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Hong Kong SFC Seeks Industry Feedback on New Licensing Rules for OTC Crypto Services

September 14, 2024 Bitcoin.com

bitcoin.com

Hong Kong’s Securities and Futures Commission (SFC) is actively seeking input from industry participants on proposed new licensing regulations for over-the-counter (OTC) cryptocurrency services. The initiative aims to establish a comprehensive framework that mandates licensing and adherence to anti-money laundering (AML) and counter-terrorist financing regulations. This move, which includes joint supervision by the SFC and […]

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China’s Digital Yuan Nears $1 Trillion in Transactions, PBOC Official Reveals

September 11, 2024 Bitcoin.com

China’s Digital Yuan Nears Trillion in Transactions, PBOC Official Reveals

Bank for International Settlements

China’s digital yuan initiative has advanced considerably, backed by over a decade of research and four years of pilot experimentation, according to Lu Lei, Deputy Governor of the People’s Bank of China (PBOC). Trials for the Chinese central bank digital currency (CBDC) have been conducted in 17 different areas, accumulating a total transaction value of […]

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Hong Kong accepts crypto license application past deadline

August 31, 2024 Coin Telegraph

Coin Telegraph

Hong Kong Digital Asset Xchange is the latest firm to apply for a license, having submitted its application on Aug. 27.

The Hong Kong Securities and Futures Commission (SFC) has granted a new digital asset exchange license to Hong Kong Digital Asset Xchange (HKDAEx) despite the May 31 deadline having passed.

HKDAEx, a company based in Hong Kong and a member of the Hong Kong Financial Asset Exchange Group, submitted an application for a digital asset exchange license on Aug. 27, according to the regulator’s listing.

However, the SFC may return the application if it finds it incomplete or if there are unresolved fundamental issues.

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Hong Kong to enhance digital asset regulation in 18 months

August 11, 2024 Coin Telegraph

bitcoin futures

By establishing a comprehensive regulatory framework, the city aims to attract global fintech talent, foster innovation, and ensure the security and integrity of digital asset transactions.

Hong Kong is poised to enhance its digital asset regulation within the next 18 months, marking a significant step in its mission to become a global hub for financial technology.

At the Foresight 2024 annual summit, David Chiu, a member of the Legislative Council of the Hong Kong Special Administrative Region (Technology and Innovation), outlined the city’s strategic plans to attract technology talents, build new infrastructure, and establish robust legislative supervision.

Chiu emphasized that this initiative is crucial for the technology industry over the next five to ten years. “The digital asset industry has made significant progress in the past few years, but we are still in a very early stage,” Chiu said. “We should establish a sound exchange system and soon introduce legislation related to stablecoins.”

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Hong Kong virtual bank Mox Bank launches crypto ETF trading

August 7, 2024 Coin Telegraph

Coin Telegraph

The Standard Chartered subsidiary says it's the first bank of its kind to offer spot Bitcoin and Ether ETF trading to customers.

A virtual bank based in Hong Kong has launched crypto exchange-traded fund trading for its customers and is eyeing potential expansion into spot trading markets.

On Aug. 7, Mox, a virtual bank subsidiary of Standard Chartered, announced the launch of a crypto ETF service, becoming the first bank of its kind to offer direct trading of spot Bitcoin and Ether ETFs on its platform.

The bank also plans to expand its crypto offerings, including allowing direct purchases and trading of crypto assets in the future through a partnership with a licensed exchange.

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Hong Kong’s Largest Online Broker Launches Retail Crypto Trading for 22 Million Users

August 2, 2024 Bitcoin.com

Bitcoin

Futu Securities International, Hong Kong’s largest online broker with 21.64 million users, has launched retail cryptocurrency trading. Hong Kong residents can now trade bitcoin and ether in either Hong Kong or U.S. dollars directly through Futu’s platform. “We are actively working on expanding our crypto offerings in the near future,” the company said. Last month, […]

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Hong Kong Police Arrest Four for Allegedly Using Fake Banknotes To Swindle $1,400,000 in Crypto: Report

July 30, 2024 The Daily Hodl

Hong Kong Police Arrest Four for Allegedly Using Fake Banknotes To Swindle ,400,000 in Crypto: Report

Crypto Scams

Authorities in Hong Kong have arrested four people for allegedly defrauding victims out of cryptocurrency worth approximately $1.4 million using counterfeit cash. According to a South China Morning Post report, Hong Kong police have apprehended four people aged between 14 and 39 suspected of conspiring to defraud while possessing 5,000 counterfeit Hong Kong dollar (HK$) […]

The post Hong Kong Police Arrest Four for Allegedly Using Fake Banknotes To Swindle $1,400,000 in Crypto: Report appeared first on The Daily Hodl.

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Hong Kong Regulator Warns Against Proxinex for Suspected Virtual Asset Fraud

July 30, 2024 Bitcoin.com

bitcoin.com

The Securities and Futures Commission (SFC) of Hong Kong has issued a public warning regarding Proxinex, an entity suspected of virtual asset-related fraud. Investors have encountered issues withdrawing virtual assets from Proxinex, later being informed that their accounts were nonexistent. The SFC suspects Proxinex enlisted an agent to attract investors through dating apps, possibly using […]

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