The crypto exchange giant OKX will shutter its digital asset trading services in Hong Kong at the end of the month. OKX says it decided to pull its application for a virtual asset trading platform license in Hong Kong “after careful consideration of the business development prospects.” The exchange will stop providing trading services on […]
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Cryptocurrency exchange Okx has decided to withdraw its virtual asset service provider (VASP) license application in Hong Kong. As a result, Okx will stop offering centralized virtual asset trading services to Hong Kong residents by May 31, 2024. The exchange stressed that customer funds remain secure, and withdrawal services will continue unaffected. Okx’s web3 (self-hosted […]Gate.HK, the Hong Kong arm of cryptocurrency exchange Gate.io, is undergoing a significant platform overhaul to enhance security and compliance, withdrawing its applications for licensing under Hong Kong’s Securities and Futures Ordinance (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). Effective immediately, new user registrations and asset deposits are suspended. All tokens will […]
According to the latest data, U.S. spot bitcoin exchange-traded funds (ETFs) have experienced positive inflows for six consecutive days. Over this period, the spot bitcoin ETFs attracted a total of $1.186 billion. Ark Invest’s ARKB Tops Inflows as U.S. Bitcoin ETFs Gain $237 Million Spot bitcoin ETFs in the U.S. continued their streak of positive […]
Hong Kong police have arrested three men at a currency exchange shop in Tsim Sha Tsui, a major tourist area, for allegedly presenting “hell money” to a customer, leading the customer to transfer approximately HK$1 million ($128,206) worth of cryptocurrency in exchange for cash. The suspects, aged between 31 and 34, were detained on suspicion […]
Since the Hong Kong spot bitcoin exchange-traded funds (ETFs) began trading, their performance has been underwhelming, with three ETFs accumulating around $228 million in net assets. Inconsistent Inflows and Outflows Mark Hong Kong Bitcoin ETFs’ First Weeks On Thursday, the spot bitcoin ETFs in Hong Kong experienced net negative outflows of approximately 104.79 BTC, valued […]
The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBOC) have advanced the digital yuan (e-CNY) pilot for payments, aiming to increase e-CNY wallet usage in Hong Kong. Residents can now set up and top up wallets via the Faster Payment System (FPS), marking the first global linkage of a faster payment […]
Net outflows for Hong Kong’s crypto ETFs reached a record $39 million on Monday with bleeding felt across all six funds.
Hong Kong’s Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) posted the largest-ever net outflow on Monday, May 13 — wiping all gains they’ve made since launching under two weeks ago.
Bosera, ChinaAMC and Harvest Global’s spot Bitcoin ETF funds posted net outflows of $32.7 million, with ChinaAMC’s Bitcoin fund coming in as the biggest loser on the day with $15.5 million in outflows, according to Farside Investors data.
Meanwhile, spot Ether ETFs from the same issuers saw total joint net outflows of $6.6 million. Harvest Global and ChinaAMC tied for most outflows with $3 million each.
Regulators like HKMA and SFC united with local private sector firms like HSBC and HashKey to support the tokenization market in Hong Kong.
The Hong Kong Monetary Authority (HKMA), the financial regulator and central bank of Hong Kong, is collaborating with the industry to explore asset tokenization.
HKMA officially announced on May 7 that it will form a special community comprising industry representatives and regulators to develop tokenization standards.
Called “Project Ensemble Architecture Community,” the community aims to supervise and support the development of tokenization projects in Hong Kong.
The exchange-traded funds only managed to attract around $22.5 million inflows during their first week of launch.
Hong Kong spot Bitcoin exchange-traded funds (ETFs) are far underperforming their U.S. counterparts in the first week of launch.
According to data compiled by Farside Investors, the three spot Bitcoin (BTC) ETFs that launched on April 30 in the East Asian City have attracted a total of $262 million in assets under management (AUM), the vast majority of which was subscribed to before the listing. Meanwhile, their asset inflows amounted to less than $14 million in the first week of launch, far below the billions that flowed into U.S. spot Bitcoin ETFs in January.
“In our view, the launch of the Bitcoin and Ethereum ETFs in Hong Kong, is a far less significant moment that the US ETFs,” Farside Investors commented. Meanwhile, Hong Kong spot Ether (ETH) ETFs, the first of their kind in the world, also did not impress, with a cumulative $54.2 million in AUM and $9.3 million in total inflows as of May 6.
