Elizabeth Wong: I don’t understand Binance’s method and structure of entering the Hong Kong market, and I am not sure whether Binance can obtain a license in Hong Kong.
On November 24th, Elizabeth Wong, the Director of Licensing and Head of Fintech at the Hong Kong Securities and Futures Commission, was asked on the Web3 Harbor podcast if Binance could obtain a license in Hong Kong after pleading guilty in the United States. She stated that without understanding how Binance would enter the market and its structure, it is currently uncertain. Wong was also asked if Binance would seek a license in Hong Kong under the leadership of new CEO Richard Teng, to which she replied that they are currently not on the list of virtual asset trading platforms applying for a license.
The Hong Kong High Court tried a robbery case involving HK$3.5 million in USDT, and three men pleaded guilty and were sentenced to 4 years and 8 months in prison.
According to Jinse Finance, the Hong Kong High Court has tried a robbery case involving 3.5 million Hong Kong dollars of "Tether" USDT on November 23. It is reported that the victim surnamed Yin and her husband have been trading virtual currency "Tether" since 2018. They met the male buyer who is currently wanted in December 2020 and successfully completed 4 transactions of "Tether" buying and selling within a month, collecting a total of over 6.87 million yuan. However, they were robbed by masked robbers in a transaction worth 3.5 million yuan of "Tether". The special commission judge stated that this case was a precise plan, and all defendants had premeditated the crime and played different roles. They pretended to trade virtual currency with the victim first, and then robbed her when she was alone. The amount involved in the case, 3.5 million yuan, has not been recovered yet. The three criminals have been sentenced to 4 years and 8 months in prison each for robbery.
ZA Bank has received approval from the Securities and Futures Commission of Hong Kong to launch US stock trading services
According to official sources, virtual bank ZA Bank in Hong Kong has announced that it has been approved by the Hong Kong Securities and Futures Commission to remove the conditions that applied to the first category (securities trading) of regulated activities when it originally registered for its license. This means that ZA Bank will not be limited to operating "Collective Investment Scheme (CIS)" businesses. Therefore, ZA Bank plans to launch US stock trading services to the public after completing service testing. ZA Bank users will be able to obtain more investment opportunities through the ZA Bank App, including buying and selling US stocks, exchange-traded funds (ETFs), and American depositary receipts (ADRs).
The Hong Kong Monetary Authority and the Financial Services Regulatory Authority of the Abu Dhabi International Financial Center strengthen fintech cooperation
Hong Kong Monetary Authority and the Financial Services Regulatory Authority of the Abu Dhabi Global Market jointly announced the exchange of a "Memorandum of Understanding" today (November 22) to strengthen their existing financial technology cooperation, especially in the areas of cross-border trade-related data exchange and business cooperation, further promoting the use of financial technology and data in the two markets to provide inclusive and innovative financial services.
Bloomberg: Hong Kong and Singapore compete for $5 trillion tokenization “cake”
Ashley Alder, CEO of the Hong Kong Securities and Futures Commission, said in an international interview that as the cryptocurrency system gradually develops to "a level we feel comfortable with," Hong Kong is "pleased to open up more channels to a wider range of investors." Meanwhile, Ravi Menon, governor of the Monetary Authority of Singapore, told Bloomberg that by next year, Singapore will become one of the strictest countries in regulating cryptocurrencies in terms of consumer protection, but also one of the most convenient countries in regulating tokenization. Citigroup estimates that by 2030, the tokenization market could expand to $5 trillion, representing digital forms of real-world assets such as bonds, real estate, and private equity.
Former President of the Hong Kong Monetary Authority: Hong Kong deserves to study the launch of a Hong Kong dollar stable currency
Former chief executive of the Hong Kong Monetary Authority and chairman of Circle Coin Technology Group, Chen De-lin, pointed out that most stablecoins on the market are backed by US dollars. As Hong Kong is a financial center with virtual asset regulatory regulations, it is worth studying the launch of a Hong Kong dollar stablecoin. With the rapid development of Web 3.0 and digital payment applications globally, stablecoin smart contracts can support a large number of new transaction scenarios. However, the stablecoin market is currently dominated by US dollar assets such as USDT and USDC. Considering that the Hong Kong dollar is pegged to the US dollar and Hong Kong is a financial center, it is not ideal to not promote a Hong Kong dollar stablecoin.
Liu Furong, a member of the Hong Kong Web3.0 Development Task Force: The task force has not yet reached a consensus
Liu Furong, member of the Hong Kong government's third-generation Internet (Web3.0) development task force and CEO and executive director of Yuchengco Gold, said in a recent interview that he hopes the task force can promote more Web3-related technologies, such as token trading between different blockchains and anti-counterfeiting authentication, to consolidate Hong Kong's position as an international financial center. Liu Furong also added that there is no clear profit model for Web3 companies in Hong Kong, and they are not making much money. The task force has not yet reached a consensus. Earlier this month, Yuchengco Gold announced a partnership with Chainlink Labs to develop cross-chain fund tokens.
Xu Zhengyu: The Digital Currency Research Institute of the People's Bank of China and the Hong Kong Monetary Authority are conducting the second phase of technical testing in Hong Kong on digital renm
Golden Finance reported that the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government, Christopher Hui, mentioned in his reply to the legislators that cross-border financial technology cooperation is crucial to promoting electronic payment interconnection between the two places. The Digital Currency Institute of the People's Bank of China and the Hong Kong Monetary Authority are conducting the second phase of technical tests on digital RMB for cross-border payments in Hong Kong, introducing more Hong Kong banks to participate and adding value to digital RMB wallets through Transfer Faster. Digital RMB provides one more safe, convenient, and innovative option for cross-border retail consumption for residents of the two places, enhancing the efficiency and user experience of cross-border payment services.
BC Technology Group stock resumed trading, rose to HK$5.1 in the short term and then fell back
Stock of BC Technology Group, the parent company of OSL, resumed trading on the Hong Kong Stock Exchange today. The closing price before the resumption of trading was HKD 4.92, and the opening price today was HKD 4.97, rising to HKD 5.1 at one point. It is now reported at HKD 4.51, a decrease of 8.33% compared to the closing price before the resumption of trading. Yesterday, it was reported that the cryptocurrency group BGX made a strategic investment in BC Technology Group, the parent company of OSL, a licensed virtual asset trading platform in Hong Kong, subscribing to new shares worth approximately HKD 710 million. The transaction is subject to shareholder approval.
Hong Kong Legislative Council: Call on institutions to actively consider Hong Kong and citizens should choose licensed trading platforms
Hong Kong Legislative Council member Wu Jiezhuang stated on X platform that since the Hong Kong SAR government opened its virtual asset policy, the Web3 policy in Hong Kong has achieved positive effects. He called for more international organizations to come to Hong Kong to understand investment and landing opportunities and actively consider Hong Kong. He also welcomed relevant investors to participate in the investment of listed companies of licensed institutions. Wu Jiezhuang stated that the media also reported that individual unlicensed exchanges stated that they will continue to operate. He urged citizens to choose licensed virtual asset exchanges for investment and to fully understand the relevant products and risks when making investment decisions.
