Xu Zhengyu: The next step is to promote digital renminbi for retail settlement in Hong Kong
Hong Kong Secretary for Financial Services and the Treasury, Christopher Hui, stated at the Fintech Week forum that the government supports financial institutions and enterprises to expand the use of digital RMB for cross-border applications, focusing on retail payments and two-way connectivity. Hui stated that mainland tourists can now use digital RMB for Octopus card top-up, and Bank of China Hong Kong will improve its digital RMB services to enhance user experience.
In the past, Octopus card and local banks have collaborated to enable citizens traveling to the mainland to use digital RMB for retail transactions. The next step will be to use Hong Kong's infrastructure for digital RMB retail settlement, allowing mainland tourists to use digital RMB for retail transactions in Hong Kong. Regarding the timeline, Hui stated that it depends on technology and specific circumstances.
In addition, Hui stated that he is aware of the existence of over-the-counter (OTC) trading activities in virtual asset markets and is communicating with relevant regulatory departments to study regulatory work, with the goal of completing the framework and promoting legislative work as soon as possible. (RTHK)
Chief Executive of the Hong Kong Monetary Authority: The government is discussing with the industry to explore the next token issuance to open up new possibilities
On November 2nd, Hong Kong Monetary Authority CEO Eddie Yue said at the 8th Hong Kong Fintech Week main forum that use cases such as tokenized bonds have surpassed the conceptual validation stage and have been applied in actual transactions.
Yue said, "In fact, earlier this year, we assisted the government in issuing the world's first tokenized government green bond to demonstrate the compatibility of Hong Kong's legal and regulatory environment with this new issuance form."
He added that the government is already discussing with the industry to "explore the next tokenized issuance to open up new possibilities."
Yue said, "Looking ahead, we can expect an increase in tokenization of differences to support gradual adoption. I also expect the use of blockchain-based payment methods to increase, including stablecoin wallets or tokenized deposits provided by banks." (The Block)
The Hong Kong Securities and Futures Commission will issue two tokenization-related notices today, one of which focuses on the requirements for the issuance of authorized funds.
According to the Hong Kong Securities and Futures Commission (SFC) Chief Executive Officer Ashley Alder, the regulatory body plans to release two notices on tokenization later today at the 8th Hong Kong Fintech Week.
One of the notices will cover "Identifying the Risks of this New Technology" and "Expectations of Intermediaries by Regulators when Conducting Due Diligence, Transfers or Initial Offerings".
Alder added that the other notice will focus on the SFC's requirements for authorized funds to issue, "We will have additional safeguards for all our expectations of it."
She added: "All of this is to ensure that assets are safely held, transferred, and recorded, as this is ultimately a new technology. While we support the industry and experiment with more use cases, we also see new risks associated with innovative technology, especially in the transfer, ownership, and record-keeping of these tokens."
FOMO Pay obtains Hong Kong money service operator MSO license
FOMO Pay, a Singapore-based digital payment solutions provider, has announced that it has successfully obtained a Money Service Operator (MSO) license issued by the Hong Kong Customs. The company plans to launch payment and remittance services to meet the global payment and collection needs of corporate customers and has already set up an office in Hong Kong. FOMO Pay raised $13 million in funding last August, led by Jump Crypto. Prior to this, it had already been awarded several financial services licenses by the Monetary Authority of Singapore (MAS), including domestic and cross-border remittances and merchant acquiring licenses. It is also one of the first companies in Singapore to be approved by MAS to provide digital payment token services.
Secretary for the Treasury of Hong Kong: The Securities and Futures Commission will soon issue a notice on intermediaries engaged in tokenized securities activities
Odaily Planet Daily News: Hong Kong Financial Secretary Paul Chan Mo-po said at the 8th Hong Kong Fintech Week forum that the government continues to encourage Web3 innovation, and the recent crackdown on JPEX has not undermined its determination.
He said: "We have been asked many times whether JPEX will affect our determination to develop the Web3 market. The answer is obviously no."
Chan Mo-po added that the Securities and Futures Commission will soon issue a notice on intermediary agencies engaged in tokenized securities-related activities and investment products recognized by the Securities and Futures Commission.
He said that another area of concern for regulatory agencies is exploring how to expand their jurisdiction to cover virtual asset trading beyond transactions on virtual asset trading platforms.
At the same time, the Hong Kong Monetary Authority and the Financial Services and Treasury Bureau will soon publish another joint consultation on the regulatory regime for stablecoin issuers. (The Block)
The official website of the Hong Kong Securities and Futures Commission newly disclosed a suspicious virtual asset trading platform "HOUNAX"
According to the website of the Hong Kong Securities and Futures Commission, a new suspicious virtual asset trading platform "HOUNAX" has been added to the list of "unlicensed companies and websites" on November 1st.
The remarks show that "HOUNAX" claims to be a cryptocurrency trading platform and seems to target Hong Kong investors, especially by pre-filling the "+852" field on its user login page and providing a "Hounax Hong Kong" community media channel on Facebook, X (formerly Twitter), and YouTube.
So far, the Hong Kong Securities and Futures Commission has disclosed a total of 7 suspicious virtual asset trading platforms.
Hong Kong’s local OTC One Satoshi announced that it will form the “Hong Kong Virtual Asset Industry Association”
A local OTC Bitcoin (One Satoshi) in Hong Kong announced the formation of the "Hong Kong Virtual Asset Industry Association" to assist the industry in formulating multiple anti-money laundering (AML) and know-your-customer (KYC) guidelines, to unify and enhance industry standards and reputation, maintain the common interests of the industry, and hope to gather industry strength and experience to provide accurate anti-fraud suggestions to the government to enhance public security and create a good business environment, and avoid Hong Kong becoming the capital of fraud or money laundering paradise. <br>
Hong Kong listed company Huake Intelligent Investment Plan opened an account on HashKey Exchange in Q4
HashKey Exchange announced that Huake Intelligent Investment Co., Ltd. ("Huake Intelligent Investment"), a Hong Kong-listed company, plans to open an account with HashKey Exchange in the name of its wholly-owned subsidiary in the fourth quarter.
Huake Intelligent Investment's move reflects its affirmation and attention to the development prospects of the Web3 industry. HashKey Exchange stated that the platform will provide secure, professional, and compliant digital asset trading services to Huake Intelligent Investment.
Huake Intelligent Investment plans to officially settle on the HashKey Exchange platform and conduct digital asset trading in the fourth quarter. In the future, HashKey Exchange will explore potential opportunities for in-depth cooperation with Huake Intelligent Investment, innovate in security and compliance, and provide users with safer and more convenient channels for digital asset investment.
As the regulatory environment becomes clearer, HashKey Exchange expects more high-quality institutions in the real economy to join the digital asset industry.
Yu Weiwen: Supervising stablecoins can help maintain financial stability
the Chief Executive of the Hong Kong Monetary Authority (HKMA), Eddie Yue, stated that stablecoins have broad connections with mainstream financial systems and daily commercial activities, and introducing regulations can help maintain financial stability and promote orderly and sustainable development of the industry. Virtual assets have entered the mainstream investor's field of vision, and the Hong Kong government and regulatory agencies are accelerating the introduction and improvement of relevant regulatory mechanisms. The HKMA has already released a "Discussion Paper on Cryptocurrencies and Stablecoins" earlier this year, and based on industry feedback, it is now including stablecoin-related commercial activities in its regulatory framework. Regulation and market development are complementary and mutually reinforcing. The virtual asset industry has experienced crises due to insufficient self-regulation and misuse of customer assets, but it has now attracted the attention of mainstream investors. Therefore, the Hong Kong government and regulatory agencies are accelerating the introduction and improvement of relevant regulatory mechanisms. The Securities and Futures Commission of Hong Kong can regulate virtual asset trading platforms through this system, and the platforms also need to comply with rules such as anti-money laundering and counter-terrorism financing. Banks can cooperate with licensed platforms to provide more distribution channels for investment and financial products.
Hivemind Capital Partners announces entry into Hong Kong
Hivemind Capital Partners, an investment company focused on Web3 and blockchain technology, announced its entry into Hong Kong and appointed banking veteran Stanley Huo as the new head of the Asia Pacific region.
