Hong Kong Retains Top Spot As Best-Prepared Jurisdiction for Widespread Cryptocurrency Adoption in 2023
For the second year in a row, Hong Kong has been named the best-prepared jurisdiction for widespread cryptocurrency adoption in 2023, according to a study that factors in the existence and reach of crypto through ATMs, businesses, accessibility, and legality.
Hong Kong Media: Hong Kong Police Are Investigating Whether Jpex Involves Criminal Elements
According to Hong Kong media outlet am730, JPEX, a cryptocurrency exchange previously warned by the Hong Kong Securities and Futures Commission, had large-scale advertising campaigns in Hong Kong last year, including television, outdoor billboards, and bus stop lightboxes. Actor Zhang Zhihui served as the brand ambassador for JPEX, and Taiwanese singer Chen Lingjiu, who previously collaborated with MIRROR, was also a spokesperson for the exchange.
GYMetaverse Intends To Invest HK$100 Million To Expand Its Web 3.0 Health Management Platform Live4Well
Hong Kong Web 3.0 health company GYMetaverse plans to invest HK$100 million to expand its Web 3.0 health management platform Live4Well. The platform uses blockchain technology to provide users with secure, decentralized, traceable, and controllable self-health management services.
Hong Kong Legislative Council member Qiu Ta-kan submitted the three arrows and three circles policy initiative: comprehensively promote the development of the digital economy and Web3
On August 31, Hong Kong Legislative Council member (Technology and Innovation sector) Charles Mok submitted the Three Arrows and Three Circles Economic and Technological Development Policy Proposal, and put forward multiple suggestions, including the establishment of a HKD 5 billion angel mother fund by Hong Kong Investment Management Limited to stimulate investment in the science and technology industry, launch a quota investment introduction plan to attract potential growth-stage technology companies, establish a secondary market pairing fund to revitalize the secondary capital market, cancel or lower the stock stamp duty, issue tokens to support the development of the New Territories Science and Technology City, accelerate the launch of the digital Hong Kong dollar at the retail level, launch a Hong Kong dollar stablecoin sandbox, and provide policy incentives to encourage private institutions to issue compliant Hong Kong dollar stablecoins, hoping to use market forces to drive Hong Kong's economy to accelerate recovery, and through comprehensive promotion of digital economy and Web3 development, to create more new momentum for Hong Kong.
Pando Trust Limited has obtained Hong Kong TCSP and Trustee licenses
Pando Trust Limited has obtained the Hong Kong TCSP and Trustee (trust or company service provider) licenses on August 29, 2023, and will be able to conduct more fund management businesses in the future.
HashKey Exchange: Substantial Increase in User Registration and KYC Verification, KYC Process Will Be Prioritized
HashKey Exchange, a licensed retail exchange in Hong Kong, announced in a tweet that user registration and KYC verification have significantly increased from day one. The team is prioritizing the KYC process to clear the backlog of work and thanks you for your patience.
SEBA Hong Kong Receives In-Principle Approval from SFC to Deal in Virtual Assets
SEBA Bank's Hong Kong branch has been granted in-principle approval from the Hong Kong Securities and Futures Commission to deal in virtual assets. The license will allow SEBA Hong Kong to offer services such as over-the-counter derivatives, asset management for discretionary accounts in virtual assets, and advising on virtual assets.
DBS to apply for license to offer cryptocurrencies to Hong Kong clients
On August 29th, in an interview with 21st Century Business Herald, Pang Huayi, Chairman of DBS China, said that "DBS Bank plans to apply for a license to allow it to provide cryptocurrency services to Hong Kong customers. We hope to obtain a license to sell digital assets, but we do not intend to replicate the ecosystem we have already established in Singapore. In fact, we hope to provide (Hong Kong) customers with the opportunity to purchase digital assets through DBS Hong Kong. Currently, we can purchase digital assets through DBS Singapore."
Hong Kong virtual asset trading platform OSL retail business has been fully put into service
First licensed virtual asset trading platform, OSL, has officially announced that its retail business has been fully put into service. Retail investors can register and trade digital assets including Bitcoin and Ethereum. OSL CEO Hugh Madden stated that a long-term strategy based on market compliance and government regulation is the guarantee of OSL's development potential and will help the company gain broad trust and recognition from users.
Hong Kong Adopts a Dual License System for Virtual Asset Platforms, and OSL and HashKey Are Still Applying for the Second License
On August 29th, it was reported that Hong Kong's licensing system for operators of virtual asset trading platforms is actually a "dual licensing" system. In addition to the licensing system for "security tokens" under the Securities and Futures Ordinance, there is also another licensing system for "non-security tokens" under the Anti-Money Laundering Ordinance, which will officially take effect on June 1, 2023.
