Hong Kong Securities and Futures Commission: Promote the implementation of the mutual recognition arrangement between the Mainland and Hong Kong, and allow sales to public investors in the other marke
Securities and Futures Commission (SFC) of Hong Kong welcomes the release of the "Hong Kong Mutual Recognition of Funds Management Rules (Revised Draft for Solicitation of Comments)," which promotes the implementation of optimized mutual recognition arrangements for funds. The proposed measures for revision in the draft for solicitation of comments include relaxing the proportion limit for Hong Kong mutual recognition funds sold in the Mainland and allowing Hong Kong mutual recognition funds to transfer investment management functions to overseas asset management institutions under the same group as the manager. Currently, the proportion of mutual recognition funds sold in the other market cannot exceed 50% of the total assets of the fund. After optimization, this proportion limit will be relaxed to 80%. The SFC of Hong Kong will work closely to promote the formulation and implementation of relevant measures and will announce the implementation details and formal launch date of the optimized mutual recognition arrangements in due course. Cross-border mutual recognition of funds is a mature institutional arrangement in the field of international asset management market opening. As early as July 1, 2015, the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission launched mutual recognition of funds, allowing Mainland and Hong Kong funds that meet certain conditions to be recognized or licensed for sale to the public in the other market in accordance with statutory procedures.
Wu Jiezhuang was elected as the chairman of the Hong Kong Legislative Council Web3 and Virtual Asset Development Subcommittee
The Web3 and Virtual Asset Development Subcommittee of the Hong Kong Legislative Council has announced the election results for the chairman and vice-chairman. According to Legislative Council document CB(1)769/2024, Legislative Council member Wu Chi-wai has successfully been elected as the chairman of the subcommittee. The establishment of the Web3 and Virtual Asset Development Subcommittee primarily examines the application and development of Web3 and virtual asset technology in Hong Kong, and makes recommendations on the implementation of relevant regulations and policies. The subcommittee's first meeting will be held on June 17, 2024 (Monday) from 4:30 pm to 5:00 pm in Meeting Room 2A of the Legislative Council Complex.
Hong Kong Cyberport launches Web3 proof-of-concept testing funding program and approves 45 projects
Hong Kong Cyberport has launched the Web3 Concept Verification Test Fund (Web3 PoC Program) to promote the development of the Web3.0 industry and the application of related technologies in multiple fields. The program encourages Web3.0 technology companies to collaborate with mature industries to develop high-value and innovative Web3.0 solutions by providing funding for innovative Web3.0 technology projects at the development stage, accelerating the development of the Web3.0 technology community, and promoting the commercial adoption of Web3.0 in Hong Kong. It is reported that the program received a total of 122 project applications and approved 45 projects, with each project eligible for up to 150,000 yuan in funding, covering fields such as tokenized asset management and carbon credit certification.
Hong Kong Monetary Authority: A digital currency platform called "Kucoin" claims to be regulated by the HKMA and clarifies that it has nothing to do with the HKMA
The Hong Kong Monetary Authority (HKMA) has issued warnings about fraudulent websites impersonating the HKMA official website, regulated platforms, fake documents and email press releases. Citizens of Hong Kong are urged to be vigilant and pay attention to these fraudulent websites, platforms claiming to be regulated by the HKMA, fake documents and emails, including paying attention to fraudulent websites with the domain name 353049[.]cc. A digital currency platform called "Kucoin" claims to be regulated by the HKMA and has issued documents in the name of the HKMA, requesting citizens to pay fees to retrieve frozen account funds. The HKMA has reported the incident to the Hong Kong police and clarified that it has no relationship with the incident and will not contact citizens regarding personal financial matters.
Cointime May 25 News Express
1. British media: 61,000 Bitcoins in Qian Zhimin case may belong to British police and Home Office
Caixin: Hong Kong could unlock a passive income source if it allows Ethereum ETF staking
It has been reported by Caixin that Hong Kong is considering allowing Ethereum exchange-traded fund (ETF) pledging. Previously, insiders said that the Hong Kong Securities Regulatory Commission had discussed providing pledging services through licensed platforms with local cryptocurrency ETF issuers, while potential issuers of such ETFs in the United States have deleted pledging-related content from their plans. Hong Kong's move is different from that of the United States, which may release a passive income source.
Aegis Custody: Discussions between Hong Kong ETF issuers and regulators on Ethereum staking are healthy
Serra Wei, CEO of Aegis Custody, a local Hong Kong bank providing custody technology solutions, stated that the discussions between Hong Kong ETF issuers and regulators regarding Ethereum collateral have always been healthy. She also believes that this would be in line with local regulatory requirements. Serra Wei, who did not participate in the discussions with the Hong Kong Securities and Futures Commission, believes that including collateral in spot Ethereum ETFs would be a milestone event for Hong Kong.
VAEX’s application for a Hong Kong virtual asset trading platform license was withdrawn on May 24
Updated data on the website of the Hong Kong Securities and Futures Commission shows that VAEX's application for a virtual asset trading platform license, submitted to the Hong Kong Securities and Futures Commission, was withdrawn on May 24th.
Chan Mo-po: Hong Kong Cyberport startups have raised over HK$40.6 billion in total, and the third-generation Internet companies have obvious advantages in the community
Paul Chan Mo-po, Financial Secretary of the Hong Kong Special Administrative Region, published a blog post titled "Strengthening the Foundation, Enhancing Quality Development", in which disclosed data showed that over 400 companies have settled in Cyberport in the past year, bringing the total number of enterprise communities to over 2,000, including 8 unicorns; start-ups have raised a total of over 40.6 billion yuan, with obvious advantages in the financial technology and third-generation internet enterprise communities, and the development of artificial intelligence is accelerating and providing technical support for Hong Kong's digital transformation.
Hong Kong launches world’s first green security token offering for new energy vehicle charging network
Hong Kong has launched the world's first green securities token offering (STO) for the new energy vehicle charging network. The G-STO issuance is jointly launched by XECO, a local new energy vehicle solution provider in Hong Kong, and Gaopeng Technology Finance (Hong Kong) Limited, a licensed institution of the Hong Kong Securities and Futures Commission. It is reported that the green securities token offering will be launched on the Ethereum blockchain and is currently only open to professional investors. Each participant can instantly understand the product or service usage of the new energy vehicle charging project and estimate the return based on business performance. By utilizing the Ethereum blockchain technology, G-STO reduces the financial threshold of the private equity market and combines traditional measures such as KYC/AML (Know Your Customer/Anti-Money Laundering) compliance, business governance, risk assessment, and annual financial audit.
