Hong Kong's Mox Bank Freezes Accounts of Customers Involved in Crypto Transactions
Customers of Mox Bank, an online-only bank in Hong Kong backed by Standard Chartered, have had their accounts frozen due to crypto transactions, leading to complaints on social media. The bank has cited "security considerations" as the reason for the freeze, but has assured customers that their accounts will be unblocked after review.
Chinese Flock to Hong Kong Crypto Shops To Purchase Digital Assets
Mainland Chinese residents are flocking to crypto shops in Hong Kong to purchase digital assets in order to circumvent China’s cryptocurrency trading ban. While crypto transactions are illegal on the mainland, crypto trading is legal in Hong Kong, and the city is seeking to become a digital assets trading hub. These lightly regulated bricks-and-mortar crypto shops are becoming increasingly prevalent due to surging demand from mainland Chinese visitors and ambiguity over their regulatory status.
Hong Kong Finance School to Train Virtual Asset Traders
The Hong Kong Securities and Investment Institute (HKSII) is preparing to train the next generation of licensed virtual asset traders, as virtual assets have growing implications for Hong Kong's financial services sector. With about 30,000 candidates taking its examinations annually, the HKSII is responsible for training and conducting license exams for brokers and asset managers in Hong Kong.
Crypto Firms Prepping for Entry to Hong Kong, But Recruitment Needs Remain Light
Despite the excitement surrounding the entry of crypto firms into Hong Kong, recruitment executives have reported a lack of in-country hires. Around 150 companies applied for a local crypto license on June 1, with some reportedly spending up to $25 million to obtain one. While exchanges are looking to establish a base in Hong Kong, recruitment needs are currently light due to many Web3 companies still being in the early stages of development. However, a talent war is expected to occur in the future as companies wait for license approvals and seek to attract candidates with an interest in the sector.
Hong Kong CBDC Pilot Advances Real Estate Tokenization for Ripple
Ripple Labs is moving closer to realizing its dream of tokenizing real estate assets thanks to its partnership with Hong Kong's Central Bank Digital Currency (CBDC) pilot. The Hong Kong Monetary Authority (HKMA) is exploring various use cases for the digital Hong Kong dollar and has selected Ripple Labs to help develop a tokenization solution for recording e-HKD real estate transactions on a secure and private ledger. Ripple's CBDC platform, separate from the public XRP Ledger, was designed to address central banks' concerns about using public blockchains for CBDCs. Tokenization presents many opportunities for the real estate sector, including speeding up transactions and unlocking new funding avenues.
Hong Kong Explores Launching Government-Backed Stablecoin to Challenge USDT and USDC Dominance
July 4 (Cointime) - Hong Kong is considering launching its own Stablecoin, HKDG, to compete with established Stablecoins such as USDT and USDC. The proposal, co-authored by prominent figures in academia and industry, aims to enhance Hong Kong's position in the digital currency landscape and promote financial innovation.
Leung Shau Kee, President of the Hong Kong General Chamber of Commerce: Hong Kong Should Establish an International Standard for Virtual Asset Transactions
July 3 (Cointime) -Leung Shau-kee, President of the Hong Kong General Chamber of Commerce, said that Hong Kong should combine the advantages of mainland China in fintech and green finance, and strive to become a global digital finance and green financing center. Hong Kong not only needs to maintain its status as an international financial center, but also needs to fully transform into digital finance. Therefore, Hong Kong should increase investment to catch up with the development of technology in this area, work with the technology industry to build a stronger digital infrastructure, and take the lead in establishing an international virtual asset trading platform. standards, and become a digital financial center.
Hong Kong Investment Commission: If the Virtual Asset Trading Platform Has No Connection With Hong Kong, the Local Police and Regulators May Not Be Able To Provide Assistance
July 3 (Cointime) - The official website of the Hong Kong Investor and Financial Education Committee issued a document "Virtual Assets Beware of Risks of Unlicensed and Overseas Trading Platforms", which reminds investors that the Hong Kong Securities Regulatory Commission has not yet approved any virtual asset trading platform to provide services to retail investors, and most of the existing Virtual asset trading platforms that are accessible to the public are not regulated by the China Securities Regulatory Commission. Investors should be careful about the risks of unlicensed and overseas trading platforms.
Fujian Province and Hong Kong Cooperate To Promote Digital Economy Integration, ST Shida Will Participate in Infrastructure Construction Projects
July 3 (Cointime) -Fujian Province and Hong Kong cooperate to promote the integration of digital economy, ST Shida will participate in infrastructure construction projects. The company has completed the Fujian-Hong Kong blockchain cross-border test, and plans to develop cross-chain data business. ST Shida reshape its competitive advantage, focusing on the fields of digital government, big data and intelligence, and providing solutions and services.
Hong Kong's Potential to Become a Leading Crypto Hub
July 3 (Cointime) - As the US cryptocurrency market grapples with regulatory challenges, the potential for Hong Kong to become a leading crypto hub grows stronger. With its strategic location, well-developed financial infrastructure, and commitment to innovation, Hong Kong is positioning itself as a financial hub for digital assets.
