Hong Kong Government Establishes Web3 Development Task Force to Promote Ethical Growth
July 3 (Cointime) -The Hong Kong Government has established a Web3 Development Task Force to promote the growth of Web3 with a focus on ethical development. Comprised of 15 industry participants and 11 government officials, including the financial secretary, the task force aims to provide recommendations on the sustainable and responsible development of Web3 in Hong Kong.
Hong Kong Establishes Task Force to Guide Web3 Development with Focus on Ethics
July 2 (Cointime) - Hong Kong has formed a task force consisting of 15 industry participants and 11 government officials to oversee the development of Web3 and provide guidance on ethical aspects. The task force was established as part of Hong Kong's commitment to embrace the "megatrend" of Web3 development and aims to make Hong Kong a leader in the sector. The government's policy statement on the development of virtual assets in Hong Kong, issued in October 2022, has received a favorable response from the market, with over 80 virtual asset-related companies expressing interest in establishing their presence in Hong Kong. The Hong Kong Securities and Futures Commission (SFC) has also announced that it will soon allow licensed platforms to cater to retail investors, encouraging operators of virtual asset trading platforms to submit license applications.
Web3 Industry Leaves New York Due to Restrictive Regulations, While Hong Kong Encourages Innovation and Growth
June 30 (Cointime) - The Web3 industry is leaving New York due to the US regulators' restrictive approach, causing a decline in the city's global relevance. In contrast, China and Hong Kong have implemented common-sense regulations that have led to Hong Kong's recovery as a global cryptocurrency hub.
BRAHMA(MBA) Adds USDT to Its Stable Exchange, Focusing on User Experience and Diversified Investment Opportunities
June 28 (Cointime) - Hong Kong's recent legalization of Bitcoin signals a promising future for digital currency. BRAHMA (MBA), a global trading platform for digital assets, has announced the addition of USDT to its stable exchange.
Hong Kong Web3 Firms Spending Millions on Virtual Asset Licensing Regime (VASP) Licenses
June 27 (Cointime) - Web3 companies in Hong Kong are reportedly spending between HKD 20 million to HKD 200 million ($2.55 million to $25.5 million) to acquire Virtual Asset Licensing Regime (VASP) licenses.
Crypto Firm Circle Eyeing Hong Kong Policies With Asia in Focus
June 27 (Cointime) - According to Bloomberg, Hong Kong rolled out a new crypto regulatory regime starting June 1 at a time when global digital assets firms are seeking new destinations that are suitable and safe for investors and users amid a crackdown in the US. Hong Kong has yet to come out with regulations governing stablecoins.
HSBC Allows Customers to Buy and Sell Bitcoin and Ethereum ETFs in Hong Kong, Expanding Local Users' Exposure to Cryptocurrencies
June 26 (Cointime) - HSBC, the largest bank in Hong Kong, has become the first bank in the region to allow its customers to buy and sell Bitcoin and Ethereum exchange-traded funds (ETFs) listed on the Hong Kong exchange. The move is expected to expand local users' exposure to cryptocurrencies in Hong Kong.
Don’t Follow the US: Blockchain Aus CEO Hammers ‘Regulation by Enforcement’
June 26 (Cointime) - New Blockchain Australia CEO Simon Callaghan wants the Australian government to learn cryptocurrency regulation from places like the UK, Hong Kong and Singapore, not the US. He believes "enforcement regulation" is tantamount to holding a hammer and treating everything as a nail, which is not the right approach for Australia.
Hong Kong's CEO Addresses Web3 Regulation and Virtual Asset Licensing System
June 24 (Cointime) - Julia Leung Fung-yee, CEO of Hong Kong's Securities and Futures Commission (SFC), spoke about the importance of crypto trading in the virtual asset ecosystem and the need to incorporate virtual asset providers into the regulatory system to strengthen market trust. The new licensing system for virtual asset providers will ensure investor protection while considering the risks faced by financial institutions. Hong Kong used the FTX collapse to reduce regulatory risks associated with centralized exchanges and introduced strict AML guidelines and investor protection laws for virtual exchanges. Hong Kong's cryptocurrency licensing system is an example of China's "one country, two systems" policy, promoting a welcoming environment for crypto business, with over 150 Web3 firms establishing operations in Hong Kong's Cyberport over the past year.
Hong Kong Urged to Follow Japan and Singapore's Lead in Web3 and Crypto Development, Says Government Study
June 22 (Cointime) - A government study by the Research Office at Hong Kong's Legislative Council has recommended that Hong Kong should learn from Japan and Singapore in its efforts to develop and embrace Web3 technologies and crypto.
