Hong Kong Embraces Crypto Industry with New Licensing Regime and Supportive Initiatives
June 21 (Cointime) - Hong Kong is taking a supportive stance towards the crypto industry, with the Financial Secretary, Paul Chan, believing that blockchain technology can create a low-cost financial system.
Standard Chartered Bank Opens Account for Hong Kong Crypto Exchange
June 21 (Cointime) - A Hong Kong-based cryptocurrency exchange, has successfully opened an account with Standard Chartered Bank, enabling its customers to deposit and withdraw funds directly through the bank and facilitating trade settlement. This development is seen as a positive sign for the crypto industry in Hong Kong.
Hong Kong Government Study Highlights Concerns Over Lagging web3 Development Compared to East Asian and Gulf Peers
June 20 (Cointime) - A study commissioned by the Hong Kong government has highlighted concerns that the region is falling behind its East Asian and Gulf peers in terms of web3 development. The study suggests that Hong Kong can learn from the experiences of these early movers as it gears up for the development of Web 3.0 technologies and applications.
Hong Kong Regulators Push Banks to Offer Services to Crypto Firms
June 19 (Cointime) - Hong Kong's top financial regulators are holding a second meeting in less than two months to encourage banks to offer services to virtual-asset firms. The meeting on Monday will bring together banks, crypto platforms, and other industry participants to address the persistent challenges crypto firms face in opening bank accounts. This comes as Hong Kong seeks to become an international crypto hub but faces challenges such as banking access and a talent shortage.
Hong Kong’s Cyberport Attracts Over 150 Web 3.0-Related Companies in the Past Year
June 19 (Cointime) - According to Hong Kong's financial secretary, Paul Chan, Cyberport, a technology business park supported by the government, has received registrations from over 150 Web 3.0-related companies in the past year.
Blockchain-Based Securities Emerge in Hong Kong, Expanding Distributed Ledgers in Local Financial Markets
June 19 (Cointime) - New blockchain-based security products are emerging in Hong Kong, offering investors a way to tap into the city's growing Web3 industry that goes beyond cryptocurrencies.
Hong Kong Looks to Stablecoins and Tokenized Securities After Launching VASP Regulation
June 18 (Cointime) - Hong Kong has successfully launched its Virtual Asset Service Provider (VASP) licensing regime, with major crypto exchanges such as Huobi, Gate.io, Bitget, ByBit, and OKX applying for registration under the new framework. The VASP regulation has been well-received by crypto businesses and could drive further investment into Hong Kong's crypto sector.
Bitcoin Surges Briefly After BlackRock iShares' ETF Filing, Hong Kong Banks May Not Be Ready for Crypto Clients
Bitcoin saw a surge in prices followed by stabilization, while other cryptocurrencies have recovered some of their losses. However, Hong Kong's banks are not yet ready to support the city's ambition to become a cryptocurrency hub due to strict requirements. The US regulatory system is outdated, leading many projects to seek better-regulated jurisdictions in Asia and the Middle East.
Understanding the Latest Regulatory Requirements in Hong Kong
June 15 (Cointime) - Hong Kong has made waves in the crypto industry by announcing that it will allow retail crypto trading in May 2023. Recently, the Hong Kong Securities and Futures Commission (SFC) issued new crypto regulations to license exchanges, with pre-existing exchanges given a one-year grace period to align with the new rules.
Key Takeaways from Johnny Ng's Discussion on Web3 and Virtual Asset Policy in Hong Kong
June 15 (Cointime) - Hong Kong fintech expert Johnny Ng recently shared his key takeaways from discussions and interviews with industry insiders on Web3 and virtual asset policy. The following are the main points of the discussion:
