China May Reconsider Cryptocurrency Ban, Opening Door to Lucrative Market
China may be reconsidering its ban on cryptocurrency, potentially opening up a profitable crypto market. Recent regulatory developments in Hong Kong and technological advancements in mainland China suggest that the ban on crypto may finally be lifted.
Hong Kong and U.S. to Implement Regulatory Frameworks for Stablecoins
Hong Kong and the US are developing regulatory frameworks for stablecoins as digital currencies become more prevalent in the finance world. Hong Kong is focusing on fostering growth in its Web3 ecosystem while prioritizing investor protection, with clear guidelines for stablecoin regulation expected by the end of 2024.
Hong Kong Releases Guidelines for Crypto Firms Operating in the Country
Hong Kong has introduced its Virtual Asset Trading Platform (VATP) handbook to establish itself as a crypto hub. The Securities and Futures Commission (SFC) has provided guidelines for cryptocurrency companies that wish to operate in the city, and will oversee all licensing. The guidelines include "transitional agreements" that offer a one-year trial period for crypto firms to apply for a business license in 2024 if they meet the SFC's requirements.
Hong Kong eyes Stablecoin Regulatory Regime by 2024
Hong Kong is moving forward with a regulatory framework for cryptocurrencies pegged to traditional financial assets, seeking public comments on stablecoins and planning to introduce a regulatory framework by the end of 2024. This development is a major milestone for the region, which has taken a welcoming stance towards crypto trading in contrast to mainland China where it is illegal.
Investment Scams Surge in Hong Kong, Targeting Cryptocurrency, Stocks, and Forex
Hong Kong has seen a sharp rise in investment scams, with 1,174 cases reported in the first four months of this year, involving a total of HKD 786 million. Fraudsters are targeting popular investment tools such as cryptocurrency, stocks, and forex, often using online platforms to establish relationships with victims before luring them into downloading fake investment apps and investing money.
Hong Kong Legislative Council Member Invites Coinbase and Crypto Companies Amidst Regulatory Challenges in the United States
Amidst regulatory challenges faced by Coinbase in the United States, Hong Kong Legislative Council member Johnny Ng has invited global virtual asset trading operators, including Coinbase, to apply for regulatory licenses in the region. This invitation highlights Hong Kong's commitment to embracing the potential of cryptocurrencies and blockchain technology, positioning itself as an attractive destination for crypto companies seeking a more favorable regulatory environment. The regulatory landscape surrounding cryptocurrencies in the United States remains uncertain, with the SEC's targeting of Coinbase raising concerns among crypto exchanges and investors. In contrast, Hong Kong's proactive approach in welcoming crypto companies presents an alternative option for businesses looking for a more supportive regulatory environment and seeking expansion opportunities.
Hong Kong Politician Invites Coinbase and Other Crypto Trading Operators to Apply for Regulatory Licenses
Hong Kong Legislative Council member Johnny Ng has invited global virtual asset trading operators, including Coinbase, to apply for regulatory licenses in the region amid heightened regulatory scrutiny on the crypto market ecosystem in the United States.
Hong Kong Invites Global Crypto Trading Operators to Set Up Businesses Amid Proactive Crypto Regulations and CBDC Plans
Hong Kong has invited global crypto trading operators to set up businesses in the country, with Legislative Council member Johnny Ng expressing his willingness to provide assistance. The move comes after the US SEC filed lawsuits against crypto heavyweights like Binance and Coinbase.
Hong Kong faces talent shortage in Web3 industry, says legislative council member and G-Rocket co-founder
Wu Jiezhuang, co-founder of incubator firm G-Rocket and a member of Hong Kong's Legislative Council, has highlighted a shortage of Web3 talent in the region. Speaking to Chinese-language crypto publication Chain Catcher, Jiezhuang discussed the impact of the Virtual Assets Service Provider licensing system, the government's support for Web3 and developments at G-Rocket.
Justin Sun Establishes Businesses in Hong Kong Under Caribbean Identity, Huobi Ownership at Arm's Length
Justin Sun, who no longer holds Chinese citizenship, has been setting up businesses in Hong Kong under his identity from St. Kitts and Nevis, while keeping his ownership of Huobi at a distance. He previously used his Chinese passport to establish companies, but has since relied on his Caribbean identity.
