Now that Hong Kong has established “regulatory clarity”, the lack of which is so often bemoaned by the crypto community, it appears poised to establish itself as an Asian crypto center.

At least one bank is leaning towards developing it on a permissioned blockchain.

Hong Kong is increasing efforts to develop its own central bank digital currency (CBDC) this year, but the ledger's nature, whether centralized or decentralized, has been left up to banks. At least one major bank is considering developing an e-HKD on a permissioned blockchain. Unlike China's e-CNY, the architecture of Hong Kong's CBDC has not been dictated by the central government. The e-HKD will likely be developed without public input, leaving huge security and privacy implications about whether it will be issued on a permissioned or permissionless chain. Hong Kong is currently a cash-heavy society where taxis typically require cash payment. (Coindesk)

Chinese banks are opening bank accounts for regulated crypto companies, with several acting as a payment layer for the crypto platforms.

Several state-affiliated banks in China have shown interest in building partnerships and onboarding regulated crypto companies in Hong Kong, despite a blanket ban on crypto-related activities in mainland China. The Hong Kong arm of Bank of Communications and ZA Bank are collaborating with several cryptocurrency businesses registered in the city and facilitating the depositing and withdrawal of fiat currencies. These banks will also serve as settlement banks to enable token deposits at authorized exchanges to be withdrawn in Hong Kong dollars, Chinese yuan, and US dollars. Hong Kong's progressive crypto approach has attracted nearly 80 cryptocurrency firms to the city, and the government's push has surprised many in the crypto ecosystem, given China's history of crackdowns on crypto-related activities in mainland China.

A 55-year-old resident of Hong Kong has reportedly fallen victim to an online cryptocurrency investment scam and lost her entire savings worth nearly HK$7 million (almost $900,000). Data from 2022 showed there had been more than 10,000 cyber attacks in Hong Kong between the beginning of January last year and the end of June. 798 of them were crypto-related schemes that drained around $50 million from investors. In comparison, such crime accounted for $21 million of losses in H1, 2021.

Techub.NEWS(www.Techub.news) is a Hong Kong-based streaming platform that aggregates interactive social information based on Artificial Intelligence.

Government officials have confirmed the city’s crypto commitments at the Hong Kong Web3 Festival this week as it aims to become a fully regulated crypto hub attracting investment and Web3 startups.

April 15 (Cointime) - Hong Kong actor Daniel Wu recently shared a retweeted video, revealing his role as a creator for the intellectual property (IP) called "Genesis." Collaborating with co-creator "0xGNSS," the duo's official homepage highlights the term "NFT," signifying a link between the IP and the world of non-fungible token (NFT) creation.

Techub.NEWS has closed a $1.1 million seed round participated by VCB, Ausvic Capital and MetaTdex Ventures.