Crypto Evening Briefing: Hong Kong Web3Hub Fund Officially Launched Today
The fund has a scale of $10 million and aims to encourage more companies to settle in Hong Kong by combining blockchain and artificial intelligence to provide a convenient and cost-effective platform.
Crypto Lender Amber Mulls Potential Sale of Japan Subsidiary
Crypto lender Amber Group is weighing options for its Japan unit, including a possible sale, and plans to apply for a Hong Kong license following the city’s pivot toward creating a digital-asset hub.
CEO of Hong Kong Web3Hub Fund: Preparing to Launch a $100 Million Web3 Ecosystem Fund
CEO of the Hong Kong Web3Hub Fund announced the launch of a $100 million Web3 ecosystem fund, which will invest in global projects and promote the development of global Web3 standards, based in Hong Kong.
Hong Kong Web3Hub Fund Officially Launched Today
Hong Kong Deputy Secretary for Justice Horace Cheung announced the launch of the Hong Kong Web3Hub Fund at the "2023 Hong Kong Web3 Festival" sub-venue four of the "MetaEra x BitMart Special Session: Where are the Opportunities of the Metaverse" forum. The fund has a scale of $10 million and aims to encourage more companies to settle in Hong Kong by combining blockchain and artificial intelligence to provide a convenient and cost-effective platform. The Hong Kong Web3.0 Association was established on April 11, and the Web3Hub Fund will support more overseas Web3.0 companies to settle in Hong Kong. The fund will be chaired by Hong Kong Financial Secretary Paul Chan, and the management committee will be composed of experts from the fields of financial technology, blockchain, and cryptocurrency. The fund has received applications from multiple Web3.0 projects from the US, Europe, Singapore, and other places, involving areas such as DeFi, NFT, metaverse, Dsocial, and more. The fund plans to begin investing and supporting these projects in the second half of this year.
Successful New ZK Infrastructure Entrepreneurial Brunch Hosted by zkMeta and Polygon
<b>Cointime News: </b>The “Coming ZK Era: Brand New Possibilities For NFT & GameFi” brunch event was successfully held in Hong Kong, organized by zkMeta and Polygon, and co-sponsored by Aliyun, Particle Network, and O3 Swap. The event drew a lot of attention from institutions and builders working with GameFi, cross-chain, NFT, and ZK technologies. Discussions revolved around topics such as new business models for on-chain game infrastructure, NFT & GameFi using the new ZK infrastructure, current pain points, opportunities, and challenges of public chains, as well as providing new development ideas for Web3 game developers and teams.
HashKey PRO, a New Regulated Virtual Asset Exchange, Targets to Launch with Fiat Trading Pairs in Q2 of 2023
HashKey Group, the leading virtual asset group in Asia, is thrilled to announce the launch of HashKey PRO, its new regulated exchange. Set to launch in Q2 of 2023, it aims to provide a robust platform for clients to trade their virtual assets safely.
HashKey Launches Wealth Management Service Citing ‘Significant’ Demand
Hong Kong-based digital asset firm HashKey Group has launched a new wealth management platform aimed at professional and institutional investors, citing significant demand from investors to access virtual assets. The move into wealth management was made possible by HashKey's Type 9 asset management license granted by Hong Kong’s Securities and Futures Commission in 2022. The firm also plans to expand its over-the-counter trading service, adding more tokens to its spot market and increasing liquidity coverage to 24/7. HashKey closed a $500 million investment round in January to help push for the mass adoption of blockchain and crypto technologies. (Cointelegraph)
Hong Kong's Chief Executive Allocates Over HKD 700 Million for Digital Economy Development
April 13 (Cointime) - Li Jiachao, the Chief Executive of the Hong Kong Special Administrative Region Government, announced that this year's budget will allocate more than HKD 700 million to expedite the development of the digital economy. Additionally, over HKD 9 million will be dedicated to launching a series of international initiatives and measures. Li emphasized the importance of promoting Hong Kong's virtual asset industry, highlighting the significant potential for growth within the third-generation internet, represented by Web3.0.
CZ Says He Expects More Funds to Move to Hong Kong
Binance CEO Changpeng Zhao believes more funds will move to Hong Kong as banks in the region support crypto. Hong Kong virtual bank ZA Bank has said it will offer token-to-fiat currency conversions for licensed exchanges, acting as a settlement partner for exchanges, allowing customers to withdraw US dollars, yuan, and Hong Kong dollars. Currently, only exchanges licensed in Hong Kong can use this service, but the bank expects more exchanges to join in as they obtain licenses from the regulator. Hong Kong is positioning itself as a crypto hub in Asia and has been making efforts in that direction, legalizing crypto trading and opening a consultation service to help regulate crypto exchanges.
Hong Kong Securities Regulator Eyes DeFi Regulation
The Hong Kong securities regulator is considering regulating decentralized finance (DeFi) projects by subjecting them to licensing requirements, according to Cai Zhonghui, the interim head of the intermediary department at the Hong Kong securities regulatory commission. Zhonghui stated that automatic trading services like decentralized exchanges fall under the regulator's authority, and any DEX that lists virtual assets must apply for licenses. He added that most DeFi projects are not truly decentralized because only a few people tend to control most tokens, and the financial regulatory agency must look beyond the description of these projects to their substantive context. Other countries, including the US and France, have also released reports highlighting the need to regulate DeFi.
