Hong Kong's ZA Bank, the largest virtual bank by assets, is set to offer crypto account services and facilitate crypto-to-fiat exchanges.

According to CZ, this development is likely to lead to more funds moving into the crypto space, with the current market capitalization of USDT alone being $80 billion.

Keith Choy, interim head of intermediaries at Hong Kong’s Securities and Futures Commission (SFC), has stated that decentralized finance (DeFi) projects that fall under the Securities and Futures Ordinance (SFO) will be subject to the same regulatory requirements as traditional financial activity. Choy noted that providing automated trading services and offering a collective investment scheme to the public in Hong Kong both require authorization and licensing. He also highlighted issues of financial stability, limited transparency, and market integrity in DeFi. The SFC had previously warned investors of the risks associated with virtual asset platforms, and Hong Kong's new licensing regime for virtual asset trading platforms takes effect in June 2023, with a grandfathering period. (Coindesk)

Hong Kong's ZA Bank, the largest virtual bank by assets, is set to offer crypto account services and facilitate crypto-to-fiat exchanges. The bank will act as a settlement bank to allow token deposits at licensed exchanges to be withdrawn in Hong Kong dollars, Chinese yuan, and US dollars and also offer account services to crypto firms. However, ZA Bank's CEO noted that clients from mainland China would not be able to access the service due to the country's restrictions. The announcement comes as Hong Kong regulators make an effort to turn the region into a crypto hub, and many from the crypto community believe Hong Kong's approach compared to hostility from US regulators will help it succeed in its efforts. (Cointelegraph)

ByteDance Ltd. is shifting to a bigger office at one of Hong Kong’s most prestigious locations, taking a major step to expand its presence in the financial hub after a year of cautious global expansion.

In the face of the trend towards Web3.0, Hong Kong must be brave enough to become leaders in this wave of innovation.

Norman Chan, former chief executive of the Hong Kong Monetary Authority, will head the Institute of Web 3.0 Hong Kong, a nonprofit organization established to facilitate Web3 development in the city. China Mobile International is one of the founding members of the institute, which aims to establish standards, facilitate collaboration in the industry, consult for the Hong Kong government, and develop talent in the sector. The organization will also focus on monetizing data, digitalizing traditional industries, and tokenizing assets through non-fungible tokens. Hong Kong aims to build itself into a global hub for the Web3 industry and has attracted over 80 Web3 firms to set up shop in the city.

Afternoon version

Hong Kong is taking steps to develop Web3.0, the third generation of the internet. The Hong Kong Web3.0 Association, consisting of financial technology companies, industry leaders, and legislators, will be officially launched on April 11th.

Gate.io has confirmed that it is applying for multiple licenses with the Securities and Futures Commission (SFC) in Hong Kong through its Hong Kong entity, Gate Digital Limited. The licenses include a virtual asset service provider (VASP) license, as well as licenses for dealing in securities and providing automated trading services for security tokens. The move is aimed at improving trust and confidence among its customers while maintaining compliance with regulations.