Hong Kong

OSL is one of only two digital assets trading platforms in Hong Kong licensed to offer services to professional investors.

Welcome to Forkast IQ, presented by Forkast Editor-in-Chief Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions.

Virtual assets will receive the same regulatory clarity in Hong Kong as their real-world counterparts, says former Hong Kong SFC regulator Angelina Kwan.

The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority have agreed to strengthen cooperation in regulating virtual assets.

Leaders in Hong Kong’s Web3 industry announced the formation of two new associations, Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour, on Monday.

Bitcoin couldn’t maintain its Monday morning gains as the world’s largest cryptocurrency dropped below US$28,000 in the afternoon.

The launch of Hong Kong’s very own CBDC comes with new regulations for crypto trading platforms operating in the city.

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Hong Kong is the most crypto-ready jurisdiction in the world, based on the number of blockchain startups per 100,000 people and the number of crypto ATMs proportional to the population, according to a new study by forex education platform Forex Suggest. 

Analysts say the move could signal a bull run in cryptocurrencies.

While U.S. regulators continue debating over whether cryptocurrencies are securities or commodities, the digital assets industry is being pleasantly welcomed by several Asian cities. And the competition is really hotting up now.

Hong Kong will allow licensed cryptocurrency trading platforms to offer services to retail investors and will implement a slew of measures to protect individual traders, the Securities and Futures Commission (SFC) said on Tuesday.

As U.S. regulators file lawsuits against cryptocurrency platforms, prompting some digital asset companies to seek more favorable jurisdictions, a fleet of cities in Asia are putting out the welcome mat, seeking to attract the jobs and investment that Web3 technologies promise. Right now, Hong Kong seems to be grabbing the limelight, but it has competition.

Ripple Labs has launched a new payment platform for a central bank digital currency in Hong Kong.

Rollout of the central bank digital currency in Hong Kong is a potential game-changer and a move that others may soon look to follow.

Conflux Network and China Telecom on Tuesday unveiled their first blockchain-based SIM card, which will be piloted in Hong Kong.

Bitcoin and Ether fell during Friday afternoon trading in Asia, along with most of the top 10 non-stablecoin cryptocurrencies by market capitalization, apart from the XRP token.

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Cryptocurrency firms moving to Hong Kong should expect tight regulations as part of the city-state’s new regulatory regime, said Eddie Yue.

Hong Kong-based OSL Asset Management Ltd said it won a local license to offer investment products in blockchain, Web3 and AI companies.

Welcome to Forkast IQ, presented by Forkast Editor-in-Chief Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show: JPMorgan Chase set to rescue First Republic Bank. CITI cuts Coinbase stock Weekly crypto market wrap; “US$100K for Bitcoin” – Standard Chartered report; Weekly NFT market […]

Top blockchain and crypto news: JPMorgan swoops as another bank falls. NFT market rivalry heats up. Bitget seeks Hong Kong exchange license.

Seychelles-based cryptocurrency exchange Bitget expects more clarity on Hong Kong’s licensing regime from June as the city pushes ahead with plans to attract blockchain and cryptocurrency entrepreneurs.

Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority, urged local lenders to provide banking services to regulated crypto firms.

The current US approach to regulating crypto flies against its history of supporting tech innovation and undermines its own national interest, writes Hamilton Keats of Krayon Digital.

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Welcome to The Daily Forkast – April 20, 2023 – presented by Megha Chaddah. Bitcoin is down more than 5% Thursday morning in Asia. Ethereum also fell to lose hold of the US$2,000 price support in a sell-off across all top 10 non-stablecoin tokens. In the multi-chain economy, the Forkast Labs indexes trade mixed.

ZA Bank, the largest virtual bank in Hong Kong, has started offering cryptocurrency conversion services through licensed crypto exchanges.

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Hong Kong has established the Institute of Web 3.0 to facilitate the development of the crypto ecosystem in the city, directed by a former head of HKMA.

Paul Chan said it is the right time for the city’s Web3 push ahead of Hong Kong’s busy week of blockchain and finance gatherings.

Bitget on Monday said it had launched a Web3 Fund with an initial investment of US$100 million to support development of cryptocurrency projects.

A major state-owned firm in China is launching two cryptocurrency funds in partnership with investment firm Waterdrip Capital. 

Government officials from Hong Kong and mainland China talked about cryptocurrencies at the Boao Forum in China, as both chase Web3 ambitions.

Hong Kong may issue virtual asset trading licenses to at least eight cryptocurrency-related firms by the end of this year as part of the city’s new crypto licensing regime, said Angelina Kwan, chief executive officer of financial services firm Stratford Finance and a former regulator of the Hong Kong Securities and Futures Commission.

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Seychelles-based cryptocurrency exchange OKX said it will apply for virtual asset licenses to operate digital asset services in Hong Kong.

China banks in Hong Kong are offering services to crypto businesses, Bloomberg reported on Monday, as more digital asset firms operate in the city.

Hong Kong’s new crypto licensing regime isn’t the only bullish sign for the city’s digital asset industry, says Signum Digital, the first company to win a preliminary license to handle securitized tokens in the city.

Angelina Kwan, who helped shape early Hong Kong automated trading services and internet trading regulation, told Forkast the upcoming virtual asset licensing regime is almost identical to that for traditional financial institutions.

Hong Kong has opened its doors to the world once more, and it spared no time hosting blockchain and web3 focused summits.

Over 80 foreign and Mainland China companies have expressed their interest in establishing a Web3 company in Hong Kong, ahead of new crypto regulations that will take effect from June

Paris-based Kaiko will move its Asian headquarters to Hong Kong as it sees growing crypto-related opportunities in the city.

Signum Digital said it’s the first company to win preliminary approval in Hong Kong to operate a platform to trade security tokens.

Crypto scams accounted for over half of Hong Kong’s losses from computer-related crimes in 2022.

China is promoting digital yuan to Hong Kong visitors, but has not received much enthusiasm so far.

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Hong Kong’s economy is shrinking, but a recent budget draft published by the government lists some changes that could help the city recover – and crypto is at the center of it all.

Gate Group announced on Wednesday that it is applying for a new cryptocurrency license in Hong Kong, joining a growing list of Web3 firms entering the city.

Hong Kong’s proposed crypto licensing regime received Huobi Global’s pledge to return to the city, and more companies may follow, industry experts told Forkast.

Hong Kong is allocating HK$50 million (US$6.37 million) to develop its Web3 sector, the Financial Secretary Paul Chan announced Wednesday.

Cryptocurrency exchange Huobi Global is seeking to relocate its Asia headquarters from Singapore to Hong Kong.

What makes Web3 compelling to many is its promise to shift power from centralized players to individual users, but China is doing the opposite, writes Lily King.

The Hong Kong Securities and Futures Commission is calling for public feedback on its new proposals to regulate the crypto industry set to take effect in June.

Blockchain protocol Conflux Network and China’s second-largest wireless carrier China Telecom have partnered to build a “blockchain-enabled SIM card” (BSIM).

The Hong Kong government is looking to raise US$102 million through the pilot issuance of its digital green bonds, according to a Monday report from Bloomberg. 

Singapore’s DBS Group plans to apply for a license to offer crypto to Hong Kong customers as the city pushes to become a hub for digital assets.

Huobi Global plans to expand its operations in Hong Kong, anticipating that Mainland China will soon follow the city’s recent pro-crypto shift, says Justin Sun.

The HKMA said in a consultation conclusion that algorithmic stablecoins will not be allowed in the city.

Lawyers for the bankrupt cryptocurrency exchange, FTX.com, filed a document with a list of its institutional creditors on Thursday, which included major technology firms, publications and government bodies.  

Hong Kong’s new digital asset-friendly policies could set the city up as the home for secondary NFT marketplaces from China as trading of ‘digital collectibles’ remains a gray area on the mainland.

Hong Kong has passed a new licensing regime on for crypto exchanges that will subject providers to the same legislation and rules as traditional finance.

Top blockchain and crypto news: DCG under investigation. Lido DAO surges as Ethereum’s Shanghai upgrade looms. Hong Kong burnishes crypto credentials.

Bitcoin, Ethereum extended gains in afternoon trade in Asia on Monday along with the top 10 non-stablecoin cryptocurrencies by market capitalization. Cardano rose the most in the last 24 hours, followed by Polygon, BNB and Dogecoin.

Hong Kong will continue pushing ahead with the development of the Web 3.0 industry as it aims to become a regional hub for the nascent industry despite the series of collapses of crypto exchanges, said Paul Chan, the city’s financial secretary on Monday.

Hong Kong should make efforts to encourage the establishment of virtual assets rating agencies, and consider developing the e-HKD, the city’s central bank digital currency in the works, into a stablecoin, a Hong Kong lawmaker said in a recent media interview.

The Hong Kong Police received 1,503 online investment scam complaints over the first 10 months of 2022, 70% were related to cryptocurrencies.

Hong Kong’s financial services providers, including local brokers and fund managers, are seeking advice to prepare for new licensing requirements which will allow them to provide services to retail traders, according to a media report.

Hong Kong’s commercial crime investigation bureau on Friday arrested two local men for suspected involvement in digital asset fraud on Atom Asset Exchange (AAX)

Julia Leung, the next chief executive of Hong Kong’s Securities and Futures Commission (SFC) due to start her three-year term on Jan. 1, called for stricter crypto regulation when speaking at the city’s Fintech Week last month.

Hong Kong launched two exchange-traded funds (ETFs) tracking cryptocurrency futures on Friday, the first of their kind in Asia, the local exchange said.

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