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February 2024

Unlicensed crypto exchanges face shutdown in Hong Kong

Only two exchanges are licensed to provide crypto trading services to Hong Kong’s retail sector so far.

Bybit eyes Hong Kong license: crypto expansion plans

Crypto derivatives exchange Bybit seeks to enter Hong Kong’s market with a new license application.

January 2024

Hong Kong sees first spot Bitcoin ETF application

Hong Kong could welcome its first spot Bitcoin ETF, courtesy of Harvest Global’s recent filing.

HashKey joins unicorn club after US$100 mln raise

HashKey Group achieves unicorn status following a US$100 million funding round, reaching a US$1.2 billion valuation.

November 2023

What asset tokenization will look like in 2024 and beyond

Tokenization is on the rise not only in the private sector. In Asia, governments are leading the charge to use this technology for the greater public good.

UBS allows crypto ETFs for Hong Kong investors with at least US$2 mln assets

Three SFC-authorized crypto ETFs will be available on UBS’ Hong Kong platform.

SEBA crypto bank receives license in Hong Kong

Hong Kong’s legal system provides a solid foundation for crypto-related services, said SEBA Group CEO Franz Bergmueller.

Is Hong Kong really in the forefront of the global digital money race?

Hong Kong is charging ahead in its digital currency initiatives, but more must be done to address the e-HKD’s environmental impact and security concerns.

SBF convicted on all charges, Hong Kong buzzes with Web3 events

SBF is found guilty of fraud, Hong Kong hosts Fintech Week, Neo advances Web3, Backpack launches NFT exchange, and more.

October 2023

Standard Chartered’s Zodia Custody to launch in Hong Kong

The move is part of an Asia Pacific expansion effort by the cryptocurrency custodian.

Bitcoin ETF fever sends crypto prices up, SBF trial testimony, Nepal’s blockchain future

Bitcoin soars to its highest price in a year and a half as Grayscale’s legal victory against the U.S. SEC gets finalized.

Over 40% of Hong Kong investors shun digital assets post-JPEX Scandal, survey reveals

The survey aimed to measure the public attitude towards virtual asset investments, following the JPEX incident.

OSL exchange’s HK$1 billion sale is “factually inaccurate,” says BC Technology

OSL’s parent firm said investors should exercise caution due to the “unusual movement” in the company’s stock price.

Binance users in Hong Kong hooked by US$450,000 phishing attacks

The Hong Kong police warned on Monday that 11 Hong Kong-based Binance users lost over US$446,000 (HK$3.5 million) in cryptocurrencies to phishing text messages in the last two weeks. See related article: Gitcoin error sends US$460,000 to digital void Fast Facts See related article: CMCC Global raises US$100 mln to launch Hong Kong Web3 fund

HKEX to launch smart contract settlement platform

Hong Kong Exchanges and Clearing Limited (HKEX) announced on Wednesday that it is implementing a smart contract upgrade to its Connect, a system that bridges Hong Kong and China’s stock markets, to enhance post-trade workflows and reduce settlement risk. See related article: SFC to monitor illegal VATP activities with Hong Kong Police Force Fast Facts […]

CMCC Global raises US$100 mln to launch Hong Kong Web3 fund

CMCC Global, a Hong Kong-based blockchain-focused venture capital fund, announced Wednesday that it raised US$100 million to launch the “Titan Fund.” See related article: SFC to monitor illegal VATP activities with Hong Kong Police Force Fast Facts See related article: Valkyrie CIO expects US spot Bitcoin ETF approval in Q2 2024 (Update adds comment from […]

SFC to monitor illegal VATP activities with Hong Kong Police Force

The Securities and Futures Commission (SFC) of Hong Kong and the Hong Kong Police Force announced Wednesday the establishment of a working group to monitoring and investigating illegal activities related to Virtual Asset Trading Platforms (VATPs).  See related article: Hong Kong crypto network Mixin loses US$200 million in hack Fast Facts See related article: JPEX […]

September 2023

Taiwan tightens crypto governance, HK acts on JPEX; El Salvador stockpiles Bitcoin

Asia is stepping up the regulatory ground for the digital asset and take a look at El Salvador’s Bitcoin future.

SEC Chair Gensler faces bipartisan backlash over strict crypto regulations

Top blockchain and crypto news: U.S. lawmakers berate SEC over ETF applications. NFTs down but not dead. Hong Kong sees year’s biggest crypto heist so far.

Hong Kong crypto network Mixin loses US$200 million in hack

Mixin Network announced Monday that the database of its cloud service provider was hacked, resulting in the loss of approximately US$200 million.

HK’s SFC & US SEC crack the whip as Blockchain Week rocks Manila

It’s a week for regulatory enforcement in the cryptocurrency space as blockchain takes center stage in the Philippines.

Hong Kong may tighten enforcement amidst JPEX scandal, says former SFC official

The JPEX scandal sheds light on the vulnerabilities in Hong Kong’s crypto marketplace, prompting reflection on regulatory safeguards as the city aspires to be a global digital asset hub, former SFC regulator Angelina Kwan says.

US SEC to tighten regulatory enforcement beyond Coinbase, Binance.US

Top blockchain and crypto news: U.S. SEC steps up regulatory enforcement. Gaming giant Zynga moves into NFTs. Woes ahead for JPEX exchange after HK arrests.

JPEX crypto exchange shuts trading amid Hong Kong regulator probe

Dubai-based cryptocurrency exchange JPEX is shutting trading its platform amid a probe by the Hong Kong’s Securities and Futures Commission that said the firm was operating as an unlicensed entity, according to media reports. 

Hong Kong crypto exchange CoinEx suffers hack, at least US$43 million lost

Hong Kong-based cryptocurrency exchange CoinEx Global suffered a security breach on Tuesday, resulting in an estimated loss of US$43 million in cryptocurrencies.

August 2023

Hong Kong grants SEBA Bank in-principle approval for crypto trading

The Hong Kong branch of SEBA Bank has received an in-principle approval from regulators to provide virtual asset trading services in the jurisdiction.

N. Korean hackers may cash out stolen crypto; HKVAX gets SFC nod as UK crypto rules gets Royal Assent

Sam Bankman-Fried pleads not guilty to misusing customer funds. North Korean hackers could cash out US$40 million worth of stolen Bitcoins

Will Singapore steady the stablecoin ship?

Top blockchain and crypto news: Singapore steps up stablecoin rules. DeGods decline. Hong Kong’s third crypto license.

To read Hong Kong’s future as a crypto hub, look closely at its colorful paper money: Opinion

Most countries allow only government to mint currency, but in the land of public-private partnerships, legal tender HKD notes are issued by private banks.

HashKey Exchange and OSL licensed to serve retail investors

HashKey Exchange and OSL — the only two cryptocurrency exchanges licensed by the Hong Kong SFC — received license upgrades Thursday to service retail investors.

July 2023

Tokenization is driving new value, and Asia is leading the way: Opinion

Across Asia, projects dedicated to asset tokenization have become a cornerstone of the new digital economy, showing the world the technology’s possibilities.

New NFT Project makes it big; XRP & BTC pull up crypto

Welcome to Forkast IQ, presented by Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:

Tourists from Mainland China can now shop in Hong Kong with Chinese CBDC

Mainland tourists can now shop in Hong Kong with Chinese CBDC, as part of a digital yuan shopping festival launched this week by the Bank of China (Hong Kong).

McDonald’s Hong Kong launches McNuggets-themed metaverse

McDonald’s Hong Kong has joined the likes of Adidas, Coca-Cola, Gucci and other global brands with Thursday’s launch of its own metaverse.

XRP triumphs over SEC, but crypto clarity remains in the shadows

Top blockchain and crypto news: Ripple not clear of hurdles | NFTs in historically slow period | Hong Kong banks dither

Bitcoin returns above key level, Ether inches up, XRP leads top 10 cryptos in gains

Bitcoin and Ether rose during Wednesday afternoon trading in Hong Kong, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization.

Bitcoin, Ether slip, top cryptos mixed, XRP biggest gainer after last week’s court win

XRP continued its rally after XRP issuer Ripple’s favorable ruling last week in its lawsuit with the U.S. Securities and Exchange Commission (SEC).

How Asia is emerging as a safe haven for digital assets: Opinion

As the US is engulfed in regulatory strife, Asian countries are rolling out legal frameworks that attract crypto investment, protect consumers and encourage innovation.

Singapore, Thailand clarify crypto rules; NFTs become new cultural frontier

Welcome to Forkast IQ, presented by Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:

Tokenization makes the world a better place, and Asia is paving the way: Opinion

Hong Kong, Japan, Singapore and Thailand have regulations supporting the growth of tokenization, showing the world the benefits of fractionalizing assets.
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Hong Kong launches task force to promote blockchain initiatives, developments

Hong Kong’s local government on Friday set up the Task Force on Promoting Web3 Development to promote the benefits of blockchain to real-world industries.

June 2023

Bitcoin ETFs, Azuki NFTs take off; India presses for crypto rules

Welcome to Forkast IQ, presented by Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:

Hong Kong is the crypto industry’s beacon amid the current storm: Opinion

The relationship between Hong Kong and crypto will likely only grow stronger over time, as it’s based on mutual respect as well as need, writes Lily King.

How Dubai and Hong Kong are shifting crypto’s power dynamics: Opinion

As the US grapples with crypto regulation, Hong Kong and Dubai are emerging as leaders in the global digital economy, writes Ben Caselin of MaskEX.

Hong Kong’s Cyberport signed up 150 Web3 firms in past year, says city’s financial secretary

Paul Chan, Hong Kong’s financial secretary, said more than 150 Web3 companies had registered at the Cyberport business park.

Crypto firms eye Hong Kong amid tough US regulations, says fintech association chair

Amid growing regulatory scrutiny in the U.S., crypto firms eye Hong kong for its strategic location and friendly regulations, yet Singapore and Dubai remain strong competitors, says FinTech Association of Hong Kong’s Neil Tan.

SEC’s crypto battle continues as Asia marches ahead with metaverse

In this week’s Forkast IQ with Megha Chaddah, we dive into the U.S. SEC’s crypto crackdown and the state of the East Asian metaverses.

SEC lawsuit sees Binance.US wobble, trading platforms delist cryptos

Top blockchain and crypto news: Binance.US at risk. Ex-SEC official’s comments complicate Ripple suit. Hong Kong lawmaker aims to entice exchanges.

Hong Kong Monetary Authority urges banks to service crypto firms: Financial Times

HKMA is urging lenders including HSBC, Standard Chartered and Bank of China to service crypto exchanges. Financial Times reported on Thursday.

The SEC has spoken: The future of finance is not in America

The SEC’s one-two punch of Coinbase and Binance couldn’t have come at a better time for Hong Kong and Singapore, as US crypto firms look to shift to friendlier shores, writes Hamilton Keats of Krayon Digital.

Hong Kong legislator encourages Coinbase to set up shop in city under new crypto rules

Local legislator suggests global cryptocurrency exchanges such as U.S.-based Coinbase set up operations in Hong Kong as the city’s new licensing regime for crypto retail trading took effect on June 1.

The grand experiment in crypto compliance: What will the future look like?

From US crackdowns on Binance and Coinbase to new business-friendlier frameworks in Hong Kong and Europe, seismic shifts in crypto regulations are under way.

Why the US is waging war on Binance, Coinbase

Top blockchain and crypto news: Binance, Coinbase in SEC firing line. Solana NFTs slump as Bitcoin’s surge. New dawn in Hong Kong crypto regulations.

Hong Kong’s crypto rules offer level playing field, investor protection, says OSL exchange executive

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

HK green lights retail crypto trading as Beijing releases Web3 white paper

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.

Hong Kong to be digital asset rules sandbox for China, says former city regulator

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

May 2023

UAE and Hong Kong central banks to collaborate on crypto regulation

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

Hong Kong Web3 industry forms new associations to push crypto hub ambition

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 drops below US$28,000, Tron’s deflation slows losses

Bitcoin couldn’t maintain its Monday morning gains as the world’s largest cryptocurrency dropped below US$28,000 in the afternoon.
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Hong Kong Solidifies Crypto Regulations even as Malaysia bears down on Huobi

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

In battle to be Asia’s crypto hub, which city will emerge victorious?

Top blockchain and crypto news: Asia’s crypto hub race. Is US debt ceiling fight a boon or a bane for crypto? China’s red carpet for metaverse investment.

Hong Kong is world’s most crypto-ready jurisdiction, new study claims

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. 

Hong Kong’s new crypto rules covered by China state TV in rare move from Beijing

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

Hong Kong? Singapore? Tokyo? Seoul? Dubai? The race is on for the Web3 hub of Asia | Part 2

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 to open crypto to retail traders, plans guardrails

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.

Hong Kong? Singapore? Tokyo? Seoul? Dubai? The race is on for the Web3 hub of Asia | Part 1

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 joins Hong Kong CBDC pilot, partners with Fubon Bank

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

Hong Kong’s e-HKD pilot puts the world on notice

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, China Telecom unveil blockchain-based SIM card

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

Bitcoin, Ether fall along with most top 10 cryptos; U.S. futures rise ahead of debt ceiling negotiations

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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Bitcoin network buckles under weight of BRC-20’s runaway success

Top blockchain and crypto news: Memecoin fever strains BTC network. Binance slams brakes on Bitcoin withdrawals. Chinese court allows crypto for repaying debt.

Hong Kong will have ‘tight’ crypto regulation, says HKMA chief Eddie Yue

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