Troubles for JPEX may not be over yet. The Hong Kong-based crypto platform – JPEX – has come under scrutiny as a potential hub for money laundering, according to Bitrace. The development emerged after JPEX came under suspicion for a potential rug pull. JPEX Money Laundering Accusations Bitrace’s report alleged that a recently flagged address...Read More
The Hong Kong police have apprehended six individuals in connection with the cryptocurrency trading platform JPEX, which shuttered its operations this week. According to a South China Morning Post report, the authorities arrested four men and two women, including influencer Joseph Lam Chok, following 1,408 complaints of fraud related to JPEX. Local news outlets additionally...Read More
JPEX, a Dubai-based crypto exchange and lending platform, shuttered operations overnight due to a sudden liquidity crisis on the 17th of September. According to a statement by the platform, the fault lies with institutions and JPEX’s partners in Hong Kong, who acted unfairly and maliciously, respectively. Earn Program Ended Definitively According to a spokesperson for...Read More
The Hong Kong Securities and Futures Commission (SFC) has issued a stern warning against the use of the crypto exchange known as JPEX. The commission has accused the platform of exhibiting “suspicious features” and promoting misleading information about its licensing status. The SFC has also denied that JPEX is regulated. SFC Issues Warning Against JPEX...Read More
The Switzerland-based financial institution that focuses on cryptocurrencies – SEBA Bank – has reportedly secured an approval-in-principle from Hong Kong’s securities regulator. The company now needs to comply with additional conditions for final approval before being eligible to provide digital asset services to local consumers. One Step Away From Offering Crypto Services Based on a...Read More
Prominent Hong Kong-based e-gaming player – Boyaa Interactive International Limited – announced that its board of directors has approved a budget of $5 million to purchase cryptocurrencies. Informing the company’s shareholders and future potential investors, Boyaa said it will buy mainly Bitcoin (BTC) and Ether (ETH) on regulated and licensed trading platforms in the coming...Read More
HashKey Exchange has become the recipient of Hong Kong’s first license for a cryptocurrency exchange dedicated to serving retail customers. The development comes as part of the city-state’s recently implemented crypto regulations, which are designed to establish Hong Kong as a prominent crypto hub. HashKey Exchange said that it is already an existing Type 1 and...Read More
On July 4, the Vice President of Hong Kong University of Science and Technology, Cai Wensheng, penned a proposal for an HKD stablecoin. The policy proposal was also made by Wang Yang, Lei Zhibin, and Wen Yizhou but was not endorsed by the Hong Kong government. The academics have a vision for a local currency...Read More
Hong Kong and Shanghai Banking Corporation (HSBC) – the largest bank in the region – has reportedly allowed customers to buy and sell Bitcoin and Ethereum ETFs, becoming the first local financial institution to do so. It also launched an educational program that investors need to read before hopping on the cryptocurrency bandwagon. As revealed...Read More
Hong Kong’s banking regulator is applying pressure on banks in the city-state, including HSBC and Standard Chartered, to take on crypto exchanges as clients, despite regulatory crackdowns in other parts of the world. At a meeting held last month, the Hong Kong Monetary Authority (HKMA) questioned the UK-based firms and Bank of China about their...Read More
Huobi Global announced gearing up for the launch of its Hong Kong division on June 1st for users in the city-state. The expansion comes in the backdrop of the Hong Kong securities regulator – Securities and Futures Commission’s (SFC) decision – to allow retail trading in cryptocurrencies has come after a year of turmoil in...Read More
As Hong Kong takes center stage in the regional crypto business, local firms are trying to expand their customer base. One such firm, HashKey Group, is reportedly raising up to $200 million in funding to tap new opportunities. HashKey Eyes $200 Million in Funding Targeting a more significant share of the Asian crypto market, Hong...Read More
In a landmark ruling, Hong Kong’s High Court declared crypto as property that can be held in trust. This marks the first time such a decision regarding asset class has been made in the city-state. The ruling, which was handed down in liquidation of a case involving the now-defunct crypto exchange Gatecoin, essentially puts crypto...Read More
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). Such fraud cases have become quite frequent in the region lately. A study estimated that Hong Kong investors had lost around $50 million during the first half of...Read More
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. On April 12, Financial Secretary Paul Chan Mo-po reiterated that appropriate regulations and oversight were of paramount importance. “I believe that everybody has learned from...Read More
Seychelles-based crypto exchange OKX has announced its plans to expand its presence in Hong Kong by applying for virtual asset licenses under the new regulatory regime as well as Type 1 and 7 licenses under the Securities and Futures Ordinance. It also plans to establish a Hong Kong entity for launching virtual asset services in...Read More
The financial watchdogs of Hong Kong will reportedly host a meeting between domestic cryptocurrency businesses and bankers. The initiative could ease financing for the industry as the region seeks to emerge as a global digital asset hub. Crypto firms based in Hong Kong have supposedly received support from leading Chinese banks in the past several...Read More
The subsidiaries of some of the largest Chinese banking institutions, including the Bank of Communications, the Bank of China, and Shanghai Pudong Development Bank, have reportedly either started offering their services to cryptocurrency businesses based in Hong Kong or reached out to them. The special administrative region has recently emerged as a digital asset hub,...Read More
Is China experimenting with crypto in its backyard – Hong Kong? Over the last few months, the city has made some decisive moves to have a clear regulatory environment for crypto businesses in its jurisdiction. Hong Kong is the special administrative region of China with a separate legal system and control over its markets. As...Read More
On Feb. 20, the crypto pioneer said his working thesis at the moment is that the next bull run is going to start in the East. He added that it will be a reinforcement of the principle that crypto is a global asset class. Each region can have its own rules and stance on crypto,...Read More
Hong Kong’s position as an upcoming hub of crypto businesses is being increasingly noticed and discussed in the relevant circles. In a tweet, Coinbase CEO Brian Armstrong referred to the city-state to stress that the United States may lose its position as the financial hub of the world for lacking crypto regulations. Armstrong Calls for...Read More
Last year’s industry-wide meltdown has haunted Asian firms as they cautiously plot their recovery. China was once a hotbed for crypto mining and trading. Even after announcing a blanket ban on all digital asset activities more than a year ago, there’s reason to believe that the country may make a comeback in the space. Tron...Read More
Regulators in Hong Kong will soon decide which crypto tokens its citizens can invest in amid a raft of new digital asset policies coming this year. The move is the latest crypto regulatory step taken by Hong Kong in a market that has a long association with significant digital asset trading volume. Hong Kong to...Read More
The blockchain gaming platform Animoca Brands seeks to raise around $1 billion for its latest Web3 and Metaverse investment fund during the year’s first quarter. The initiative comes in spite of the market decline and the FTX crash, which have vaporized much of the interest in cryptocurrencies. Special Attention on Web3 The Hong Kong-based Animoca...Read More
Amber Group – a cryptocurrency platform backed by Singapore’s investment company Temasek – completed a $300 million funding round. The money will be distributed to clients affected by the FTX collapse. The company, which had to cope with severe issues due to the ongoing bear market, recently acquired the Singaporean exchange – Sparrow Holdings. Trying...Read More
Two exchange-traded funds (ETFs) that track US-listed cryptocurrency futures will reportedly debut on the Hong Kong stock exchange this Friday (December 16). The products will have bitcoin and ether as underlying assets and will become the first futures ETFs listed in Asia. Crypto ETFs Amid the Recent Turmoil According to a Reuters coverage, the ETFs...Read More
Hong Kong’s legislative council has added a new amendment to the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 to accommodate the cryptocurrency industry. The legislation will essentially introduce a licensing regime for virtual asset service providers (VASPs). Hong Kong’s Licensing For VASPs Under the new additions, VASPs seeking to start operations in the region...Read More
China’s autonomous special administrative region – Hong Kong – reportedly aims to legalize cryptocurrency retail trading and emerge as a digital asset hub. According to the Co-Founder of BitMEX – Arthur Hayes – the state’s vision and crypto adoption could propel a new bull market. What Is on the Agenda? A recent coverage by Bloomberg...Read More
China was emerging as the epicenter of the crypto industry. Within a decade, the country witnessed the spawning of giant exchanges like Binance Holdings Ltd. as well as the biggest Bitcoin mining firms. However, Beijing’s move to ban crypto trading and mining last year seemed poised to douse the entire domestic industry. Hong Kong, on...Read More
C Capital – a company established by Hong Kong billionaire Adrian Cheng – reportedly intends to raise $500 million to invest in digital currencies, credit, and private equity over the next year and a half. The firm thinks the cryptocurrency market has already bottomed, meaning that delving into it now is the perfect timing. ‘When...Read More
