HashKey Capital Limited – the investment arm of the finance company HashKey Group – received approval from Hong Kong’s Securities and Futures Commission (SFC) to manage a portfolio of 100% digital assets. The regulatory green light doubled down on the pro-crypto stance that the special administrative region of China has displayed recently. Not long ago,...Read More
Cryptocurrency scams have reportedly been one of the most common cyber offenses in Hong Kong during the first half of 2022, and 25% involved digital assets. The concerning number of such fraudulent schemes could be explained by the growing interest in cryptocurrencies displayed by many Hong Kong residents. A recent research classified the state as...Read More
With a score of 8.6 points out of 10, the special administrative region of China – Hong Kong – was crowned as the most crypto-ready country globally. The second position belongs to the previous leader – the United States of America, while Switzerland is third. Changes at the Top The latest worldwide crypto readiness report...Read More
Digital assets exchange Huobi will close down its Thailand operations permanently with effect from July 1, 2022. A unit of the Seychelles-based company, Huobi Thailand, ran into trouble with the local watchdog in February-March 2021 when it was red-flagged for violation of regulations. Huobi Shuts Down Thai Ops “Due to the decision of the board...Read More
The Securities and Futures Commission (SFC) of Hong Kong recently issued a statement on the financial and legal risks surrounding non-fungible tokens (NFTs). It claims that such tokens are not only prone to the typical security vulnerabilities of crypto, but could also constitute financial assets bound by SFC regulation. From Collectibles to Financial Assets According...Read More
A recent study conducted by Finder estimated that 34% of the Indian respondents had played a play-to-earn (P2E) game. Hong Kong (29%) ranked second, while the UAE held the third position with 27%. India Leads the Way in the P2E Universe Finder’s NFT Gaming Adoption Report determined that play-to-earn games have become a highly popular...Read More
Babel Finance – a cryptocurrency service provider that offers digital asset lending – reportedly secured $80 million in a Series B financing round. The investment boosted the company’s valuation to $2 billion. Babel Focuses on the Long Run As reported by Reuters, the fundraiser was led by leading venture capital firms, including Circle Ventures, 10T...Read More
HSBC, a former cryptocurrency critic, continues with its involvement with the Metaverse after its recent partnership with The Sandbox. The latest initiative will allow certain Hong Kong- and Singapore-based investors to engage with companies focusing on the new emerging trend. Citing a statement from the bank on April 6, Reuters reported that the new funds...Read More
Huobi Technology plans to launch ETFs that track cryptocurrencies for retail investors in Hong Kong. The company has reportedly submitted its proposal to Hong Kong’s Securities and Futures Commission (SFC) and waiting for a nod. Huobi’s ETF Plans It intends to structure its ETFs such that they are “accessible to retail investors with less than...Read More
Dozens of clients of the Hong Kong-based cryptocurrency exchange Coinsuper reportedly complained they can not retrieve funds from the platform. At least seven of them have contacted the police regarding the issue. Frozen Funds on Coinsuper According to a January 7 Bloomberg coverage, the problem has occurred in late November. Five of the trading venue’s...Read More
Hong Kong Customs officials said Tuesday that they had arrested two individuals suspected of laundering money worth over $380 million through their personal bank accounts and a crypto trading platform. Arrested for Crypto Laundering The suspects, a 28-year-old woman and her 21-year-old brother, were arrested in Yau Tong, a residential district in Hong Kong after...Read More
The world’s leading cryptocurrency exchange continues to tailor its product suite in a way that caters to customer protection regulations. In a recent announcement, the exchange revealed that users from Hong Kong “will not be able to open new derivatives products accounts,” with immediate effect. Moreover, “with effect from a date to be announced in...Read More
The scale of losses from digital asset scams in Hong Kong surged to record levels as the local police detected 496 such cases in the first six months of this year. Victims parted with over $27 million, with one individual losing nearly $16 million. Crypto Scams in Hong Kong Are Booming According to a recent...Read More
Two suspects have been accused of stealing almost $500,000 from unsuspecting victims in fraudulent bitcoin transactions in Hong Kong. Fake It Till You Steal It According to a report by the South China Morning Post on Tuesday (Mar. 23, 2021), the victims, aged 33 and 31, were deceived by two con artists in a fake...Read More
Meitu is a software development firm listed on the Hong Kong Stock Exchange, most known for its selfie-editing app. The app was massively popular in China before adding built-in filters and editors to major social media platforms. Since then, however, the company has struggled to find new avenues of growth. Now, the company is following...Read More
Chinese tech company Meitu has announced a massive purchase of 380 BTC and 15,000 ETH, representing an entry of about 40M USD, as of writing these lines, into the cryptocurrency market. This came just one month after tech mogul Elon Musk, the founder of Tesla, announced that the company would be purchasing 1.5B USD worth...Read More
A Hong Kong woman has fallen victim to a gang of robbers after conducting a crypto transaction worth almost $450,000. Gang of Four Steal $450K From Hong Kong Crypto Trader According to a report by the South China Morning Post, a female crypto trader was held at knifepoint by a gang of thieves, who stole...Read More
Less than a year after acquiring a substantial portion in the Hong Kong-based crypto-focused firm BC Technology Group, Fidelity International has upped its stake. The investment subsidiary of the Boston-based mutual fund giant has allocated nearly $7 million more for a total stake of 6.29%. Fidelity Doubles-Down On Investing In A Crypto Firm Bloomberg reported...Read More
The cryptocurrency world has been used to regulators coming down hard on the crypto businesses, especially in China. However, according to a recent update, Hong Kong regulators have given its first SFC-License to OSL. According to the official announcement from the parent company of OSL, BC Technology group: “OSL, Asia’s leading digital asset platform and...Read More
Cryptocurrency trading platforms in Hong Kong will soon be subjected to full legal scrutiny as the nation’s financial watchdog plans to release a new regulatory framework. The Hong Kong’s Securities and Futures Commission (SFC) announced that it plans to regulate all cryptocurrency exchanges in the country, Reuters reported Tuesday. Hong Kong has struggled in the...Read More
Bitcoin Association of Hong Kong, which includes over 5,000 Bitcoin-focused members, today announced that it would use donations to buy advertising spaces to post Bitcoin ads that would educate locals about the merits and risks of the premier cryptocurrency. According to the release, these Bitcoin ads will be displayed on three Bitcoin-themed doubledecker trams. Besides...Read More
The Hong Kong-based cryptocurrency and payment platform Crypto.com hired ex Visa International Asia-Pacific executive, Nobuyuki Nagahama, as General Manager of Japan. According to an official release, the company which serves over 3 million customers worldwide claimed that this move will allow the platform to launch strategic initiatives in the Japanese cryptocurrency market. At Crypto.com Nagahama...Read More
Daemon Technologies, a firm based in Hong Kong, will now drive the adoption of Stacks technology to support cryptocurrency mining communities in Asia according to its launch tweet. Excited to announce my next chapter in the @blockstack and #stacks ecosystem! https://t.co/JRdZPeDwhi — Xan Ditkoff (@XanDitkoff) August 31, 2020 The firm stated that Asian mining communities were...Read More
Merely weeks after the launch of John McAfee’s privacy token GHOST, the coin is already seeing real-life utilization in Hong Kong Disneyland. The team behind the project also announced several upcoming features, including a “decentralized crowdfunding” platform and the release of the GHOST Cell Phone Service beta. GHOST Usage In Hong Kong The former antivirus...Read More
While Bitcoin and crypto is largely a movement to disempower institutions and to put power back in the hands of regular people, there has been a space-wide focus on getting institutions involved in this industry. The thesis with this antithetical move is that institutional involvement in cryptocurrency: the world’s biggest firms and investors dabbling in...Read More
The unregulated cryptocurrency bookmarkers are becoming a significant threat in the gambling world, said Hong Kong Jockey Club executive, Tom Chignell. He warns that such markets provide more room for race-fixing, and authorities should monitor and act accordingly. Unregulated Cryptocurrency Bookmakers Pose A Threat Hong Kong Jockey Club is one of the oldest racing establishments...Read More
The central banks of Hong Kong and Thailand revealed today in a published report that they are a step closer to creating a joint Central Bank Digital Currency (CBDC) to facilitate efficient payments between the two countries. The banks confirmed that the upcoming CBDC dubbed Project Inthanon-LionRock is technically feasible and will utilize the blockchain...Read More
The cryptocurrency market has been known, at large, for the fact that there’s a lack of regulation in certain aspects. Whether or not one considers this as a positive or negative feature, the fact of the matter is that slowly but surely, market regulators are inserting their views and rules. With so many different sorts...Read More
International banking giant, HSBC, has decided to lock down 19 ATM clusters in Hong Kong due to vandalism from protestors. Bitcoin is just one example of an alternative financial solution for HK citizens during the ongoing crisis. Protesters Damage HSBC ATMs, Leading to Restrictive Measures Hong Kong, shaken by a series of protests, has seen...Read More
Following the recent freezing of around US$9 million of donations to the Hong Kong protest movement, demonstrators have now turned their attention towards financial censorship. With hostility against the banking industry rising, Bitcoin, as a censorship resistant asset, may well stand to benefit.The most recent manifestation of the ongoing civil disobedience has seen thousands of...Read More
