Hong Kong’s de facto central bank will launch its own blockchain trade finance solution with 21 banks in August, Financial Times (FT) reported Sunday, July 15.
The joint venture between the Hong Kong Monetary Authority and Chinese company Ping An Group’s fintech subsidiary OneConnect aims to substantially reduce paperwork, costs security risks for participants, FT reports.
Using blockchain, “some” transactions will process in just one day against up to fourteen days using current methods, as FT reports.
Originally announced in November 2017, the move marks the first example of a regulator “bringing banks together” to improve trade finance, as Ping An deputy chief executive Jessica Tan described it.
As Cointelegraph reported in May, a previous trade finance deal from HSBC was a smaller-scale affair, involving an individual bank.
Hong Kong will prioritize tokenization and stablecoins in boosting the country’s web3 ecosystem, says Financial Services Secretary, Christopher Hui. According to a South China Morning Post report, Hong Kong Secretary for Financial Services and the Treasury Christopher Hui Ching-yu considers…
The Hong Kong government has responded to inquiries regarding the use of cryptocurrencies as proof of wealth for its immigration scheme, offering a nuanced response that leaves the door open for digital assets to play a role in attracting global talent and capital.
The Hong Kong Securities and Futures Commission has issued virtual asset licenses to local crypto exchanges Panthertrade and YAX. Hong Kong financial authorities have updated their list of virtual asset trading platforms that have received an operating license from the…
Hong Kong regulators have vowed to issue new licenses for crypto trading platforms in the country after a lengthy review process. According to Chinese media outlet SINA Finance, Executive Director of the Intermediary Department of the Hong Kong Securities and…
Hong Kong legislator Wu Jiexhuang suggested the region should start adding Bitcoin to its national reserves as a way to boost financial security. According to the local newspaper Wen Wei Po, Wu said Hong Kong regulators should study the impact…
Hong Kong is solidifying its position as a global digital asset hub by granting licenses to four new cryptocurrency exchanges. Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology are the latest platforms to receive regulatory approval from the Securities and Futures Commission (SFC), bringing the total number of licensed […]
The Hong Kong Securities and Futures Commission has granted conditional licenses to four virtual asset trading platforms. The platforms — Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology — must meet specific regulatory conditions…
Monthly trading volume in November for three Hong Kong Bitcoin spot ETFs surged to $154 million in November, setting a new record-high on the Hong Kong Stock Exchange. According to data from the Hong Kong Stock Exchange, the total monthly…
Retail users in Hong Kong can now buy Ether and Bitcoin through Hong Kong’s largest virtual bank. They need an account and to undergo a risk assessment.
The Hong Kong Monetary Authority cautions the public on overseas crypto firms falsely claiming to be banks, urging caution as such claims may violate local banking laws. Hong Kong‘s financial regulator, the Hong Kong Monetary Authority, warning against overseas crypto…
Hong Kong regulators are considering an extension on tax breaks to include digital assets like crypto and the use of artificial intelligence-technology in finance sectors. According to an Oct. 28 Bloomberg report, Hong Kong’s Secretary for Financial Services and the…
In recent times, Hong Kong has been continuously making it to the headlines in the crypto space for several reasons. One of the reasons as of today is that Futu Securities International, the largest online broker in Hong Kong introduced retail cryptocurrency–Bitcoin and Ethereum–trading to its platform.
Hong Kong has issued a warning about an unregulated crypto exchange named “Kucoin,” which reportedly demands payments to recover money from frozen accounts. The Hong Kong Monetary Authority (HKMA) has alerted the public to an allegedly fraudulent activity conducted via…
Authorities in Hong Kong have flagged a surge in counterfeit banknotes brought into circulation via cryptocurrency scams. According to a local report, the Hong Kong police seized 3,396 fake notes between January and April 2024. The counterfeits amounted to a…
Hong Kong is set to start another trial with retail e-HKD, this time for pricing and distributing mortgages. The Hong Kong Monetary Authority (HKMA) is gearing up to initiate another round of testing of its digital currency dubbed e-HKD, the…
OKX announced the withdrawal of its VASP license application in Hong Kong, ceasing centralized trading services by May 31.
The post OKX to end trading services in Hong Kong, abandons VASP license bid appeared first on Crypto Briefing.
Alchemy Pay and Victory Securities are now offering Bitcoin and Ethereum ETFs in Hong Kong, aiming to merge traditional finance with the crypto market. Bitcoin ETFs in Hong Kong had a net inflow of 60.
Hong Kong father and son surrender in crypto investor abduction, exposing the city’s violent crime wave and a $1.9 million financial dispute. A Hong Kong businessman and his son surrendered to police due to their involvement in the kidnapping of…
Harvest Global Investments, a Chinese fund house and one of the issuers of Hong Kong’s first spot Bitcoin and Ethereum exchange-traded funds (ETFs), has confirmed plans to potentially open these funds to mainland Chinese investors through the Hong Kong Stock Connect.
The Hong Kong Securities and Futures Professionals Association (HKSFPA) has called to establish independent self-regulatory organizations (SRO) dedicated to overseeing the digital assets sector. The initiative comes in response to the rapid growth and increasing complexity of the industry.
Hong Kong's hotly anticipated spot bitcoin ETFs are expected to launch by end of April, potentially yielding up to $25 billion in capital inflows according to industry analysts.
Analysts express caution as Hong Kong prepares for Bitcoin ETFs, noting market limitations and limited impact expectations.
The post Bitcoin spot ETFs ready for Hong Kong debut with restrained expectations appeared first on Crypto Briefing.
Hong Kong further solidified its status as a crypto hub, with several issuers reporting approval of their spot Bitcoin and Ethereum Exchange-Traded Funds (ETFs) applications on April 15. However, Hong Kong’s foremost financial regulator, the Securities and Futures Commission (SFC), has yet to release an official statement on this development.
According to a recent Reuters report, Hong Kong is on the verge of becoming Asia’s first city to launch spot Bitcoin ETFs. Notably, the initial approvals for these ETFs are expected to be announced as early as next week, which is significantly ahead of industry expectations for such launches this year. Hong Kong’s Bid For […]
Cathie Wood emphasized Hong Kong's leadership in fostering innovative technologies, contrasting it with the United States' regulatory uncertainty.
The post Cathie Wood Praises Crypto Regulation in Hong Kong appeared first on BeInCrypto.
In a landmark development, GF Securities, a leading investment banking giant based in Hong Kong, has announced the launch of Hong Kong’s first tokenized commercial paper on the Ethereum blockchain. This move, reported by the HKEJ, seeks to introduce a…
Hong Kong’s crypto landscape is shifting as HKVAEX, a local digital asset trading platform, announced a phased closure culminating in a complete shutdown by May 1st, 2024. This move comes amidst a growing global trend of increased regulatory scrutiny on the cryptocurrency industry.
Hong Kong’s financial regulator, the Hong Kong's Securities and Futures Commission (SFC), is likely to allow in-kind creations and redemptions for spot bitcoin ETFs in the second quarter of this year, according to a report from Bloomberg Intelligence.
The Hong Kong Securities and Futures Commission (SFC) has recently raised concerns over Bybit, marking it as a platform of suspicion. This move comes amid a broader regulatory push within Hong Kong to oversee and regulate the crypto market.
In a bold move to regulate the crypto market, 24 exchanges, including prominent names, vie for licenses in Hong Kong, spotlighting the city's commitment to investor safety and market growth
The post Racing Against Time: 24 Crypto Exchanges Flock to Hong Kong for Regulatory Approval appeared first on BeInCrypto.
The Hong Kong Monetary Authority (HKMA) will allow institutions to test the issuance of stablecoins. According to a release published by the Hong Kong Free Press on Feb. 28, the HKMA will launch a so-called sandbox. Financial Secretary Paul Chan…
Over the past three years, the number of crimes involving virtual assets in Hong Kong has almost tripled. According to a local media report, Financial Services and Treasury Minister Hui Ching-yu said that the Hong Kong Securities and Futures Commission…
HTX applied for a crypto license for its local branch in Hong Kong on Feb. 20, planning to operate HBGL Hong Kong Limited in the region. Cryptocurrency exchange HTX (formerly Huobi) has joined the group of applicants seeking approval to…
The Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau (FSTB) are also planning a sandbox to provide guidance on compliance.
Bitget’s Hong Kong division, BitgetX, has decided not to apply for a Virtual Asset Trading Platform (VATP) license in Hong Kong despite operating in the region within the last seven months. In a Nov.
The China Banking Association, the country’s self-regulatory organization for the banking sector, has launched a new blockchain-based platform for trade finance.
The National Bank of Canada has announced the successful completion of a pilot program in collaboration with IT firm CGI and blockchain startup Skuchain to use blockchain technology in trade finance.
Blockchain can transform the supply chain.
By using blockchain, small- and medium-size businesses (SMEs) around the world can obtain $1 trillion in trade financing, according to Sept. 13 whitepaper by World Economic Forum and consulting firm Bain & Co.
The Hong Kong Monetary Authority (HKMA), the autonomous Chinese territory’s de facto central bank, is poised to launch a live blockchain trade finance platform within two months. “The Trade Finance Platform is a blockchain project initiated by 7 banks in Hong Kong.
