HONG KONG
Hong Kong to Release Cryptocurrency Exchange Licensing Guidelines
The Hong Kong Securities Futures Commission (SFC) plans to release guidelines for cryptocurrency exchange licensing next month, in support of trading services to retail investors by June 1. AML/KYC regulatory requirements were key considerations in the consultation process. Some trading platforms have already received licenses, while others have chosen to cease operations.
Chinese Banks Embrace Crypto in Hong Kong
Chinese banks are collaborating with cryptocurrency companies in Hong Kong, providing account services and acting as settlement banks. Despite China's crackdown on crypto in the mainland, the country's state-affiliated banks are building partnerships in Hong Kong, taking advantage of the city's push to become a crypto hub.
Hong Kong Embraces Web3 Despite Crypto Market Volatility
Hong Kong's financial secretary, Paul Chan, has emphasized the need for the city to embrace Web3 technology, despite the fluctuations in the crypto market. Chan has proposed a strategy that focuses on proper regulation and promoting development to facilitate Web3's steady growth. He also noted that Hong Kong plans to prioritize financial security, prevent systemic risks, and focus on investor education and protection. The region's approach to crypto regulation contrasts with that of the United States, which has adopted a more hardline response to the industry.
Hong Kong Web3 Festival 2023, Hong Kong’s Largest-Ever Premier Digital Asset Event, is here.
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US Crypto Crackdown Could Push Industry to Hong Kong
Paris-based Kaiko's CEO, Ambre Soubiran, has suggested that the recent US crackdown on cryptocurrency regulation could lead to a shift in the industry's center of gravity towards Hong Kong, which has been more favorable towards crypto. The Hong Kong government has been rolling out progressive regulation to support crypto and fintech firms in 2023, with over 80 virtual asset-related firms expressing interest in setting up shop there.
Hong Kong Investors Launch $100M Fund for Web3 Startups
ProDigital Future, a new $100 million fund led by Hong Kong-based equity firm SAIF Partners, aims to support early-stage Web3 companies in the regional market. The fund has already raised $30 million during its half-year fundraising period and plans to raise $100 million by the end of 2023. ProDigital Future has already invested in six digital-asset projects, including GigaSpace and One Future Football. The fund intends to operate in Hong Kong, Australia, Singapore, Europe, and the United States, while adhering to the necessary licensing and regulatory requirements.
Chinese Banks Support Hong Kong Crypto Firms
Chinese state-owned banks in Hong Kong are offering banking services to crypto firms ahead of a new licensing regime for crypto exchanges in June. Despite an ongoing crypto ban in China, representatives from Chinese banks have reportedly approached crypto firms in Hong Kong to offer banking services.
Independent Reserve Considers Expansion to Hong Kong
Independent Reserve, an Australia-based cryptocurrency exchange, is exploring opportunities to expand its business in Hong Kong following the city’s recent proposal of a licensing regime for crypto exchanges. The company sees Hong Kong as a potential friendly jurisdiction for its business expansion in Asia.
Global Web3 Projects Assemble! Hong Kong Web3 Festival 2023 Releases Sponsor List
Co-hosted by Wanxiang Blockchain Labs and HashKey Group, and organised by W3ME, the Hong Kong Web3 Festival 2023 will take place from April 12 to 15.
OKX announced as title sponsor and exclusive NFT ticket distribution partner for the Hong Kong Web3 Festival 2023
OKX, the world’s second-largest crypto exchange by trading volume and leading Web3 technology company, has been named title sponsor and exclusive NFT ticket distribution partner of the Hong Kong Web3 Festival 2023.
Hong Kong Suffers Surge in Crypto Scams in 2022
Hong Kong police reported a surge in crypto-related scams in 2022, with losses amounting to HK$1.7 billion ($216.6 million), up 106% from the previous year. The number of crypto-related scam cases reported in Hong Kong also surged by 67% from 2021. Such scams accounted for over 50% of the HK$3.2 billion ($407 million) stolen from city residents in technology crimes. The Hong Kong police CyberDefender website reported almost 23,000 cases of technology-related crimes in 2022. The use of cryptocurrency has made it more complicated for enforcement to track criminal funds, as fraudsters can hide their identities, transactions, and final destination.
Binance CEO Changpeng Zhao to Speak at the 2023 Hong Kong Web3 Festival
Binance Founder and CEO Mr. Changpeng Zhao (CZ) confirms his attendance at the Hong Kong Web3 Festival 2023. Mr. Zhao will be the closing speaker on the Opening Day of the conference, 12 April 2023, and will deliver his speech virtually
Binance Launches Joint Anti-Scam Campaign
Binance has launched a "Joint Anti-Scam Campaign" in Hong Kong in cooperation with local law enforcement agencies. The initiative involves issuing targeted alerts to potential victims of scams to prevent them from falling victim to fraudulent activity. Binance intends to expand the campaign to other jurisdictions.
Gate.io to Launch Crypto Exchange in Hong Kong Following Government's $6.4M Investment in Web3
Hong Kong's current budget allocates millions to the Web3 and crypto industries to "keep up with the times," allowing Gate.io to establish a local presence.
Public feedback on the SFC's proposed cryptocurrency exchange licensing regime
Hong Kong's Securities and Futures Commission seeks public input on bitcoin exchange registration.