Quick Breakdown Over 77 firms have shown interest in Hong Kong’s stablecoin licenses, including ICBC, Standard Chartered, and PetroChina. Lawmakers stress that approvals will be scarce, with possibly only one license issued in the first round. Regulators are tightening controls following a rise in fraud complaints tied to stablecoins. Major ...
Quick Breakdown: Binance founder Changpeng Zhao urged Hong Kong to expand the number of tokens listed on licensed exchanges to stay competitive. Hong Kong currently allows only four tokens, a limitation Zhao says is “not enough” compared to Japan’s more flexible model. Zhao praised Hong Kong’s Web3 push but warned ...
The Hong Kong’s Securities and Futures Commission (SFC) has rolled out stricter custody standards for licensed virtual asset trading platforms (VATPs) in a bid to protect client-held crypto assets better. The regulator’s new measures follow a wave of high-profile hacks and security breaches at overseas crypto exchanges, where weaknesses in ...
China is taking a significant step into the digital currency arena by preparing to launch its first stablecoins through Hong Kong. This move reflects a strategic effort by Beijing to reduce dependence on the U.S. dollar and strengthen the international standing of its currency, the renminbi. Pan Gongsheng via Google ...
China’s e-commerce heavyweight JD.com has taken strategic steps toward launching a stablecoin, just days before Hong Kong's new regulatory framework for stablecoin issuers comes into force. According to a Tuesday report by Hong Kong-based outlet Ming Pao, JD.com—often dubbed the "Amazon of China"—has registered two stablecoin-related entities: Jcoin and Joycoin. ...
Hong Kong is preparing to grant its first batch of stablecoin licenses within the next few months as the city steps closer to becoming a regulated hub for digital assets. Financial Secretary Paul Chan Mo-po confirmed in a recent interview with China Daily that the government has already received multiple ...
Hong Kong is advancing its stablecoin licensing framework, with new regulations set to take effect by August 1, 2025. Financial Secretary Paul Chan confirmed the timeline in a blog post published on June 15, aligning with earlier statements from the Hong Kong Special Administrative Region Government. The initiative forms a ...
Hong Kong has taken a major step forward in regulating digital finance with the Legislative Council’s passage of the Stablecoins Bill, introducing a formal licensing framework for fiat-referenced stablecoin (FRS) issuers. The new legislation, welcomed by the government on Wednesday, is designed to enhance the city’s virtual asset regulatory environment, ...
Hong Kong’s Cyber Security and Technology Crime Bureau (CSTCB) unveiled its new cryptocurrency tracing tool, CryptoTrace, on Wednesday, marking a major step in the city’s efforts to combat the growing threat of digital asset-related crime. Developed in partnership with the University of Hong Kong and first introduced at the Blockchain ...
Animoca Brands is preparing for a public listing in New York, citing the current US administration’s more relaxed stance on cryptocurrency regulation as a strategic opportunity to access the world’s largest capital market. The company’s executive chair, Yat Siu, revealed that an announcement regarding the listing could come soon, with ...
