Singapore appears to have edged ahead of Hong Kong in the race to become the leading crypto hub in Asia. Both cities are vying for dominance by introducing specialized regulatory regimes, tokenization initiatives, and innovation-driven sandboxes. However, Singapore's proactive licensing strategy and robust fintech initiatives may have tipped the scales ...
Hong Kong is intensifying its efforts to establish itself as a global cryptocurrency hub. It is currently the 5th-largest crypto market in Asia. The city’s administration has already set up many initiatives to achieve this goal. For instance, by the end of 2024, they plan to significantly expand its licensing ...
Hong Kong's Securities and Futures Commission (SFC) has issued licenses to four more virtual asset trading platforms (VATPs) as part of its drive to establish the city as a leading global crypto hub. The newly licensed exchanges—HKbitEX, Accumulus, DFX Labs, and EX.IO—received approval under the SFC's new "swift licensing process." ...
Hong Kong's newly proposed stablecoin bill passed its first reading in the city’s Legislative Council today, December 18, 2024. This move brings the city closer to establishing a robust regulatory framework for fiat-backed stablecoin issuers. During the presentation of the bill, Christopher Hui, Hong Kong's Secretary for Financial Services and ...
Hong Kong-based crypto exchange OSL Digital Securities (OSL) has announced the addition of Toncoin (TON), the native token of The Open Network, to its over-the-counter (OTC) trading services. Professional investors can now trade TON against USD, USDT, and HKD through the newly introduced trading pairs: TON/USD, TON/USDT, and TON/HKD. In ...
Hong Kong is intensifying discussions on updating its cryptocurrency regulations to stay current with the fast-changing global industry. A proposal presented during the Legislative Council meeting on December 11 highlights the urgency for the city to adapt to the rising volume of crypto investments worldwide. In his written statement, Acting ...
The Hong Kong Monetary Authority (HKMA) has unveiled a new subsidy initiative, the Digital Bond Grant Scheme (DBGS), to encourage the adoption of tokenized bonds in the city’s capital markets. According to a statement published by the financial regulator, the scheme will offer grants covering up to 50% of eligible ...
Hong Kong is strengthening its status as a leading offshore financial hub by introducing tax exemptions for private equity funds, hedge funds, and high-net-worth investors. These exemptions extend to profits derived from cryptocurrencies, private credit, and various alternative assets. According to the Financial Times, Hong Kong’s government has detailed in ...
Hong Kong's largest digital bank, ZA Bank, has introduced cryptocurrency trading for retail customers, enabling the trading of Bitcoin (BTC) and Ethereum (ETH) in Hong Kong dollars (HKD) and U.S. dollars (USD). The initiative is being launched in partnership with HashKey Exchange, a licensed Hong Kong-based crypto platform. Calvin Ng, ...
Cyberport, an innovation hub backed by the Hong Kong government, now hosts more than 270 blockchain-related companies, reflecting the rapid growth in the region's Web3 and crypto sectors. In just 16 months, the hub added over 120 new firms, according to a discussion paper published by the Legislative Council (LegCo) ...
