IDA, a Hong Kong-based digital asset firm, has secured $6 million in seed funding to develop its inaugural fiat-backed and regulated stablecoin, HKD. The investment round was led by CMCC Global’s Titan Fund and Hashed. In a press release on September 2, IDA revealed that its $6 million seed funding ...
Hong Kong's ambitions to become a crypto hub are facing challenges. Over a dozen exchanges grapple with regulatory concerns, making it difficult to secure full licenses. According to a Bloomberg report citing insiders, cryptocurrency exchanges in Hong Kong are having difficulties obtaining full licences despite the city's efforts to establish ...
Johnny Ng, a Hong Kong lawmaker, has called on the government and banks to ease restrictions on banking services for crypto and Web3 firms, highlighting the ongoing challenges these companies face in opening local bank accounts. In a post on X today August 9, Ng, a member of the Hong ...
Mox, a virtual bank backed by Standard Chartered, has announced its entry into the cryptocurrency exchange-traded fund (ETF) market, becoming the first virtual bank in Hong Kong to offer such investment products. The move, announced today, August 7, 2024, marks a significant step in the integration of traditional banking and ...
HashKey Capital, the venture capital arm of Hong Kong-based crypto company HashKey, has made a strategic investment in Pluto Studio, the publisher behind the Telegram-based game Catizen.AI. In a press release on July 30, HashKey Capital announced that the investment would pave the way for a partnership with Catizen to ...
Hong Kong will introduce Asia’s first Bitcoin futures inverse product, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK), on July 23. This new exchange-traded fund (ETF), developed by China Southern Asset Management Co., Ltd (CSOP), provides a means for investors to potentially benefit from declines in Bitcoin's price. The ...
The Hong Kong Monetary Authority (HKMA) has announced the participants for its stablecoin issuer sandbox program, which begins today, July 18, 2024. The selected institutions are JINGDONG Coinlink Technology Hong Kong Limited, RD InnoTech Limited, Standard Chartered Bank (Hong Kong) Limited, Animoca Brands Limited, and Hong Kong Telecommunications (HKT) Limited. ...
Local authorities in Hong Kong have arrested three individuals suspected of defrauding a businessman of HK$3.11 million (approximately US$399,000) worth of cryptocurrencies. According to local reports, the scammers lured the victim by promising to exchange his cryptocurrency holdings for cash at an appealing rate. However, after transferring his HK$3.11 million ...
Government-backed studies identify decentralized finance (DeFi) and metaverse technologies as crucial opportunities to strengthen the region's standing in the sector, offering a promising future for the industry. On June 25th, the Hong Kong Institute for Monetary and Financial Research (HKIMR), the Hong Kong Academy of Finance (AoF) research arm, released ...
Hong Kong officials have made a strong pitch to attract Canadian crypto and Web3 startups to set up shop on the island. At the Collision 2024 tech conference in Toronto, Emily Mo, director of the Hong Kong Economic and Trade Office in Toronto (Toronto ETO), led the charge, highlighting Hong ...
