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Digital currencies

Cashless payments and self-service checkouts have become commonplace but, in Hong Kong, virtual banks have to fight to establish themselves in an already competitive banking environment. Photo: Shutterstock

How can Hong Kong’s virtual banks stay competitive?

Since the Hong Kong Monetary Authority awarded its first licences in 2019, the sector has grown to include 8 virtual banks – but making money has not been easy.

Opinion | Reform financial markets now – or be forced into it with the next crash

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US charges crypto firms and staff with fraud, including 2 from Hong Kong

FinTech Week highlights AI, Chinese companies as Web3 hype fades

Two years after showcasing Hong Kong’s crypto pivot, FinTech Week organisers say the event can serve as an incubation platform for frontier technologies.

Signage at Hong Kong FinTech Week 2021 at the Convention and Exhibition Centre in Wan Chai. As hype around cryptocurrencies and blockchain fades, the show’s organisers see AI tech from the mainland taking centre stage. Photo: Shutterstock

Former Chinese finance official urges crypto research as US softens stance

Former finance vice-minister Zhu Guangyao called cryptocurrencies a ‘crucial aspect for the development of the entire digital economy’.

Bankman-Fried’s ex Ellison gets 2 years in prison in FTX fraud case

Caroline Ellison pleaded guilty to fraud and conspiracy after helping prosecutors in the conviction of her former boss and boyfriend.

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Hong Kong to explore 11 use cases in phase 2 of e-HKD pilot

This phase of the HKMA’s digital currency programme will focus on efficiency and whether the e-HKD attracts and entices users, deputy CEO Howard Lee says.

The HKMA on Monday launched the second phase of the e-HKD pilot. Photo: HKGCC

Hong Kong sees biggest uptick in cryptocurrency activity in East Asia: report

The city rose to 30th place, up from the No 47 spot last year, in this year’s Global Cryptocurrency Adoption Index rankings by Chainalysis.

Opinion | Why it’s time Hong Kong joined China’s currency zone

Allowing Hong Kong banks to offer Chinese onshore renminbi services would enable the city to leverage its economic freedom on a whole new level.

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Exclusive | Hong Kong weighs new OTC crypto scheme with SFC

A previous proposal had OTC cryptocurrency shops under the excise department, but some complained about confusing virtual asset rules, sources say.

Signage for bitcoin in Hong Kong on August 5, 2024. Photo: Bloomberg

Singapore gives go ahead for cashless gambling at its casinos

Cashless betting will allow players at gaming tables and machines to use virtual credits, but not cryptocurrencies, from e-wallets.

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Officials emphasised that Singapore authorities have “no intention” of allowing cryptocurrency to be used as chips for casino gambling. Photo: Shutterstock

Cryptocurrency in focus as China sheds light on new money-laundering risks

Draft revision to the Anti-Money Laundering Law also refines the definition of anti-money-laundering, with seven types of offences listed.

After ‘phenomenal’ growth, China needs plan to recover illicit digital assets

Growth of virtual currencies such as bitcoin and ether used in crimes has been ‘phenomenal’, law professor says.

The Google of Web3? Ant’s Zan blockchain plans to make it happen

The head of the year-old blockchain venture says he aims to leverage Hong Kong’s supportive environment to build a critical Web3 services company.

Ant Group launches its Zan blockchain project with the with venture’s former CEO Zhang Hui at the Inclusion conference in Shanghai in September 2023. Photo: Handout

Hong Kong’s launch of wCBDC sandbox takes it closer to tokenised market

Six participants, including HSBC, Standard Chartered and Bank of China (Hong Kong), showcased test cases that will be explored to boost scale and interoperability.

The HKMA has launched a wholesale central bank digital currency sandbox, which will test a new financial market infrastructure that facilitates all the stages of a tokenised asset transaction. Photo: Shutterstock

Crypto exchange HashKey opens two new tokens to retail investors

The cryptocurrencies, among the top 20 but not household names, were chosen because some bigger tokens face legal disputes, CEO Livio Weng says.

Landmark ruling highlights need for Hong Kong’s crypto regulatory framework

Hong Kong High Court decision provides clarity and is consistent with the principle that new legal entities in the cryptocurrency field must be open to scrutiny.

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The View | Central banks need to communicate policy more effectively

The ability of central banks to pursue their main goals will depend increasingly on pursuing reforms in how they think and function.

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European Central Bank President Christine Lagarde, Bank of Japan Governor Kazuo Ueda and US Federal Reserve Chair Jerome Powell admire the view at the Jackson Hole economic symposium in Moran, Wyoming, on August 25, 2023. Photo: Bloomberg

Hong Kong urged to grab chance after unprecedented ruling in blockchain case

Authorities urged to introduce legal framework to boost investors’ confidence and turn Hong Kong into a global Web3 hub.

Safeguards crucial as Hong Kong seeks slice of cryptocurrency pie

It is important to strike a balance between protecting investors’ interests and making a favourable regulatory environment for coin issuers.

DBS launches treasury tokens with Ant to manage liquidity across borders

DBS’ latest project originates from the lender’s participation in the Monetary Authority of Singapore’s tokenisation projects.

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DBS’ automated teller machines (ATMs) in Singapore on March 31, 2022. Photo: Reuters

Web3 firm Animoca Brands trading for as little as a quarter of last valuation

Yat Siu, chairman of the blockchain video gaming firm, said secondary market trading does not accurately reflect the value of the Hong Kong-based company.

Animoca Brands is trading on secondary markets at a valuation that is at least half what it was valued at two years ago, founder Yat Siu said. Photo: Shutterstock

AI has made Hongkongers more vulnerable to fraud but is also used to fight back

Fraudsters are using AI to convincingly portray themselves as acquaintances and steal digital identities, driving demand for hi-tech cybersecurity solutions.

Hi-tech fraud: here are the technologies changing the face of scams in Hong Kong

Emerging technologies like deepfakes, large language models and cryptocurrencies have made fraud easier than ever, with Hong Kong proving particularly vulnerable.

Letters | What a healthy approach to global security involves

Readers discuss why blocs that exclude certain nations are unhealthy for humanity, bitcoin prospects, housing regulation, and the Ukraine war.

In Chinese medicine, the unobstructed movement of qi, or energy, to all parts of the body is vital to good health. Photo: Shutterstock

Hong Kong virtual bank Mox starts bitcoin, ether ETF trading

Mox says it is the first virtual bank to offer spot cryptocurrency ETFs as part of an effort to offer a holistic banking and investing solution to customers.

Hong Kong-based virtual bank Mox is expanding with its first crypto-related service offering ETFs. Photo: Handout

Explainer | How easily can foreigners travel to China and spend money?

China welcomed 14.64 million international visitors in the first half of 2024, representing a 153 per cent increase from the same period last year.

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Chinese brokerage rewards Hong Kong crypto traders with Nvidia, Alibaba stock

Futu Securities is the largest online brokerage to directly sell crypto to retail investors, and it is rewarding early users with tech stocks or bitcoin.

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Digital currencies
The latest news, analysis and opinion on Digital currencies. In-depth analysis, industry insights and expert opinion.
last updated:
9 September, 2024
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