News
Stablecoin-linked stocks in Hong Kong plunged by double digits amid the city’s new regulatory transition, but experts say it's a healthy correction.
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Hong Kong News
Hong Kong, officially the Hong Kong Special Administrative Region of the People's Republic of China, is an administrative district of China and one of the leading economic centers not only in Asia, but in the world. The main feature of the district is that it has the right to craft its own legislation. The economy of the territory has a free market, low taxes and governmental non-interference, all of which attracts people to use virtual currencies on the market. The attitude toward cryptocurrency differs between China and Hong Kong, as the first one has banned both the use of digital currencies as a payment and conducting ICO. In Hong Kong, there has not yet been any regulation of Bitcoin and the government doesn’t see any necessity for implementing any. The cryptocurrency market in Hong Kong has various platforms and projects, which makes this area very decent for related businesses.
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Hong Kong will begin enforcing its new stablecoin regulations on Friday, with a six-month transition period allowing temporary licenses for issuers.
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Pyth Network has launched live, onchain price feeds for 85 major Hong Kong stocks, removing access barriers and enabling real-time financial data integration.
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China’s JD.com announced plans for a Hong Kong dollar stablecoin last summer and is now expected to be among the first issuers under HKMA’s stablecoin regime.
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The HKMA completed stablecoin regulations set to take effect Aug. 1, warning no licenses have been issued and urging caution against hype and scams.
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Japan’s slow and risk-averse approval system, not taxes, is the real barrier driving Web3 startups and liquidity offshore, says WeFi CEO Maksym Sakharov.
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OSL said its latest milestone reflects “strong recognition” of its digital asset business model.
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Starting Aug. 1, offering or advertising unlicensed stablecoins to retail investors in Hong Kong could get violators a 50,000 Hong Kong dollar fine and six months in jail.
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Asia’s regulatory frameworks in tokenization are attracting global investors, with Japan and Hong Kong setting the pace for real-world asset adoption.
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Hong Kong prepares the third batch of tokenized bonds and unveils a sweeping digital asset strategy to solidify its role as Asia’s crypto finance leader.
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Bitcoin adoption grew considerably in June, with 26 firms adding it to their balance sheets; meanwhile, Bitcoin’s hashrate fell 15%.
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Hong Kong updated its digital asset strategy regarding stablecoin licensing and tokenization of real-world assets by introducing its LEAP framework for market growth.
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VMS Group is looking to invest up to $10 million with Re7 Capital strategies, as it hopes to diversify into more liquid investments, according to managing partner Elton Cheung.
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Hong Kong tech investment firm MemeStrategy has added Solana to its balance sheet and has pledged to stake Solana tokens to support network security and earn rewards.
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Hong Kong Customs and Excise Department teams up with the University of Hong Kong to build a crypto tracking tool amid a rise in money laundering cases involving digital assets.
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