News
Hong Kong's Legislative Council has passed the Stablecoin Bill, paving the way for licensed fiat-backed stablecoin issuers by year-end and positioning the region as a potential global Web3 hub.
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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.
- Analysis
Several countries have announced multibillion-dollar plans to build out the world’s crypto hub, but five of the world’s financial centers stand out.
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Hong Kong police have arrested 12 people tied to a $15 million crypto laundering operation, which was dismantled on the same day.
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Hong Kong-rooted DDC has acquired 100 Bitcoin as part of its BTC reserve plan to acquire 5,000 BTC in the next 36 months.
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Metaplanet has reached 50% of its goal to accumulate 10,000 BTC by the end of 2025 following its latest purchase.
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HashKey Capital has launched Asia’s first XRP Tracker Fund with early investment from Ripple, aiming to convert it into an ETF.
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Hong Kong’s Securities and Futures recently changed its rules to allow certain entities to offer crypto staking in a bid to make the city a Web3 hub.
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CZ and Vitalik Buterin demonstrated the collaborative spirit of the blockchain ecosystem at the BNB Chain gathering in Hong Kong.
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The approval means HashKey can provide “ETH staking services for spot ETFs,” said HashKey’s managing director, Terence Pu.
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Hong Kong’s Securities and Futures Commission has introduced new crypto staking rules as part of its broader effort to position the city as a leading Web3 hub.
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Infini cited developer Chen Shanxuan and three unidentified persons as defendants in a lawsuit filed in Hong Kong.
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Hong Kong’s fintech market is projected to hit $606 billion by 2032, driven by blockchain, digital assets, AI and a proactive Web3 licensing regime.
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Animoca Brands co-founder and executive chairman Yat Siu expects continued growth through 2025 due to a more crypto-friendly regime in the US.
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Hong Kong’s Cyberport expands AI and Web3 research with $125 million in funding, boosting blockchain development and AI talent programs.
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The Future of Mining event introduced Ledger’s security infrastructure to the Bitcoin mining ecosystem through a new partnership.
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