News
The global asset manager HashKey Capital closed the funding round for its FinTech Investment Fund III, with which it plans to invest in startups and projects in the space perpetuating mass adoption.
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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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With the Hong Kong Stock Exchange being the only regulated exchange in Asia offering Bitcoin futures ETFs, some believe spot crypto ETF products will soon be allowed.
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Hong Kong investors can now gain exposure to Bitcoin through Samsung’s new ETF listing, which launches on Jan. 13.
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When asked about Bitcoin or Ether, SFC executive Julia Leung Fung-yee did not respond but reiterated that “highly liquid” products will be allowed.
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Hong Kong is doing its best to provide an appropriate amount of supervision to the crypto market in order to release the potential of technologies like Web3.
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A Hong Kong official believes that a government-backed stablecoin would serve as a better entry point to Web3 compared to private stablecoins.
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The Legislative Council of Hong Kong passed legislation that will soon open up virtual assets to retail investors, and local financial services are lining up for licensing approval.
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The former CEO of AAX, Liang Haoming, and the founder of AAX, Thor Chan, were arrested on Dec. 23.
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G-Rocket is aiming to attract 1,000 Web3 start-ups to Hong Kong and will help them with banking, government services and office spaces.
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The CSOP Bitcoin Futures ETF has raked in $53.8 million, while the CSOP Ether Futures ETF has collected $19.7 million in initial investments.
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The new legislation will bring a licensing regime for the virtual asset service providers requiring them to pass strict AML and money laundering guidelines.
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The two firms will create solutions for institutional investors seeking to dive into the crypto ecosystem.
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Hong Kong central bank executive looked optimistic about the future of decentralized tech, while the Korean central bank governor has his doubts in the wake of the recent crypto contagion.
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Tiantian Kullander, known to many as TT, unexpectedly died in his sleep on Nov. 23.
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According to Hong Kong’s central bank, the interconnection of crypto assets has made the crypto ecosystem more vulnerable to systematic shocks.
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