Hong Kong's rules for stablecoin issuers took effect on Friday as the government pursues its ambitions for the crypto sector. The special administrative region of China has taken steps in recent years to strengthen its position in the industry en route to realising its goal of becoming a hub for crypto and Web3 in Southeast … Read more
Good Morning, Asia. Here's what's making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.On Wednesday in the U.S., the Securities and Exchange Commission announced that … Read more
The Hong Kong Monetary Authority (HKMA) released guidance on Tuesday for stablecoin licensing, outlining strict capital, reserve, governance and technology standards for issuers seeking to operate in the city’s regulated digital asset market. The guidance also covered rules on money laundering and transitional measures for issuers of existing stablecoins. Stablecoins are digital assets that are … Read more
Hong Kong-based cryptocurrency exchange OSL Group has raised $300 million in an equity sale. OSL, which was the first exchange to win a license from the Hong Kong Monetary Authority (HKMA), said it will use the new capital to develop new business initiatives, such as building payment and stablecoin services. Hong Kong will start allowing … Read more
Companies looking to issue stablecoins should rein in their enthusiasm, especially when their main business is unrelated to digital assets, Hong Kong Monetary Authority (HKMA) CEO Eddie Yue, wrote in a blog post on the central bank's website. Some companies that don't have a business that is related to stablecoins — tokens whose value is … Read more
Hong Kong is continuing its efforts to regulate crypto exchanges and crack down on those that are fraudulent and unregistered in the special administrative region (SAR) of China. The cryptocurrency market, currently valued at $2.60 trillion (roughly Rs. 2,16,86,900 crore), has attracted both legitimate entrepreneurs and unscrupulous groups from around the world in recent years. … Read more
Spot bitcoin exchange-traded funds could be launched in Hong Kong this month with the first approvals likely to be announced next week, two people familiar with the matter said. That timeline would make Hong Kong Asia’s first city to offer the popular ETFs and is much faster than industry expectations of launches sometime this year. … Read more
In a rather pro-crypto move, Hong Kong has greenlit the trading of Bitcoin and Ether Spot Exchange-Traded Funds (ETFs). With this move, traders in Hong Kong will get the chance to invest in Bitcoin and Ether via traditional stock markets. This eliminates the need for traders to enter the ecosystems of crypto exchanges just to … Read more
The Worldcoin project, led by OpenAI’s Sam Altman, has announced that it will introduce more Orbs for verifications soon. The announcement comes days after the project was barred from operating in Hong Kong. Despite the threat of being banned in multiple parts of the world, Worldcoin has shown no signs of halting. Developed by the … Read more
Hong Kong’s Securities and Futures Commission (SFC) will soon inspect crypto firms in the region ahead of a deadline to obtain licences to operate in the region. The regulator has been shifting its focus to strengthen compliance criteria for crypto firms in order to safeguard the sector against exploitation and financial crimes. The aim is … Read more