Hong Kong Considering CBDC as Part of Fintech Approach

A study from Hong Kong Monetary Authority (HKMA) presents the thoughts and findings on CBDCs during the summer of 2022. Also, the Hong Kong regulators released a whitepaper today. In it, we discover the state is exploring the possibility of a digital Hong Kong dollar (e-HKD). Hong Kong might be analyzing the potential of a retail-focused central bank digital currency (CBDC) which aims to study the feasibility of e-HKD. What the Whitepaper Aims to Accomplish The whitepaper is part of…

Hong Kong Authorities Bust Four in Alleged $155M Cryptocurrency Laundering Scheme

In operation known as “Coin Breaker,” the Hong Kong authorities arrested four men in a suspected cryptocurrency laundering scheme worth $155 million (HK$1.2 billion). According to the South China Morning Post, these men aged between 24-36 years have been in operation from February 2020 to May 2021. How they Managed the Scheme The authorities believe that the syndicate operated in various bank accounts where they made transactions through virtual currency exchanges. According to the Syndicates Crime Investigation Bureau of Custom…

Hong Kong Exchange Group Warns That New Regulations Could Increase Crime

Hong Kong exchanges have reportedly informed regulators about the dangers of the impending new crypto regulations. According to industry stakeholders, the Hong Kong government is set to ban retail trading in the city, severely affecting.  New Crypto Regulation In Development  This development was revealed today by local news outlet the South China Morning Post. According to the report, exchanges within Hong Kong are apprehensive about the government's new crypto regulations.  Hong Kong's Financial Services and Treasury Bureau had put forth…

Hong Kong Should Do Better For A Successful Crypto Finance Background

For quite a while, Hong Kong has been bombarded by several hurdles in the financial sector. However, it stands as one of the most favorable financial hotspots around the Asian-Pacific region. Nevertheless, the use of virtual currencies in the city is the only financial sector that seems to be lagging. Late last year, Hong Kong financial regulators implemented a law that required all cryptocurrency market handlers to register with the government. At the time, the crypto regulation was not precise,…

Hong Kong Has Approved the First Cryptocurrency Fund Targeting $100 Million

Venture Smart Asia’s blockchain arm, Arrano Capital, has launched Hong Kong’s first approved cryptocurrency fund. The launch targets $100 million and offers an officially sanctioned window for institutional investors in Bitcoin. The announcement emerged on Monday, after it cleared the licensing conditions which allows dealing in virtual assets with the Securities and Futures Commission. In 2019, local regulators began to find means of exerting oversight over the cryptocurrency industry. This is the first time of approving such fund since then. Before now, the…

Jack Dorsey joins Internet Gurus in Discussing BTC adoption In Africa and Hong-Kong

Twitter and Square Crypto founder, Jack Dorsey held conversations with Africa's and Hong Kong's internet leading lights. Their deliberations centered on the adoption of Bitcoin in the two regions. Mr. Dorsey provided a snapshot of the conference call he held with Dr. Nii Quaynor and Pindar Wong. Dr. Quaynor and Mr. Wong have track records in establishing and developing internet programs in Africa and Hong Kong respectively. Push For Bitcoin Adoption Jack Dorsey has been a strong Bitcoin proponent. He…

Hong Kong and Thailand to Pilot CBDC Project for Cross-border Payments

Cross-border CBDC payments could soon be a reality. This follows the announcement by The central banks of Hong Kong and Thailand that they were on the cusp of jointly implementing a similar payments system. In an official communique released on 22 January, the two banks disclosed the results of Project Inthanon-Lionrock, a CBDC research project the two are cooperating in. The banks issued a joint press release and availed a 90-page report detailing the pros and cons of CBDC on…