Cryptocurrency Analysis and News Portal
A court based in Hong Kong has acknowledged cryptocurrencies as property that can be held in trust in a ruling involving the defunct crypto exchange Gatecoin. In a report published by the law firm Hogan Lovells, Justice Linda Chan said that crypto has the attributes of a property. The court deemed
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Liquidators sought directions from the court on whether the crypto held by Gatecoin should be treated as property held on trust or "if no trust existed, the digital assets should be made available to the general body of creditors," according to the Hogan Lovells report. The exchange held crypto upwards
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The central bank of Hong Kong has charged other banks to come up with what they think the CBDC should look like. Hong Kong has been frantically working toward launching its own central bank digital currency, the e-HKD, in 2023. However, a huge part of the plan is now up to
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On a permissionless chain, while the authorities could require banks to freeze accounts, if the person in question withdraws assets to a self-custody wallet, the authorities cannot seize the assets. On a permissioned chain, the authorities could seize those assets. Original Source
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Hong Kong’s push to become a crypto hub has opened an opportunity for not just crypto companies but many state-affiliated banks in China as well. The Chinese banks have shown interest in building partnerships and onboarding regulated crypto companies in Hong Kong, despite a blanket bank on crypto-related activities in
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ZA Bank, Hong Kong’s biggest virtual-only lender, intends to expand its business into the region’s growing digital assets sector. The banking platform will offer crypto-to-fiat conversions and account services as the Chinese financial center is seeking to embrace the industry. ZA Bank to Provide Services to Crypto Exchanges Licensed in Hong
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Amber Group could sell its subsidiary in Japan to focus more on institutional rather than retail businesses. Leading global digital asset platform Amber Group is considering a possible sale of its Japan subsidiary amid other plans. The exchange liquidity provider and validator also seeks to apply for a license in Hong
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ZA Bank is also looking to offer services to Web3 crypto startups, a sector widely underserved by the banking space. Hong Kong is giving a major push to crypto adoption just at a time when US regulators have initiated a strong crackdown on crypto companies. In the latest development, Hong Kong’s
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Hong Kong-based cryptocurrency wealth manager Metalpha Technology is working to offer new entry points into Bitcoin (BTC) and Web3 to investors in Asia.Metalpha is raising a $100 million fund to invest in Bitcoin and other crypto products from the major United States-based crypto asset manager, Grayscale Investments. The new fund
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If DeFi activity falls within the scope of the Securities and Futures Ordinance, it will be subject to the same regulatory requirements as traditional financial activity, says SFC official. Source
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