Cryptocurrency Analysis and News Portal
Payment processor Visa has completed the Hong Kong Monetary Authority’s central bank digital currency (CBDC) pilot program with HSBC and Hang Seng Bank. According to the Nov. 1 announcement, the e-HKD program involves tokenization of deposits, where the money deposited with a bank is minted on the firm’s own blockchain ledger with the
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The e-HKD program has taken a three-rail approach for the potential implementation of the virtual currency: foundation layer development, industry pilots and iterative enhancements, and full launch. Hong Kong’s central bank digital currency (CBDC) pilot is set to advance to its second phase following the successful completion of phase one. The
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The initial phase of Hong Kong’s central bank digital currency (CBDC) pilot has concluded, showcasing potential advancements in digital finance, though leaving uncertainties regarding its full implementation and technological direction. Hong Kong has finished the first part of its trial for a CBDC. At this point, it is still not clear
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Zodia, the institutional cryptocurrency custody platform co-owned by British banking giant Standard Chartered, Japanese SBI Holdings and the financial firm Northern Trust, is expanding its services to Hong Kong.Zodia Custody is launching services in Hong Kong in response to growing demand for crypto from institutions, Zodia CEO Julian Sawyer said,
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While HKVAEX aims to secure a license under the SFC for virtual asset trading, Binance has remained reticent about its own licensing pursuits in Hong Kong despite acknowledging the region’s growing prominence within the global crypto market. Binance, the world’s largest cryptocurrency exchange, has allegedly opened up a new digital asset
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With a separate company, Binance re wants to avoid unnecessary attention in Hong Kong while dealing with regulators overseas. Crypto exchange Binance is rumored to hide behind HKVAEX, a Hong Kong-based crypto trading platform established in 2022. Currently, HKVAEX is trying to apply for a retail trading license in the region,
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In an Oct. 20 post, the Securities and Futures Commission (SFC) of Hong Kong shared updated guidelines that will supersede the January 2022 joint circular on virtual-asset-related activities. This comes after the SFC and the HKMA received an increasing number of enquiries from intermediaries about the distribution of these assets. Following market
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The Securities and Futures Commission (SFC) of Hong Kong announced it will update its policies on virtual currency sales and requirements “in light of the latest market developments and enquiries from the industry”.In an Oct. 20 notice, the SFC said under the updated guidelines, certain virtual currency products will only
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OSL exchange’s parent firm has denied reports that its on sale with an estimated valuation of 1 billion Hong Kong dollars ($128 million). BC Technology, the parent firm of Hong Kong-based licensed crypto platform OSL, denied reports that the exchange is up for sale. BC Technology, the parent company of OSL, has
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The attitude of Hong Kong residents towards cryptocurrency has sharply worsened after the scandal with the JPEX cryptocurrency exchange. A survey from the Hong Kong University of Science and Technology School examined the impact of the JPEX scandal on public attitudes towards virtual assets. The survey began on Sept. 28, about 11
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