Tencent has received a new license from the Hong Kong Securities and Futures Commission to create a virtual bank powered by blockchain technology.
China is advancing in blockchain adoption, the U.S. is moving towards regulation, Hong Kong and Turkey are moving closer to launching CBDCs
Hong Kong and Thailand have been conducting research on a state-backed digital currency, with the report coming by Q1 next year.
North Korea has reportedly been laundering money through a blockchain company it set up in Hong Kong, in a move designed to evade international sanctions.
The Hong Kong Securities and Futures Commission has issued the new rules, which will enable operators to become licensed by the regulator for the first time.
So far, there’s only one firm that could be publicly identified as having received approval, namely Diginex which manages a “fund of funds” product featuring crypto assets.
The regulations have stipulated the expected conduct of fund managers and are expected to spur the growth of the institutional crypto trading market in Hong Kong.
Crypto payment processor BitPay has been slammed by press reports in Hong Kong amid claims the firm blocked crypto donations to Hong Kong for a number of weeks.
Wong Ching-kit, the crypto playboy finally admitted his publicity stunt and has been given a ten-day sentence.
Stan Group has partnered with security token insurance provider Liquefy “to jointly explore the business opportunities of real estate tokenization.”
Diginex now has the license to provide a new product for Hong Kong investors, and expect to grow exponentially.