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Hong Kong eyes digital currency interoperability with mainland China
To achieve its Web3 goals, Hong Kong seeks collaboration with mainland China through talent exchanges and digital currency service providers.
To achieve its Web3 goals, Hong Kong seeks collaboration with mainland China through talent exchanges and digital currency service providers.
Branding China Group is a trading and asset management firm that is known for its technology investments, but has been diversifying into the blockchain sector recently.
The founder of crypto exchange OKCoin, Star Xu, has acquired a controlling share in a Hong Kong-listed public company, leading to speculation the firm could be gearing up for a reverse IPO.
The wider virtual currency ecosystem could gain from converting the planned CBDC to a stablecoin, according to Wu Jeizhuang, member of Hong Kong’s Legislative Council.
Chan noted that under the policies of "grabbing" enterprises and talents, the gov't is actively reducing the tax burden on fintech and digital asset firms interested in setting up shops in Hong Kong.
The Bank of Israel launched the challenge to explore the feasibility of issuing a digital shekel, inspired by the Bank for International Settlements and Bank of England’s Project Rosalind.
While Hong Kong is seen as a prime environment for artificial intelligence adoption, a survey identified some risks that may hinder the development of the emerging sector, including the city-state's stringent regulations.
Some exchanges have been lying about submitting licensing applications in Hong Kong, a crime that could land them in prison for seven years, according to the Securities and Futures Commission.
Hong Kong has set up an ambitious plan to build its Web3 ecosystem, drawing interest from nearly 80 digital asset firms now looking to set up operations in the city-state.
Huobi Global said that the application is in keeping with Hong Kong's new Anti-Money Laundering and Counter-Terrorist Financing Bill that will come into force in 2023.
The Securities and Futures Commission would establish a new Suspected Unauthorized CIS Alert List to document investment arrangements recognized by the regulators.
Binance has shut down derivatives trading for its users in Hong Kong, just a week after taking similar measures in three European countries.