Global #Hong Kong

Hong Kong is setting its sights on emerging technologies like decentralized finance (DeFi) and the metaverse to solidify its position as a global fintech leader. A recent push by the Hong Kong Institute for Monetary and Financial Research (HKIMR) highlights the potential of these areas.

Hong Kong has taken a step forward in embracing the potential of Web3 and virtual assets by inviting the global community to share their thoughts on the future of these technologies.

Industry experts anticipate notable progress in the cryptocurrency sector in Hong Kong, suggesting the potential introduction of staking features for spot Ethereum exchange-traded funds (ETFs) within the coming year.

The recent approval by the Hong Kong Securities and Futures Commission (SFC) allows 11 cryptocurrency exchanges to operate in the city, signaling the first progress towards issuing virtual asset trading platform (VATP) licenses since 2022.

Hong Kong, a prominent financial center increasingly interested in cryptocurrency, is witnessing significant regulatory changes. The Securities and Futures Commission (SFC) has taken decisive action, compelling unlicensed crypto enterprises to leave the market and imposing stricter regulations on those applying for licenses.

Acting Financial Secretary Wong Wai-lun of Hong Kong reiterated the city's commitment to establishing itself as a hub for cryptocurrency activities, aligning with its longstanding vision in this regard.

The cryptocurrency landscape in Hong Kong is experiencing significant shifts following the recent announcement that OKX, a leading global cryptocurrency exchange, is withdrawing its application for a Virtual Asset Service Provider (VASP) license.

Hong Kong-based cryptocurrency exchange Gate.HK is shutting down due to its failure to meet the local licensing requirements set to be enforced from June 1 onwards.

On May 21, 2024, Ethereum exchange-traded funds (ETFs) in Hong Kong witnessed a surge in daily inflows, marking their highest since their launch on April 30.

The Office of the Privacy Commissioner for Personal Data (PCPD) in Hong Kong has completed its investigation into the Worldcoin project, concluding that the project's activities in Hong Kong violated the territory's Personal Data (Privacy) Ordinance (PDPO).

Hex Trust Group, a prominent crypto custodian headquartered in Hong Kong, has introduced USDX, marking the inaugural native stablecoin on the layer-1 blockchain Flare.

Hong Kong's cryptocurrency ETFs are facing challenges and struggling to replicate the success seen by their US counterparts, which currently hold $55 billion in assets.