Global #Hong Kong

Hong Kong is set to align its regulatory framework with global standards for crypto derivatives. The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have announced their intention to adopt the reporting requirements established by the European Securities and Markets Authority (ESMA) for over-the-counter (OTC) crypto derivatives.

Hong Kong has officially commenced the second phase of its e-HKD pilot project, a significant step aimed at exploring innovative financial technologies, including tokenized asset settlement, programmability, and offline payment capabilities.

A recent report from blockchain analytics firm Chainalysis reveals that Hong Kong has emerged as a leader in cryptocurrency adoption within Eastern Asia, achieving an impressive 85.6% year-over-year growth.

The Hong Kong government is poised to release new policies on the use of artificial intelligence (AI) in the finance sector by the end of October.

Hong Kong is making strides to position itself as a leading global hub for cryptocurrency, yet the city faces calls for faster regulatory action from industry leaders.

Hong Kong, long seen as a potential powerhouse in the global cryptocurrency industry, faces significant hurdles in its quest to become a leading crypto hub.