Common sense tells us there are two things in our economy that are going to blow up in our faces sooner or later: artificial intelligence (AI) and cryptocurrency. AI is dangerous because of wild expectations about the role of AI in our future and trillions of dollars of unrestrained spending on it, particularly for data…
Share prices of listed companies in related businesses have appreciated very significantly in both the US and Hong Kong. The trend appears unstoppable. US Treasury Secretary Scott Bessent expects the stablecoin market alone to grow tenfold over the next few years from US$200 billion to US$2 trillion. While cryptocurrencies present new opportunities for investors, it…
The Hong Kong Monetary Authority (HKMA) is likely to issue the first batch of stablecoin licences early next year, as the city’s de-facto central bank urged potential issuers to submit their applications by the end of September. Ahead of the stablecoin ordinance taking effect on August 1, the HKMA unveiled on Tuesday licensing procedures and…
JD.com and Ant Group are urging China’s central bank to approve a yuan-pegged stablecoin in Hong Kong to counter USDT’s dominance in global trade. JD.com and Ant Group are lobbying the People’s Bank of China to authorize a yuan-based stablecoin in Hong Kong, aiming to reduce reliance on US dollar-backed digital currencies. Both companies plan…
The Hong Kong government issued the “Policy Statement 2.0” on Thursday for the Development of Digital Assets in the region. This policy statement builds upon the foundational measures outlined in the initial policy statement released in October 2022. The new policy aims to establish Hong Kong as a global hub for digital assets innovation, with…
Your snapshots are, quite literally, the keys to your private life. Your gallery holds your future plans, financial secrets, cat pictures, and sometimes even things you’d never share with anyone. But how often do you truly think about protecting those images? We hope that ever since you heard about the SparkCat cross-platform stealer, you’ve been…
The expected increase in market demand for stablecoins will encourage licensed institutions overseas to issue such cryptocurrencies in Hong Kong, boosting competitiveness, the finance minister has said as the city prepares for a regulatory regime to take effect in August. In his weekly blog on Sunday, Financial Secretary Paul Chan Mo-po said that the market…
The expected increase in market demand for stablecoins will encourage licensed institutions overseas to issue such cryptocurrencies in Hong Kong, boosting competitiveness, the finance minister has said as the city prepares for a regulatory regime to take effect in August. In his weekly blog on Sunday, Financial Secretary Paul Chan Mo-po said that the market…
Fintech firm Ant International, the global affiliate of Chinese tech giant Ant Group, said it would apply for a stablecoin issuer licence in Hong Kong once the new ordinance governing fiat-backed cryptocurrencies comes into effect in August. “We welcome the passage of the Stablecoins Bill … and hope to contribute more to the city’s vision…
Beijing’s police authority has unveiled a plan for liquidating cryptocurrencies confiscated in criminal cases by selling them through licensed exchanges in Hong Kong, a move that could aid the southern city’s efforts to become a virtual asset hub. The municipal Public Security Bureau in Beijing said on Thursday that it has partnered with the China…