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…
With the passage of one of the world’s most comprehensive stablecoin laws two weeks ago, Hong Kong is looking to stay at the forefront of global finance while addressing lessons from past industry setbacks, according to analysts. Being a “first mover” in stablecoin legislation “reflects the determination” of the city’s government to “unlock value that…
Stablecoins are poised to become a major cross-border payment tool that would benefit issuers in Hong Kong and mainland Chinese firms expanding overseas, according to industry insiders, as the city and the US push forward regulation of the popular tokens. A stablecoin is a type of cryptocurrency that maintains a fixed value by being pegged…
Hong Kong’s move to legalise stablecoins – cryptocurrencies that maintain a fixed value by being pegged to a reference asset – is grabbing the attention of mainland institutions, as a leading Chinese brokerage predicts a boom in tokenised real-world assets (RWA) in the city. While Beijing has remained largely quiet on Hong Kong’s new stablecoin…
Hong Kong’s move to legalise stablecoins – cryptocurrencies that maintain a fixed value by being pegged to a reference asset – is grabbing the attention of mainland institutions, as a leading Chinese brokerage predicts a boom in tokenised real-world assets (RWA) in the city. While Beijing has remained largely quiet on Hong Kong’s new stablecoin…
The cryptocurrency industry has continued to advance, with bitcoin prices hitting a record high earlier this week. Stablecoins have come under the spotlight as regulators in Hong Kong and the US push for legislation for the popular tokens. Here we answer five common questions about stablecoins. What are stablecoins and how are they used? Stablecoins…
E-commerce platform operator PDD Holdings and securities brokerage Futu Holdings are among 27 US-listed Chinese firms that could meet the listing requirements in Hong Kong, leaving at least 170 others at risk of being ejected from American stock exchanges, Goldman Sachs said. These 27 firms, which have a combined market capitalisation of US$191 billion, could…
Hong Kong and other major stock markets in the Asia-Pacific region traded lower on Wednesday following a rebound a day earlier, as US President Donald Trump’s hefty tariffs on China took effect. The Hang Seng Index slumped 1.6 per cent to 19,815.24 at the noon trading break, the lowest level since January 23. The Hang…
Halfway up a 37-storey tower overlooking Hong Kong’s Victoria Harbour, within walking distance from the People’s Liberation Army barracks and the classy Hong Kong Club, sits an unassuming office of a fund manager with an outsize role in the global financial markets. The spartan office, with two tiny flags of China and Hong Kong providing…
Stocks in Hong Kong traded between gains and losses as global banks including Citigroup and Goldman Sachs retained their bullish views on Chinese equities on valuation appeal, following a three-day market slide stoked by recession risks. The Hang Seng Index fell 0.1 per cent at 23,752.53 as of 10.50am local time on Wednesday, after rising…