In a call to action for greater investment to accelerate the development of blockchain infrastructure, industry group Web3 Harbour and accounting firm PwC Hong Kong released the “Hong Kong Web3 Blueprint” on Monday, capitalising on recent momentum in the city. Highlighting the “transparency, security, and user empowerment” of decentralisation, the blueprint seeks to leverage what…
In financial markets, the Hong Kong dollar is known as a “widow-maker”, a ruinous trade that inflicts painful losses on successive generations of investors. While betting against Japanese government bonds has been the most notorious widow-maker trade, challenges to Hong Kong’s currency peg to the US dollar date back to the 1997-98 Asian financial crisis…
In just the past month, stablecoin has moved from the fringes of cryptocurrency into the heart of mainstream finance. Hong Kong enacted its stablecoin ordinance, creating a regulatory framework to legitimise and support the issuance of stablecoins, while US lawmakers discuss similar legislation aimed at fostering large-scale stablecoin adoption. Meanwhile, stablecoin issuer Circle Internet Group…
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…
Hong Kong made a forward-looking move on digital assets last month by passing a landmark law to regulate the market for stablecoins. Such a regime, which is well ahead of many jurisdictions in Asia and North America, will help bolster public confidence in this popular and fast-growing financial sector. It showcases the city’s crucial role…
China is not a fan of cryptocurrencies. Over the past decade, the Chinese government has built up one of the world’s most hostile regulatory frameworks against cryptocurrency-related activities, including trading and mining. Beijing views digital assets like bitcoin as a threat to the country’s financial stability and capital account controls, and even a challenge to…
Hong Kong’s corporate activity and yuan-driven business have been revitalised as global market participants strengthen ties to China’s economy amid tariffs and geopolitical tensions, according to a senior executive at Deutsche Bank. Companies and investors have increased their exposure to China and hedged against the US dollar as they adjusted their supply chains and portfolios…