Opinion
Dubai deploys oil wealth and Islamic finance to challenge Asian crypto dominance, but Hong Kong’s liquidity firepower and Beijing backing maintain supremacy.
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Hong Kong News
Hong Kong, officially the Hong Kong Special Administrative Region of the People's Republic of China, is an administrative district of China and one of the leading economic centers not only in Asia, but in the world. The main feature of the district is that it has the right to craft its own legislation. The economy of the territory has a free market, low taxes and governmental non-interference, all of which attracts people to use virtual currencies on the market. The attitude toward cryptocurrency differs between China and Hong Kong, as the first one has banned both the use of digital currencies as a payment and conducting ICO. In Hong Kong, there has not yet been any regulation of Bitcoin and the government doesn’t see any necessity for implementing any. The cryptocurrency market in Hong Kong has various platforms and projects, which makes this area very decent for related businesses.
- Explained
Hong Kong’s $500-million HashKey Fund shows how DATs could reshape Bitcoin and Ether treasuries with compliance, diversification and transparency.
- News
DBS Hong Kong CEO Sebastian Paredes warned that Hong Kong’s new stablecoin KYC and AML rules will largely block their use in onchain derivatives trading.
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Stablecoin payments firm RedotPay said it became a fintech unicorn after a $47 million round with participation from Coinbase Ventures, Galaxy Ventures and Vertex Ventures.
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The companies say the pilot will test a blockchain infrastructure aimed at automating the distribution, settlement and management of tokenized products in Hong Kong.
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Caixin removed a report claiming Chinese regulators are preparing to restrict mainland state-owned enterprises and banks from pursuing stablecoin and crypto initiatives in Hong Kong.
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The launch follows Nasdaq’s call for tighter scrutiny of corporate crypto holdings, which HashKey framed as a test for the industry.
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HSBC and ICBC reportedly plan to apply for Hong Kong stablecoin licenses, with ICBC and Standard Chartered expected to secure first-round approvals.
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Hong Kong-listed Yunfeng Financial purchased $44 million of ETH to support its expansion into Web3, real-world assets and tokenized finance.
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BitMart withdrew its application for a virtual asset service provider license in Hong Kong, joining several other major exchanges.
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Ming Shing Group Holdings, a Nasdaq-listed Hong Kong construction company, struck a $483 million deal to acquire 4,250 Bitcoin via share issuance.
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China’s cabinet will review a roadmap that includes yuan-pegged stablecoins to bolster yuan internationalization, sources told Reuters.
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A China Merchants Bank subsidiary launched a Hong Kong-based crypto exchange for professional investors after securing a virtual asset service provider license.
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A Hong Kong SFC official warned that the new local stablecoin framework has fueled fraud risks, and urged investors to remain cautious amid hype-driven speculation.
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Hong Kong has introduced strict crypto custody rules, banning smart contracts for cold wallets and tightening security standards for custodians.
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