Hong Kong | Crypto

Hong Kong reportedly plans to permit crypto derivatives for professional investors and expand its fintech ecosystem. Hong Kong’s securities regulator aims to introduce digital asset derivatives trading for professional investors as part of a broader strategy to expand product offerings and reinforce the city’s role in the global digital asset market, local media reported. Christopher Hui Ching-yu, secretary for Financial Services and the Treasury, confirmed the move on June 4, according to a report by the English-language newspaper China Daily HK. The Hong Kong Securities and Futures Commission (SFC) said that priority will be given to sound risk management, with trades conducted “in an orderly, transparent and secure manner,” the report said. Read more

Hong Kong has passed a landmark bill to regulate fiat-backed stablecoins, signaling its continued push to position itself as a global hub for digital finance. On May 21, Hong Kong lawmaker Johnny Ng confirmed that the Legislative Council approved the bill after its third reading. The new law is expected to take effect before the […] The post Hong Kong advances stablecoin legislation introducing new rules for issuers appeared first on CryptoSlate.

Hong Kong's Legislative Council has passed the Stablecoin Bill, paving the way for licensed fiat-backed stablecoin issuers by year-end and positioning the region as a potential global Web3 hub. Hong Kong’s Legislative Council passed the Stablecoin Bill, paving the way for a regulated framework that could position the region as a global leader in digital assets and Web3 development. In a May 21 post on X, Legislative Council member Johnny Ng Kit-Chong said the bill had passed its third reading, clearing the final hurdle for adoption. “It is expected that by the end of this year, major institutions will be able to apply to the Hong Kong Monetary Authority to become licensed stablecoin issuers,” Ng said. Read more

Hong Kong police have arrested 12 people tied to a $15 million crypto laundering operation, which was dismantled on the same day. Hong Kong police arrested 12 people involved in a cross-border money laundering scheme that relied on crypto and over 500 stooge bank accounts to launder HK$118 million ($15 million), local news outlets reported. The syndicate was dismantled on May 15, resulting in the arrest of nine men and three women in mainland China and Hong Kong. The suspects allegedly recruited others to open bank accounts to receive proceeds from fraud cases, which were then converted into crypto at crypto exchange shops to launder the illicit funds, Hong Kong Commercial Daily reported on May 17. Read more

The following is a guest post and opinion from Sandy Peng, Co-Founder of Scroll. Over 1,000 FinTech companies and nearly 5,000 startups now call Hong Kong home, a 15% jump in just one year. Hong Kong has rapidly transformed into one of Asia’s most dynamic innovation hubs, having just been named the second-most crypto-friendly city […] The post Hong Kong’s web3 moment: Blink and you’ll miss it appeared first on CryptoSlate.