Hong Kong | Crypto

HSBC is rolling out RedCoin wallets to PayMe users, with plans to support tokenized investment subscriptions and expand into institutional uses. HSBC has launched its first Hong Kong-dollar stablecoin, RedCoin (RCHKD), for transfers and merchant payments through its PayMe app. More than 3.3 million PayMe users will be able to activate stablecoin wallets in the app in the coming days, the bank announced Friday. RedCoin is designed to be redeemable one-for-one for Hong Kong dollars. HSBC Digital Assets Custody provides safekeeping services for the stablecoin. Read more

The wallet maker requested that devices be removed from shelves while investigators work to establish where tampering occurred. Ledger has requested sellers and distributors of its devices in six Southeast Asian countries and Hong Kong to suspend sales and remove its hardware wallets from shelves as it investigates reports of tampered devices. In a post on X on Tuesday, Ledger said the request covers resellers in Indonesia, Singapore, Thailand, the Philippines, Vietnam, Malaysia and Hong Kong. “To be clear, as the investigation continues, the only confirmed incidents remain contained to Southeast Asia. We have not verified a drain linked to a device bought elsewhere,” said Ledger. Read more

Hong Kong regulators plan to establish a licensing regime for four categories, including digital asset trading, custody, advisory and management services. The Hong Kong government reaffirmed its plans to submit an amendment bill before the end of 2026 to establish licensing regimes for digital asset trading, custody, advisory and management services as part of its broader crypto licensing bill. Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, told a Monday policy briefing that the government will submit an amendment bill “within this year” to establish a broader framework for digital asset activities, according to a statement released by the Hong Kong government. The secretary said the amendment bill covering the four categories will come in response to the “innovative developments” in financial technology.  Read more

The SFC and AFRC signed a new MoU extending financial reporting, audit and compliance cooperation to licensed virtual asset service providers. Hong Kong regulators have expanded their cooperation on financial reporting and audits to cover licensed crypto firms under a new memorandum of understanding (MoU).  On Monday, the Securities and Futures Commission (SFC) and the Accounting and Financial Reporting Council (AFRC) said that the agreement extends their regulatory cooperation to financial and compliance reporting by SFC-licensed virtual asset service providers, licensed corporations, registered open-ended fund companies and authorized funds.  According to the SFC, the MoU also covers related audit and assurance work and establishes a framework for information sharing, case referrals, mutual assistance and coordinated inspections and investigations. The agreement replaces a 2021 MoU signed by the SFC and the Financial Reporting Council, which was renamed the AFRC in 2022.  Read more

Former banking official gets four years in prison over false letters of credit and accepting $470,000 in cryptocurrency bribes. A former bank official in Hong Kong who falsely authenticated letters of credit for more than $1.6 billion was sentenced to four years in prison and ordered to make restitution of more than $470,000 he received in cryptocurrency bribes. Lam Chun-yin, 32, who was a customer relationship manager at China Construction Bank (Asia), had previously pleaded guilty in District Court, The Standard reported on Saturday. Judge Ernest Lin Kam-hung said deterrent sentences are necessary even for first-time offenders, especially in light of the grave nature of the crime and its impact on society. HashKey begins beta distribution of Hong Kong-regulated HKDAP stablecoin Read more

Metaplanet will cut 131.3 million potential shares and form a $1 million Hong Kong subsidiary for trading in Bitcoin, equities and credit products. Metaplanet CEO Simon Gerovich said the Japanese Bitcoin treasury company will further amend its Series 10 stock acquisition rights amid shareholder backlash over dilution concerns. Metaplanet will reduce the number of potential shares underlying the rights by 131.3 million, from 319.464 million to 188.19 million, by resetting the conversion ratio from 1:696 to 1:410, the level before its September 2025 international share offering, Gerovich announced in a Friday X post. Shares already delivered through prior exercises will not be returned or canceled. The reduction applies to the number available through future exercises. Read more

Following institutional trials, the HKD-pegged asset is being put to work to capture part of Hong Kong's $49 billion trade corridor with the United Arab Emirates

The Hong Kong Monetary Authority published a whitepaper on the quantum preparedness of Hong Kong’s banking industry and its first Quantum Preparedness Index.

The HKMA aims to make Hong Kong’s banking sector fully prepared for quantum-related security risks by 2030 as the city expands tokenized finance. The Hong Kong Monetary Authority (HKMA) has launched a framework to assess banks’ preparedness for quantum-computing threats as the city expands its use of tokenized deposits, digital assets and blockchain settlement.  On Monday, the HKMA introduced a white paper on quantum preparedness and the sector’s first Quantum Preparedness Index (QPI). The index gave the sector an overall readiness score of 2.3 out of 10, while the white paper found that around half of surveyed institutions had no formal post-quantum planning in place. The HKMA said it aims to achieve full sector readiness, represented by a QPI score of 10, by 2030. The development comes as Hong Kong moves more traditional financial activity onto distributed ledgers. Government figures show that Hong Kong has issued three batches of tokenized green bonds totaling about HK$16.8 billion (about $2.1 billion) sin...

Hong Kong’s HashKey will unify its crypto exchange branches, with users from its Hong Kong, Global, Singapore and Middle East regions using the same platform. Hong Kong digital asset services business HashKey Holdings has merged its HashKey Exchange and HashKey Global exchanges into a single platform and application. Core jurisdictional hubs including Hong Kong, Singapore, the Middle East (Dubai) and Bermuda have been merged under a single platform, according to a Monday announcement. The move represents a departure from the early stages of the virtual asset industry when licensed exchanges typically operated under regional siloed models to simplify compliance. HashKey said. The transition follows a principle of “unified entry, localized compliance” where all users download the same application while the platform manages compliance across their specific legislative domain — across the Hong Kong, Global, Singapore, or Middle East regions. Read more

Stablecoins won over users by making money easier to move, long before the financial world agreed on what they meant. That helps explain the scale of USDT and USDC: they never had to replace the global reserve system to become powerful. They simply made dollars easier to move online, and crypto markets made the network effect impossible to […] The post Hong Kong builds a gold and yuan network that sidesteps dollar stablecoins appeared first on CryptoSlate.

The SFC wants phishing-resistant login and device binding by July 8, 2027, while monitoring and response duties apply immediately. The post Hong Kong gives crypto platforms one year to ditch one-time passwords or cover user losses appeared first on CryptoSlate.

Hong Kong’s regulator has ordered crypto platforms and online brokers to meet newly issued phishing-resistant login requirements within the next 12 months. The Hong Kong Securities and Futures Commission (SFC) on Thursday issued new requirements for phishing-resistant authentication methods for virtual asset trading platforms (VATPs) and online brokers in the special administrative region. The new standards require stronger phishing-resistant authentication methods and device binding while prohibiting the use of one-time passwords through SMS, email or app-based logins. Platforms must implement the changes within the next 12 months. The requirements outlined stronger alternatives such as passkeys, registered devices with cryptographic verification and hardware security keys, which the SFC described as phishing-resistant solutions. Read more

Cyannova Capital (“Cyannova” or the “Company”), a New York-based investment firm, announces its inaugural investment fund, Cyannova Capital, LP, at its private industry reception held in Hong Kong. NEW YORK and HONG KONG — Cyannova Capital (“Cyannova” or the “Company”), a New York-based investment firm, announces its inaugural investment fund, Cyannova Capital, LP, at its private industry reception held in Hong Kong. The fund is positioned as event-driven capital and operates as a resource integration platform, strategically leveraging the momentum of a significant global investment cycle fueled by the convergence of energy, computing, automation, and space-based infrastructure. By leveraging a global network spanning North America, the Middle East, and Asia, Cyannova focuses on providing long-term support to its portfolio companies. Cyannova is targeting high-growth sectors that expand human productivity, including AI, renewable energy, robotics, and the emerging space economy. At the reception, Cyannova ann...

A Hong Kong-listed company wants to attract more than 10,000 BTC into a regulated asset management strategy, a target worth roughly $760 million at current prices. While the number itself is jaw-dropping, it's the strategy's structure that reveals the true scope of this plan. Hong Kong is trying to become a place where large pools […] The post Hong Kong eyes 10,000 BTC investment for Asia’s first regulated Bitcoin capital pool appeared first on CryptoSlate.

Hong Kong has issued its first stablecoin issuer licenses, approving Anchorpoint Financial and HSBC’s Hong Kong banking arm under its new regime. Update April 10, 2026, 10 am UTC: This article has been updated to add more details from the announcement. Hong Kong has granted its first stablecoin issuer licenses, approving Anchorpoint Financial and the Hongkong and Shanghai Banking Corporation under a new regulatory framework overseen by the Hong Kong Monetary Authority (HKMA).  The HKMA announced the initial batch of licensees on Friday, marking the first approvals under its stablecoin regime.  Read more

Hong Kong’s first stablecoin licences failed to materialize by the expected end of March target, with the HKMA saying only that it is still advancing the process. Hong Kong has missed an earlier end of March target for awarding its first stablecoin licences, with the Hong Kong Monetary Authority saying only that the licensing process is advancing and decisions will be announced shortly. A spokesperson for the Hong Kong Monetary Authority (HKMA) told Cointelegraph that the HKMA is “actively taking forward the licensing matter and will announce further details in due course,” without offering a revised timetable.  The HKMA’s public register still showed no licensed stablecoin issuers at the time of writing. Read more

Boyaa Interactive International is the 23rd-largest Bitcoin treasury and the third-largest in Asia, behind Japan’s Metaplanet and China’s Next Technology Holding. Hong Kong-based Web3 gaming firm Boyaa Interactive International said it is seeking shareholder approval to expand its crypto treasury, planning up to $70 million in purchases over the next year. In a statement on Sunday, the Hong Kong-listed company said it is looking to use its “idle cash reserves during periods of weakness in the cryptocurrency market” to increase its existing positions and to support the research and development of Boyaa’s Web3 gaming business. If approved by shareholders, Boyaa said it would invest in crypto tokens with “good market liquidity, large market value, wide recognition on the market and relatively long-term holding value.”  Read more

Hong Kong police say a 66-year-old retiree was duped three times in six months by self-styled “crypto investment experts,” as scammers promised easy gains and help to recover losses. A 66-year-old Hong Kong retiree lost 6.6 million Hong Kong dollars (roughly $840,000) in a string of three related crypto investment scams after repeatedly trusting self-proclaimed “virtual currency experts” who reached out via WhatsApp, according to Hong Kong police’s CyberDefender unit. In a March 20 Facebook post, police said the victim was first approached in September 2025 by a scammer who cold messaged, claiming to be a “virtual currency investment expert” and promising steady gains if the victim followed his advice. The retiree then transferred $180,000 and deposited crypto into a wallet the scammer controlled, only to watch him disappear, prompting the filing of a police report. The case shows how fraudsters can recycle the same victim through successive schemes that start with “guaranteed profit” pitches and escalate int...

RedotPay Seeks $150M Raise Ahead of US IPO The post Hong Kong’s RedotPay Targets $150M Pre-IPO Raise for US Listing appeared first on Cryptonews.