https://www.scmp.com/rss/326259/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Connor Mycroft Connor Mycroft Gold can serve as a “potential bridge” between conventional and new forms of finance, Hong Kong’s treasury minister has said, highlighting the need for the city to provide more opportunities for the digital asset market to grow. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu also said on Wednesday that Hong Kong had opted against forming a separate regulatory authority for digital assets due to the “convergence” between conventional and innovative finance. During a... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3354257/hong-kong-minister-touts-gold-bridge-between-conventional-and-new-finance?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3354257/hong-kong-minister-touts-gold-bridge-between-conventional-and-new-finance?utm_source=rss_feed Wed, 20 May 2026 10:27:54 +0000 Ben Young Ben Young Over the past few years, digital art has become a more integral part of the contemporary art scene. At this year’s Art Basel Hong Kong, this evolution was exemplified by Zero 10, the fair’s new curated space for digital practices that was a huge hit in Miami. Yet non-fungible tokens (NFTs), which became synonymous with digital art during a hype-driven, celebrity-endorsed asset bubble in 2021, have seen massive drop-offs in terms of both market cap and cultural relevance. This is due to multiple... https://www.scmp.com/special-reports/article/3352492/nft-hype-dead-its-tech-remains-useful-art-experts-say?utm_source=rss_feed https://www.scmp.com/special-reports/article/3352492/nft-hype-dead-its-tech-remains-useful-art-experts-say?utm_source=rss_feed Tue, 05 May 2026 22:00:12 +0000 Reuters Reuters World Liberty ⁠Financial, the crypto venture co-founded ⁠by US President Donald Trump and his sons, said on Monday it had filed a defamation lawsuit against Hong Kong-based crypto entrepreneur Justin Sun, in the latest escalation of a dispute ‌between the project and one of its most prominent backers. World Liberty posted a copy of its lawsuit on X in which it accused Sun of launching a “public smear campaign” including claims that it said were false. The crypto project – one of several... https://www.scmp.com/news/world/united-states-canada/article/3352408/trump-familys-crypto-project-sues-billionaire-backer-justin-sun?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3352408/trump-familys-crypto-project-sues-billionaire-backer-justin-sun?utm_source=rss_feed Mon, 04 May 2026 15:42:44 +0000 Eunice Xu Eunice Xu Stablecoin payments into Hong Kong are surging on the cross-border payment network of Circle Internet Group, operator of the world’s second largest stablecoin issuer USDC, as the US firm eyes regulatory approval in the Asian crypto hub, its CEO said in an interview. “Hong Kong remains a central trade hub, and cross-border payments and cross-border trade are major drivers in the adoption of stablecoins,” said Jeremy Allaire, co-founder and CEO of Circle. He said that payments into Hong Kong were... https://www.scmp.com/tech/blockchain/article/3352027/hong-kong-key-global-hub-usdc-cross-border-payments-circle-ceo?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3352027/hong-kong-key-global-hub-usdc-cross-border-payments-circle-ceo?utm_source=rss_feed Fri, 01 May 2026 00:30:08 +0000 Agence France-Presse Agence France-Presse A notorious North Korean hacking group is likely behind the theft of nearly US$300 million in cryptocurrency over the weekend, an affected party has said, in the biggest known crypto heist this year. It is the latest such incident linked to North Korea, whose sophisticated cybercrime programme uses stolen cryptocurrency to help fund its nuclear weapons development, according to a United Nations panel. Digital currency news site CoinDesk said the heist on the vault of online investment tool... https://www.scmp.com/news/asia/east-asia/article/3350964/north-koreas-lazarus-suspected-stealing-us290-million-kelpdao-cyberattack?utm_source=rss_feed https://www.scmp.com/news/asia/east-asia/article/3350964/north-koreas-lazarus-suspected-stealing-us290-million-kelpdao-cyberattack?utm_source=rss_feed Wed, 22 Apr 2026 05:12:23 +0000 Yeon Woo Lee Yeon Woo Lee As cryptocurrency converges with traditional finance, driving industry growth and mainstream adoption, officials at Hong Kong’s Web3 Festival are anticipating the next leap: the emergence of artificial intelligence agents. They say AI agents – which perceive their environment, make decisions and act autonomously around the clock – will need tools to unlock their full economic potential, which crypto can provide through its ability to transfer funds instantly across borders without... https://www.scmp.com/tech/blockchain/article/3350852/crypto-industry-sees-ai-driven-agent-economy-next-growth-driver?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3350852/crypto-industry-sees-ai-driven-agent-economy-next-growth-driver?utm_source=rss_feed Tue, 21 Apr 2026 10:07:51 +0000 Yeon Woo Lee Yeon Woo Lee Hong Kong is better placed than many of its Asian peers to turn stablecoins into commercially viable products at scale, underpinned by its early lead in tokenisation and growing experience in moving financial infrastructure on-chain, according to HSBC’s head of digital assets research. “Hong Kong already has examples of deploying the technology and can now look towards commercial applications and scaling,” said Daragh Maher, HSBC’s head of digital assets research, in an interview on the... https://www.scmp.com/tech/blockchain/article/3350498/hong-kong-seen-leading-asia-push-scale-stablecoins-hsbc-says?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3350498/hong-kong-seen-leading-asia-push-scale-stablecoins-hsbc-says?utm_source=rss_feed Sat, 18 Apr 2026 02:30:11 +0000 Edith Lin Edith Lin Hong Kong authorities have signed a memorandum of understanding (MOU) with mainland China’s top internet regulator to promote the digital economy, with the city’s leader pledging to contribute to building a strong technological nation. The MOU was signed on Sunday by Secretary for Innovation, Technology and Industry Sun Dong and Wang Jingtao, deputy director of the Cyberspace Administration of China (CAC), and covers topics including artificial intelligence (AI) promotion, cross-boundary data... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3349815/hong-kong-mainland-china-sign-milestone-mou-promoting-digital-economy?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3349815/hong-kong-mainland-china-sign-milestone-mou-promoting-digital-economy?utm_source=rss_feed Sun, 12 Apr 2026 14:18:43 +0000 Daniel Ren,Enoch Yiu Daniel Ren,Enoch Yiu The Hong Kong Monetary Authority (HKMA) is being urged to go further in loosening restrictions on stablecoins, after granting the city’s first two licences to banks to issue the digital currency. Bankers, venture capitalists and analysts said the long-awaited approvals – awarded to HSBC and a joint venture led by Standard Chartered – fell short of market expectations, underscoring the regulator’s cautious stance amid lingering risk concerns. “It came as a surprise that only two licences were... https://www.scmp.com/business/banking-finance/article/3349742/hong-kong-regulator-urged-expand-stablecoin-rules-after-cautious-roll-out?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3349742/hong-kong-regulator-urged-expand-stablecoin-rules-after-cautious-roll-out?utm_source=rss_feed Sat, 11 Apr 2026 09:10:21 +0000 Sylvia Ma Sylvia Ma As the French central bank repatriates gold reserves from the United States, analysts say China should seize this “strategic window” to develop itself into the next global gold hub. They added that Beijing can leverage policy stability, alongside Hong Kong’s strengths in fintech such as blockchain, to build a modern gold trading centre, particularly as policy volatility under US President Donald Trump’s second term heightens global concerns and deepens the de-dollarisation trend. “I think [the... https://www.scmp.com/economy/china-economy/article/3349343/france-pulls-gold-us-how-can-china-develop-next-global-gold-hub?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3349343/france-pulls-gold-us-how-can-china-develop-next-global-gold-hub?utm_source=rss_feed Wed, 08 Apr 2026 12:00:08 +0000 Letters Letters Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words As Hong Kong prepares to issue its first stablecoin licences, much of the debate frames stablecoins in Hong Kong, China’s digital renminbi and US dollar-backed tokens as rival currencies competing on the same track. That comparison, however, risks missing the point. While these... https://www.scmp.com/opinion/letters/article/3349155/hong-kong-not-competing-us-stablecoins-or-digital-renminbi?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3349155/hong-kong-not-competing-us-stablecoins-or-digital-renminbi?utm_source=rss_feed Tue, 07 Apr 2026 03:30:08 +0000 Kandy Wong Kandy Wong Welcome to Open Dialogue, a series from the South China Morning Post where we bring together leading voices to discuss the stories and subjects occupying international headlines. In this edition, we invited a prominent industry player and economist to reflect on the role of stablecoins, cryptocurrencies pegged to fiat currencies or other assets. They discuss the differing approaches of China and the United States, as well as Hong Kong’s role in China’s strategy, as the city is expected to issue... https://www.scmp.com/economy/china-economy/article/3347710/gary-liu-and-liu-xiaochun-what-role-stablecoins-could-play-china-and-us?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3347710/gary-liu-and-liu-xiaochun-what-role-stablecoins-could-play-china-and-us?utm_source=rss_feed Tue, 24 Mar 2026 22:00:28 +0000 Eunice Xu Eunice Xu In late 2022, Syed Musheer Ahmed packed his bags and departed Hong Kong. The founder of fintech advisory firm FinStep Asia headed for Dubai, where he joined the founding team of the Gulf city’s new digital-asset regulator, Virtual Assets Regulatory Authority (VARA). Like many in Hong Kong’s crypto scene at the time, Ahmed was drawn by the Middle East’s regulatory clarity – a stark contrast to the uncertainty and Covid-19 restrictions still lingering in his adopted home. “Dubai came up as a good... https://www.scmp.com/tech/blockchain/article/3347286/will-hong-kongs-regulatory-clarity-crypto-forge-path-global-hub-status?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3347286/will-hong-kongs-regulatory-clarity-crypto-forge-path-global-hub-status?utm_source=rss_feed Sat, 21 Mar 2026 04:00:08 +0000 Xinmei Shen Xinmei Shen US crypto advocates have increasingly pointed to competition with China’s new interest-bearing e-CNY to demand legislative clarity on stablecoin yields, but China is charting a completely different course for the future of digital money, experts said. “The world’s two largest economies are not so much competing in digital assets as they are pursuing very different strategies,” said Andrew Fei, a partner at law firm King & Wood Mallesons in Hong Kong. Winston Ma, adjunct professor and executive... https://www.scmp.com/news/us/article/3347221/us-china-split-digital-money-deepens-stablecoin-debate-stalls-clarity-act?utm_source=rss_feed https://www.scmp.com/news/us/article/3347221/us-china-split-digital-money-deepens-stablecoin-debate-stalls-clarity-act?utm_source=rss_feed Thu, 19 Mar 2026 17:22:14 +0000 Enoch Yiu Enoch Yiu Hong Kong and Shanghai have signed an accord deepening their collaboration in promoting digitised cargo trade finance and strengthening mainland China’s connection to the global data ecosystem. The Hong Kong Monetary Authority (HKMA) on Monday signed a memorandum of understanding (MOU) with the Shanghai Data Bureau and the National Technology Innovation Centre for Blockchain, according to a statement from Hong Kong’s de facto central bank. “This marks an important milestone in the collaboration... https://www.scmp.com/business/banking-finance/article/3345160/hong-kong-shanghai-sign-pact-digital-trade-finance-cross-border-data-link?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3345160/hong-kong-shanghai-sign-pact-digital-trade-finance-cross-border-data-link?utm_source=rss_feed Mon, 02 Mar 2026 10:55:30 +0000 Enoch Yiu Enoch Yiu HSBC, the largest lender in Europe and Hong Kong by assets, has signalled for the first time its intent to engage with the city’s forthcoming stablecoin regime, citing Hong Kong’s sound regulatory environment and its potential to drive innovation in the digital asset space. “We are interested in every part of Hong Kong’s innovation landscape, and we want to play a role in all of it,” CEO Georges Elhedery said in a small-group interview – in response to a question whether the bank had applied for... https://www.scmp.com/business/banking-finance/article/3345047/hsbc-signals-intent-join-hong-kongs-stablecoin-regime-amid-digital-innovation-push?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3345047/hsbc-signals-intent-join-hong-kongs-stablecoin-regime-amid-digital-innovation-push?utm_source=rss_feed Sun, 01 Mar 2026 23:30:13 +0000 Aileen Chuang Aileen Chuang This Lunar New Year, Hongkongers can gift friends and family digital gold tokens, a new way of blending the city’s tradition of giving gold for good wishes with the convenience of blockchain technology. HSBC added this new transfer feature earlier this month to its retail gold token, which represents fractional ownership of physical gold stored in a secure vault and is the only retail-focused gold token approved by Hong Kong’s Securities and Futures Commission. The bank’s enhancement to its gold... https://www.scmp.com/business/cryptocurrency/article/3343695/what-tokenised-gold-and-why-are-financial-institutions-and-investors-looking-it?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3343695/what-tokenised-gold-and-why-are-financial-institutions-and-investors-looking-it?utm_source=rss_feed Tue, 17 Feb 2026 02:00:17 +0000 Ji Siqi,Eunice Xu Ji Siqi,Eunice Xu With China explicitly banning onshore tokenisation of real-world assets (RWAs) while tightening scrutiny of related offshore activities, analysts say the clampdown is aimed at curbing financial fraud and disorderly capital outflows, while still preserving space for regulated innovation in markets such as Hong Kong. Tokenisation refers to the process of converting the rights to an RWA – including real estate, art, bonds and commodities like gold – into a digital token. Such tokens represent... https://www.scmp.com/economy/china-economy/article/3342952/chinas-necessary-asset-tokenisation-ban-targets-scams-and-capital-flight-analysts-say?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3342952/chinas-necessary-asset-tokenisation-ban-targets-scams-and-capital-flight-analysts-say?utm_source=rss_feed Mon, 09 Feb 2026 12:30:19 +0000 Leopold Chen Leopold Chen Bitcoin’s collapse has prompted some retail investors in Hong Kong to snap up the world’s largest cryptocurrency after its value fell by more than half from its peak. According to crypto asset data tracker CoinGecko, the price of bitcoin slumped to almost US$60,000 on Friday morning, Hong Kong time, less than half its historical high of US$124,000 in October 2025. The slump also erased US$2 trillion from the overall digital asset market over the period. On Friday afternoon, dozens of residents... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3342689/bargain-hunting-hong-kong-retail-investors-snap-bitcoin-amid-crypto-crash?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3342689/bargain-hunting-hong-kong-retail-investors-snap-bitcoin-amid-crypto-crash?utm_source=rss_feed Fri, 06 Feb 2026 11:09:45 +0000 Xinmei Shen Xinmei Shen US Treasury Secretary Scott Bessent said he “would not be surprised” if China is already looking into ways to challenge the US’ pre-eminence in digital assets, given Hong Kong's efforts to develop the industry. When testifying before the Senate Banking Committee on Thursday, Bessent said that there are “lots of rumours of Chinese digital assets” possibly being backed by something other than its currency yuan, such as gold, but that the US could not confirm such claims. “We don’t know that for... https://www.scmp.com/news/us/article/3342569/us-treasury-chief-warns-china-could-challenge-us-digital-asset-lead-hong-kong?utm_source=rss_feed https://www.scmp.com/news/us/article/3342569/us-treasury-chief-warns-china-could-challenge-us-digital-asset-lead-hong-kong?utm_source=rss_feed Thu, 05 Feb 2026 20:12:01 +0000 Reuters Reuters Bitcoin plunged on Thursday, its decline accelerating amid weakening risk sentiment driven in part by volatility in precious ‍metals and a broad sell-off in tech shares. The world’s largest cryptocurrency fell to a low of US$66,675.12, its weakest since October 2024, a month before Republican Donald Trump won the US presidential election, having signalled his intention to support cryptocurrency on the campaign trail. It was last down 6.5 per cent at US$67,817. In total, the global digital market... https://www.scmp.com/news/world/united-states-canada/article/3342555/bitcoin-dips-below-us70000-wiping-out-gains-trump-election-win-amid-warsh-fed-fears?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3342555/bitcoin-dips-below-us70000-wiping-out-gains-trump-election-win-amid-warsh-fed-fears?utm_source=rss_feed Thu, 05 Feb 2026 13:32:17 +0000 Eunice Xu Eunice Xu Hong Kong’s cryptocurrency investors remain cautiously optimistic despite a sharp market sell-off over the weekend that pushed major digital assets to months-long lows. Bitcoin slid to US$74,541 on Monday morning, its lowest level in 10 months, extending a decline of about 40 per cent from its record high above US$126,000. That peak had been fuelled in part by expectations of a more crypto-friendly stance from the Trump administration. Other major tokens also weakened, with Ethereum down more... https://www.scmp.com/business/article/3342126/hong-kong-crypto-investors-stay-cautious-upbeat-bitcoin-sell-deepens?utm_source=rss_feed https://www.scmp.com/business/article/3342126/hong-kong-crypto-investors-stay-cautious-upbeat-bitcoin-sell-deepens?utm_source=rss_feed Mon, 02 Feb 2026 13:30:17 +0000 Aileen Chuang Aileen Chuang China has emerged as the world’s second most competitive country for artificial intelligence in finance, ranking behind the US but well ahead of the rest of Asia, according to a global index. China scored 83.41 in the Global AI Competitiveness Index, trailing the US at 98.84 and ahead of the UK at 78.26, a report released on Wednesday by think tank Deep Knowledge Group showed. Switzerland ranked fourth, followed by Singapore, Germany, Saudi Arabia and India. The world’s second-largest economy... https://www.scmp.com/business/banking-finance/article/3341439/china-second-only-us-global-ai-finance-index-hong-kong-third-city-hub?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3341439/china-second-only-us-global-ai-finance-index-hong-kong-third-city-hub?utm_source=rss_feed Wed, 28 Jan 2026 03:30:12 +0000 Enoch Yiu Enoch Yiu The Hong Kong Monetary Authority (HKMA) has unveiled a road map to introduce 20 measures under a five-year initiative aimed at modernising the city’s trade finance landscape and strengthening connectivity with mainland China and Asean trade corridors. Project CargoX, part of HKMA’s Fintech 2030 strategy, would use blockchain and data to help exporters secure bank loans more easily and strengthen Hong Kong’s role as an international trading hub, said Howard Lee Tat-chi, deputy chief executive of... https://www.scmp.com/business/banking-finance/article/3340302/hkma-unveils-20-point-road-map-modernise-hong-kongs-trade-finance-ecosystem?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3340302/hkma-unveils-20-point-road-map-modernise-hong-kongs-trade-finance-ecosystem?utm_source=rss_feed Mon, 19 Jan 2026 00:30:10 +0000 Jean Tirole Jean Tirole The fascination with cryptocurrencies shows no sign of fading. With the passage of the Guiding and Establishing National Innovation for US Stablecoins (Genius) Act in July, US lawmakers added to the sense that crypto is here to stay. But an uncomfortable issue remains unresolved: are cryptocurrencies a genuine innovation capable of serving the common good, or a speculative threat to financial and social stability? Not all cryptocurrencies are alike. Unbacked ones, such as bitcoin or Ethereum,... https://www.scmp.com/opinion/world-opinion/article/3337375/harness-crypto-ingenuity-financial-threat-must-first-be-neutralised?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3337375/harness-crypto-ingenuity-financial-threat-must-first-be-neutralised?utm_source=rss_feed Fri, 26 Dec 2025 12:30:08 +0000 Enoch Yiu Enoch Yiu One of Hong Kong’s oldest lenders is stepping up its push into digital finance, teaming up with newly listed digital asset exchange HashKey Exchange to launch a co-branded credit card in the first half of next year. Shanghai Commercial Bank (SCB), which marked its 75th anniversary this year, will partner with HashKey Exchange to issue a Visa credit card exclusively for investors trading on the digital asset platform, according to chief executive Wallace Lam Wing-ted. HashKey, one of 11 licensed... https://www.scmp.com/business/banking-finance/article/3337332/old-lender-new-twist-shanghai-commercial-bank-teams-hashkey-credit-card?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3337332/old-lender-new-twist-shanghai-commercial-bank-teams-hashkey-credit-card?utm_source=rss_feed Tue, 23 Dec 2025 00:30:08 +0000 Aileen Chuang Aileen Chuang Shares of HashKey Holdings, operator of Hong Kong’s largest licensed cryptocurrency exchange, were flat on their trading debut, as investors shunned risk amid a downturn in the digital asset market. Trading under the stock code 3887, HashKey shares first changed hands on Wednesday at HK$6.70, or 0.3 per cent above the offer price of HK$6.68 a share. The stock fluctuated between gains of up to 6.6 per cent and losses of as much as 8.4 per cent before closing 0.2 per cent lower at HK$6.67. The... https://www.scmp.com/business/banking-finance/article/3336692/hashkeys-lukewarm-debut-tests-hong-kongs-ambitions-digital-asset-hub?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3336692/hashkeys-lukewarm-debut-tests-hong-kongs-ambitions-digital-asset-hub?utm_source=rss_feed Wed, 17 Dec 2025 01:41:22 +0000 Coco Feng Coco Feng The United Arab Emirates (UAE) is rapidly cementing its position as a global leader in the digital asset sector on the back of its regulatory infrastructure and the institutional adoption of cryptocurrencies, according to industry insiders at the fourth edition of Abu Dhabi Finance Week (ADFW). Speaking at ADFW, the largest financial and investment gathering in the Middle East and North Africa, Binance co-CEO Richard Teng said the UAE had been at the industry’s forefront, as capital city Abu... https://www.scmp.com/tech/blockchain/article/3336083/coins-sand-how-uae-draws-global-crypto-community?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3336083/coins-sand-how-uae-draws-global-crypto-community?utm_source=rss_feed Fri, 12 Dec 2025 01:00:25 +0000 Aileen Chuang Aileen Chuang Ant International, HSBC and Swift have successfully tested cross-border transfers of tokenised deposits using an international financial messaging standard, in a move that could streamline global blockchain-based payments and corporate treasury management. The milestone, announced on Thursday, marked the first case leveraging the Swift network and ISO 20022 as a messaging standard in cross-border payments using tokenised deposits. The standard is a universal language for exchanging electronic... https://www.scmp.com/business/banking-finance/article/3336068/swift-pilots-blockchain-payments-ant-international-and-hsbc-cross-border-test?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3336068/swift-pilots-blockchain-payments-ant-international-and-hsbc-cross-border-test?utm_source=rss_feed Thu, 11 Dec 2025 10:00:22 +0000 Xinmei Shen Xinmei Shen Cryptocurrency exchange Gate, whose Hong Kong unit last year pulled out of the city’s virtual asset trading platform (VATP) licence application, may consider applying again, but high compliance costs still pose challenges for the company, according to founder and CEO Lin Han. “We understand the intention behind [Hong Kong’s] policies, but they do impose some constraints,” Han said in an interview on Thursday. “After a year of operation [in Hong Kong], we discovered that it was difficult to cover... https://www.scmp.com/tech/policy/article/3335545/crypto-exchange-gate-eyes-hong-kong-licence-even-compliance-costs-challenge-growth?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3335545/crypto-exchange-gate-eyes-hong-kong-licence-even-compliance-costs-challenge-growth?utm_source=rss_feed Mon, 08 Dec 2025 02:00:50 +0000 Joseph Koh Joseph Koh Singapore-based “technopreneur” Vignesh Sundaresan, who goes by the nickname MetaKovan online, grabbed global attention in March 2021 when he splashed out US$69 million on the non-fungible token (NFT) artwork Everydays: the First 5,000 Days by American digital artist Mike Winkelmann, better known as Beeple. That record-breaking bid supercharged a speculative frenzy in NFTs. The Indian-born investor later boasted in a TV interview that he was prepared to pay even more, so convinced was he that... https://www.scmp.com/lifestyle/arts/article/3335276/singaporean-buyer-us69-million-beeple-nft-opens-art-and-technology-space?utm_source=rss_feed https://www.scmp.com/lifestyle/arts/article/3335276/singaporean-buyer-us69-million-beeple-nft-opens-art-and-technology-space?utm_source=rss_feed Sun, 07 Dec 2025 23:15:09 +0000 Xinmei Shen Xinmei Shen Mainland Chinese industry associations have issued a joint warning to real-world asset (RWA) tokenisation providers after Beijing turned on the screws, dashing hopes that Beijing might ease restrictions on digital-asset activities amid competition with the US. Tokenising real-world assets involves multiple risks such as fake assets, business failure and speculative trading, and Chinese authorities had not approved any such activities, seven industry bodies, including the National Internet... https://www.scmp.com/tech/policy/article/3335440/7-chinese-industry-bodies-issue-rwa-tokenisation-warning-amid-beijings-crackdown?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3335440/7-chinese-industry-bodies-issue-rwa-tokenisation-warning-amid-beijings-crackdown?utm_source=rss_feed Sat, 06 Dec 2025 04:47:38 +0000 Bloomberg Bloomberg Binance Holdings named co-founder He Yi as co-CEO in the biggest change to its top leadership since Zhao Changpeng stepped down from running the cryptocurrency exchange two years ago. She will share the title with Richard Teng, who succeeded Zhao as CEO of the world’s largest crypto trading venue in November 2023. Zhao, who resigned after pleading guilty to anti-money-laundering and sanctions violations, and He have children together. Zhao was pardoned by US President Donald Trump in October,... https://www.scmp.com/tech/blockchain/article/3335126/crypto-giant-binance-appoints-co-founder-he-yi-co-ceo?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3335126/crypto-giant-binance-appoints-co-founder-he-yi-co-ceo?utm_source=rss_feed Thu, 04 Dec 2025 01:44:33 +0000 Aileen Chuang Aileen Chuang Crypto exchange operator HashKey Holdings has cleared its Hong Kong listing hearing after an earlier confidential filing, paving the way for a deal that will test investor confidence in the digital asset sector amid evolving regulation. The operator of Hong Kong’s biggest licensed crypto exchange could raise up to US$300 million, a reduction from a previous target of around US$500 million, in a listing this month, according to a source familiar with the matter. HashKey did not disclose the size... https://www.scmp.com/business/banking-finance/article/3334718/hong-kongs-biggest-crypto-exchange-hashkey-wins-listing-nod-test-investor-appetite?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3334718/hong-kongs-biggest-crypto-exchange-hashkey-wins-listing-nod-test-investor-appetite?utm_source=rss_feed Mon, 01 Dec 2025 04:39:42 +0000 Enoch Yiu Enoch Yiu When Alvin Kwock, co-founder of digital insurer OneDegree, took part in the inaugural Hong Kong FinTech Week in November 2016, it was held at a venue suitable for only a few hundred people. “As it was the first ever fintech event in Hong Kong, only fintech start-ups were interested, no big financial institutions paid attention,” Kwock said. “People did not have a clear idea of fintech as it was still in an exploratory stage.” In the years since, fintech in Hong Kong has gone through a sea... https://www.scmp.com/business/banking-finance/article/3334469/work-progress-hong-kong-reaps-fruits-fintech-seeds-sown-nearly-10-years-ago?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3334469/work-progress-hong-kong-reaps-fruits-fintech-seeds-sown-nearly-10-years-ago?utm_source=rss_feed Sat, 29 Nov 2025 02:00:10 +0000 Richard Lord Richard Lord One of the most exciting uses of the blockchain is the tokenisation of real world assets – the ability to represent traditional financial assets as digital units. In theory, you can tokenise anything: funds, stocks, bonds, commodities, real estate, private equity – even artworks. There are a number of compelling advantages to doing so, especially as institutions are already seeing benefits all the way up to the retail level. China Asset Management (Hong Kong), for instance, launched digital... https://www.scmp.com/special-reports/special-reports/topics/wealth-alternative-investments/article/3332738/tokenisation-can-hong-kong-unlock-real-world-asset-potential?utm_source=rss_feed https://www.scmp.com/special-reports/special-reports/topics/wealth-alternative-investments/article/3332738/tokenisation-can-hong-kong-unlock-real-world-asset-potential?utm_source=rss_feed Thu, 27 Nov 2025 21:30:08 +0000 Aileen Chuang Aileen Chuang Hong Kong-based Tykhe Capital Group and Malaysia’s Skyvast Digital have launched a US$150 million tokenised fund that offers investors exposure to artificial intelligence infrastructure, using an innovative arrangement designed to share project revenues and boost liquidity. SKYD Token was “the world’s first global-grade AI infrastructure tokenised fund”, Tykhe’s subsidiary, Pioneer Asset Management, and AI infrastructure developer Skyvast said in a press release on Monday. The fund will provide... https://www.scmp.com/business/article/3333957/hong-kong-and-malaysian-firms-roll-out-us150-million-tokenised-ai-infrastructure-fund?utm_source=rss_feed https://www.scmp.com/business/article/3333957/hong-kong-and-malaysian-firms-roll-out-us150-million-tokenised-ai-infrastructure-fund?utm_source=rss_feed Mon, 24 Nov 2025 10:30:10 +0000 Aileen Chuang Aileen Chuang Hong Kong’s push to establish a tokenised financial system is poised to attract more companies to set up treasury centres in the city, which would give investors broader options while reducing transaction costs, according to market players. Both corporations and individuals stood to benefit from increased tokenisation of money and assets, which could make financial services faster and more efficient and accessible, said representatives from Standard Chartered, China Asset Management (Hong Kong)... https://www.scmp.com/business/banking-finance/article/3333790/hong-kongs-tokenisation-drive-set-boost-treasury-centres-and-investments?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3333790/hong-kongs-tokenisation-drive-set-boost-treasury-centres-and-investments?utm_source=rss_feed Mon, 24 Nov 2025 00:30:14 +0000 Hugh Harsono Hugh Harsono Mere days after her election as Japan’s new prime minister, Sanae Takaichi delivered a policy speech declaring that a major priority was to build a strong and resilient economy. Since then, her administration has ushered in a rapid-fire series of policies to support digital assets, with the goal of countering Japan’s sluggish economic growth. This shift has introduced a new dynamic in Asia, with Tokyo clearly no longer content to watch Hong Kong become Asia’s premier cryptocurrency hub. Instead,... https://www.scmp.com/opinion/hong-kong-opinion/article/3333264/japan-takes-aim-crypto-first-mover-hong-kong-must-look-out?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3333264/japan-takes-aim-crypto-first-mover-hong-kong-must-look-out?utm_source=rss_feed Fri, 21 Nov 2025 01:30:09 +0000 Xinmei Shen Xinmei Shen Some of China’s cryptocurrency heavyweights have called off a US$500 million ether digital asset treasury (DAT) project, as the broader crypto market remains in a slump, according to people familiar with the matter. The project was initiated earlier this year by Huobi founder Leon Li Lin, HashKey Group chairman and CEO Xiao Feng, Meitu co-founder Mike Cai Wensheng and Fenbushi Capital founder Bo Shen, who aimed to raise US$500 million to launch a DAT firm that would invest in the world’s... https://www.scmp.com/tech/blockchain/article/3333429/chinese-crypto-founders-shelve-us500-million-ether-digital-asset-treasury-project?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3333429/chinese-crypto-founders-shelve-us500-million-ether-digital-asset-treasury-project?utm_source=rss_feed Wed, 19 Nov 2025 12:00:10 +0000 Biman Mukherji Biman Mukherji As governments worldwide debate the merits and dangers of digital currencies, India appears poised to launch its own state-backed stablecoin that uses government debt as collateral. Proponents argue that the Asset Reserve Certificate (ARC) could hasten the global drive towards de-dollarisation, lower India’s borrowing costs and create a “virtuous cycle” for public funding by diversifying the country’s investor base. By tying the token to sovereign debt, developers aim to create a transparent... https://www.scmp.com/week-asia/economics/article/3333378/indias-debt-backed-stablecoin-challenge-us-dollar-dominance-explained?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3333378/indias-debt-backed-stablecoin-challenge-us-dollar-dominance-explained?utm_source=rss_feed Wed, 19 Nov 2025 07:08:33 +0000 Xinmei Shen Xinmei Shen Ant International, the Singapore-based spin-off of Chinese fintech giant Ant Group, is stepping up its global treasury operations through a strategic partnership with Swiss bank UBS, as both companies also seek to explore innovations in blockchain-based tokenised deposits. Under a memorandum of understanding signed at UBS’ Singapore offices, Ant International will use UBS Digital Cash – a blockchain-based payments platform launched last year – for its global treasury operations to enhance... https://www.scmp.com/tech/blockchain/article/3333085/ant-international-ubs-join-forces-blockchain-based-cross-border-payment-settlements?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3333085/ant-international-ubs-join-forces-blockchain-based-cross-border-payment-settlements?utm_source=rss_feed Mon, 17 Nov 2025 09:00:16 +0000 Bloomberg Bloomberg Just a little more than a month after reaching an all-time high, bitcoin has erased the more than 30 per cent gain registered since the start of the year as the exuberance over the pro-crypto stance of the Trump administration fades. The dominant cryptocurrency fell below US$93,714 on Sunday, pushing the price beneath the closing level reached at the end of last year, when financial markets were rallying following US President Donald Trump’s election victory. Bitcoin soared to a record... https://www.scmp.com/tech/blockchain/article/3333026/bitcoin-erases-years-gain-crypto-bear-market-deepens?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3333026/bitcoin-erases-years-gain-crypto-bear-market-deepens?utm_source=rss_feed Mon, 17 Nov 2025 02:24:13 +0000 Aileen Chuang Aileen Chuang Hong Kong’s de facto central bank has begun facilitating real-value transactions using tokenised deposits and digital assets under a controlled pilot programme from Thursday, reinforcing the city’s status as a fintech hub. The new phase of the Project Ensemble sandbox would enable seven commercial banks and 13 industry participants to settle tokenised transactions “faster, more transparently and efficiently”, the Hong Kong Monetary Authority (HKMA) said in a press release on Thursday. The... https://www.scmp.com/business/banking-finance/article/3332625/hong-kong-moves-theory-practice-real-value-tokenised-money-asset-deals?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3332625/hong-kong-moves-theory-practice-real-value-tokenised-money-asset-deals?utm_source=rss_feed Thu, 13 Nov 2025 10:00:58 +0000 Bloomberg Bloomberg Hong Kong is marketing a new set of “digitally native” bonds denominated in multiple currencies, intensifying the city’s drive to become a global hub for digital assets. The government was looking to sell digital green bonds denominated in US dollars, Hong Kong dollars, euros and offshore yuan, according to people familiar with the matter. The deal could be priced as early as Monday, said the people, asking not to be identified discussing a private matter. If successfully priced, it would mark... https://www.scmp.com/business/markets/article/3332197/hong-kong-extends-digital-bond-ambitions-third-offering?utm_source=rss_feed https://www.scmp.com/business/markets/article/3332197/hong-kong-extends-digital-bond-ambitions-third-offering?utm_source=rss_feed Mon, 10 Nov 2025 09:04:43 +0000 Aileen Chuang Aileen Chuang Standard Chartered is positioning Hong Kong as the centre of its digital finance ambitions as it seeks higher returns and prepares for a blockchain-driven future, according to CEO Bill Winters. In a recent interview in Hong Kong, Winters highlighted the city’s pioneering regulatory framework, which he said fostered experimentation with blockchain technology – an innovation that could add value to the financial sector. Winters praised the Hong Kong Monetary Authority (HKMA) for its various pilot... https://www.scmp.com/business/banking-finance/article/3331949/standard-chartered-ceo-hong-kong-central-banks-digital-finance-strategy?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3331949/standard-chartered-ceo-hong-kong-central-banks-digital-finance-strategy?utm_source=rss_feed Mon, 10 Nov 2025 00:30:10 +0000 Enoch Yiu Enoch Yiu Digital trading in Hong Kong has taken a step forward with the launch of the city’s first Luxembourg-registered tokenised money market fund by US asset manager Franklin Templeton, marking a major development under the Fintech 2030 plan unveiled this week to establish the city as a leading fintech hub. The Franklin OnChain US Government Money Fund, which invests in US government securities and was registered in Luxembourg last year, would be available to institutional and professional investors... https://www.scmp.com/business/banking-finance/article/3331632/franklin-templeton-introduces-tokenised-money-market-fund-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3331632/franklin-templeton-introduces-tokenised-money-market-fund-hong-kong?utm_source=rss_feed Wed, 05 Nov 2025 09:31:53 +0000 Aileen Chuang,Enoch Yiu Aileen Chuang,Enoch Yiu Hong Kong on Monday launched a five-year fintech strategy, pledging to advance artificial intelligence and tokenisation initiatives responsibly to strengthen the city’s position as a leading fintech hub. The Hong Kong Monetary Authority (HKMA), which unveiled the plan at the flagship Fintech Week conference, said it expected to launch more than 40 initiatives to embed AI in finance, build a financial tokenisation ecosystem, create data and payment infrastructure, and enhance sector-wide... https://www.scmp.com/business/banking-finance/article/3331294/hong-kong-unveils-fintech-strategy-future-proof-city-ai-and-tokenisation?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3331294/hong-kong-unveils-fintech-strategy-future-proof-city-ai-and-tokenisation?utm_source=rss_feed Mon, 03 Nov 2025 06:08:52 +0000 Xinmei Shen Xinmei Shen Ant Group chairman Eric Jing Xiandong touted the company’s tokenisation progress and lauded blockchain’s increased role in financial services at Hong Kong Fintech Week this year, but made no mention of its stalled stablecoin pursuit as regulators move to rein in speculative activities. Ant has used tokenised bank deposits to achieve cross-bank real-time settlement this year through the Hong Kong government’s Project Ensemble, Jing said on Monday at the city’s largest fintech conference. Speaking... https://www.scmp.com/tech/blockchain/article/3331285/ant-chairman-touts-tokenised-money-settlement-remains-mum-stablecoin-plans?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3331285/ant-chairman-touts-tokenised-money-settlement-remains-mum-stablecoin-plans?utm_source=rss_feed Mon, 03 Nov 2025 05:01:29 +0000 Xinmei Shen Xinmei Shen Ant Digital Technologies, an affiliate of Chinese fintech giant Ant Group, has issued a warning to investors regarding fraudulent tokens being issued under the name of its newly launched Jovay blockchain, as Hong Kong pushes ahead with developing its digital-asset industry. Unauthorised projects had been issuing fraudulent tokens using the Jovay name on major blockchains, including Ethereum, BNB Chain and Solana, Ant Digital Technologies said on Wednesday via Jovay’s official social media... https://www.scmp.com/tech/blockchain/article/3330890/ant-digital-warns-fake-jovay-tokens-scams-persist-amid-hong-kongs-crypto-push?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3330890/ant-digital-warns-fake-jovay-tokens-scams-persist-amid-hong-kongs-crypto-push?utm_source=rss_feed Thu, 30 Oct 2025 09:00:10 +0000