https://www.scmp.com/rss/517908/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Enoch Yiu Enoch Yiu For Hong Kong’s 3.3 million PayMe users, everyday transactions such as buying coffee or splitting bills with friends could soon involve stablecoins, with HSBC preparing to introduce the digital currency in the second half of this year. That comes after HSBC Holdings, together with a Standard Chartered-led joint venture, became the first to obtain a stablecoin issuer licence from the Hong Kong Monetary Authority on Friday, marking a breakthrough in the city’s digital finance development. HSBC,... https://www.scmp.com/business/banking-finance/article/3350089/how-paymes-33-million-users-and-hong-kong-firms-could-start-using-stablecoins?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3350089/how-paymes-33-million-users-and-hong-kong-firms-could-start-using-stablecoins?utm_source=rss_feed Wed, 15 Apr 2026 00:00:37 +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 Enoch Yiu Enoch Yiu HSBC and a joint venture led by Standard Chartered have been awarded Hong Kong’s first stablecoin issuer licences, marking the city’s latest step towards embracing cryptocurrency’s most-traded cash substitute in its bid to become a global digital asset hub. Eight months after Hong Kong’s Stablecoin Ordinance, one of the world’s first such laws, took effect, HSBC and Anchorpoint Financial, the Standard Chartered-led group, received the green light from the Hong Kong Monetary Authority (HKMA) on... https://www.scmp.com/business/cryptocurrency/article/3349644/hong-kong-awards-stablecoin-licences-hsbc-stanchart-led-group-long-awaited-roll-out?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3349644/hong-kong-awards-stablecoin-licences-hsbc-stanchart-led-group-long-awaited-roll-out?utm_source=rss_feed Fri, 10 Apr 2026 09:09:55 +0000 Julie Zhang,Enoch Yiu Julie Zhang,Enoch Yiu Hong Kong’s highly anticipated first batch of stablecoin licences did not materialise as expected by the end of March. Industry players said the delay may be caused by a slower-than-expected review process, adding that it could also be due to the regulators’ cautious stance towards launching the first batch of regulated stablecoin licences as the city seeks to cement its status as a digital-asset hub. “I don’t think [the delay] is caused by the market,” said Jack Poon, a member of the task force... https://www.scmp.com/business/banking-finance/article/3348492/hong-kongs-anticipated-stablecoin-licence-end-march-does-not-materialise?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3348492/hong-kongs-anticipated-stablecoin-licence-end-march-does-not-materialise?utm_source=rss_feed Wed, 01 Apr 2026 00:30:08 +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 Aileen Chuang Aileen Chuang HSBC and a joint venture led by Standard Chartered are expected to be among the first companies to obtain Hong Kong’s stablecoin licences within two weeks, according to people familiar with the matter. The number of licences and timetable had yet to be finalised and remained subject to change, but sources said a possible date was March 24. The two banks declined to comment. The Hong Kong Monetary Authority (HKMA) last month revealed that a small number of stablecoin licences would be granted... https://www.scmp.com/business/cryptocurrency/article/3346311/hong-kong-poised-grant-first-stablecoin-licences-hsbc-standard-chartered-sources?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3346311/hong-kong-poised-grant-first-stablecoin-licences-hsbc-standard-chartered-sources?utm_source=rss_feed Thu, 12 Mar 2026 09:00:08 +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,Emily Hung Aileen Chuang,Emily Hung Hong Kong is aiming to sharpen its competitive edge as an offshore yuan hub, an asset and wealth management base, and a digital-asset front runner under Financial Secretary Paul Chan Mo-po’s budget released on Wednesday. Market participants largely welcomed Hong Kong’s renewed push to strengthen its position as an international financial centre, after Chan highlighted the city’s unique role in driving the yuan’s internationalisation and capital account opening. The initiative comes as Beijing... https://www.scmp.com/news/hong-kong/article/3344634/hong-kong-seeks-hone-edge-offshore-yuan-hub-digital-asset-front-runner?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/3344634/hong-kong-seeks-hone-edge-offshore-yuan-hub-digital-asset-front-runner?utm_source=rss_feed Wed, 25 Feb 2026 12:23:24 +0000 Aileen Chuang Aileen Chuang Deeper regulatory ties and a shared push for new growth sectors are expected to give fresh impetus to cross-border investment flows between China and the Middle East, according to industry players and a United Arab Emirates (UAE) regulator. Hong Kong would benefit from the increased China-Middle East cooperation as the city develops into “a key hub for Middle Eastern capital to deploy in Asia and an important gateway for Chinese capital to go global to the Middle East,” said Linda Cai, inbound... https://www.scmp.com/business/banking-finance/article/3344127/hong-kong-uae-solidify-financial-links-deeper-regulatory-ties-digital-assets-focus?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3344127/hong-kong-uae-solidify-financial-links-deeper-regulatory-ties-digital-assets-focus?utm_source=rss_feed Sun, 22 Feb 2026 03:00:12 +0000 Bloomberg Bloomberg Bitcoin extended a four-week slide as investors returned to a more cautious macro backdrop. The token dropped as much as 3.2 per cent to US$66,604 on Tuesday, before paring the decline. Bitcoin, which has traded like a high-beta tech proxy in recent months, mirrored an earlier move lower in US equities, but failed to keep pace when stocks edged higher. “Sentiment is clearly bleak in crypto markets,” said Noelle Acheson, author of the Crypto is Macro Now newsletter. “There is strong progress in... https://www.scmp.com/tech/blockchain/article/3343879/sentiment-bleak-bitcoin-declines-geopolitical-tensions-add-risk-mood?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3343879/sentiment-bleak-bitcoin-declines-geopolitical-tensions-add-risk-mood?utm_source=rss_feed Wed, 18 Feb 2026 06:06:08 +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 Iris Deng Iris Deng As the cryptocurrency market faces mounting pressure, Standard Chartered on Thursday cut its forecast for bitcoin, flagging a further drop to US$50,000 before the world’s largest cryptocurrency stabilises. The digital currency was trading at around US$66,300 at 1pm Hong Kong time on Friday, a decline of nearly 50 per cent from a historical high of US$126,000 in October. Ether slid slightly to US$1,940 at 1pm on Friday. The world’s second-largest digital token has lost 60 per cent of its value... https://www.scmp.com/tech/article/3343504/standard-chartered-expects-bitcoin-slump-us50000-mounting-comeback?utm_source=rss_feed https://www.scmp.com/tech/article/3343504/standard-chartered-expects-bitcoin-slump-us50000-mounting-comeback?utm_source=rss_feed Fri, 13 Feb 2026 10:27:45 +0000 Eunice Xu Eunice Xu In a makeshift boxing ring, two humanoids square off; one in blue headgear and gloves, the other in matching red. The spectacle might be run-of-the-mill for a robotics conference, but this was Consensus Hong Kong 2026, one of the largest events for the digital assets industry. Behind the human-controlled fighting humanoids was BitRobot, an embodied AI research network built on the Solana blockchain. Despite the bitcoin drawdown of recent weeks, the mood was upbeat. Consensus this year... https://www.scmp.com/tech/tech-trends/article/3343349/policy-products-web3-innovation-takes-centre-stage-consensus-hong-kong?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3343349/policy-products-web3-innovation-takes-centre-stage-consensus-hong-kong?utm_source=rss_feed Thu, 12 Feb 2026 13:00:14 +0000 Yeon Woo Lee Yeon Woo Lee Hong Kong’s securities regulator unveiled several new initiatives on Wednesday aimed at further developing the city’s virtual asset sector while strengthening investor safeguards. The announcements by the Securities and Futures Commission (SFC) coincided with Consensus 2026, a major cryptocurrency conference running this week at the Hong Kong Convention and Exhibition Centre, attended by industry figures such as Binance CEO Richard Teng and Solana Foundation president Lily Liu. “[At Consensus... https://www.scmp.com/business/banking-finance/article/3343189/hong-kong-bridges-traditional-and-digital-finance-worlds-new-virtual-asset-initiatives?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3343189/hong-kong-bridges-traditional-and-digital-finance-worlds-new-virtual-asset-initiatives?utm_source=rss_feed Wed, 11 Feb 2026 09:30:20 +0000 Xiaofei Xu Xiaofei Xu Chinese authorities issued a notice on Friday that tightened regulations on virtual currency trading, expanding Beijing’s crackdown on cryptocurrencies to the tokenisation of real world assets (RWA). Onshore RWA tokenisation activities and related intermediary or technology services for securities issuance, financial operations or fundraising were banned, according to the notice, which added that exceptions may apply in specific cases if approved by authorities. “Overseas entities and... https://www.scmp.com/business/cryptocurrency/article/3342751/china-tightens-crypto-crackdown-onshore-rwa-tokenisation-ban?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3342751/china-tightens-crypto-crackdown-onshore-rwa-tokenisation-ban?utm_source=rss_feed Sat, 07 Feb 2026 06:20:40 +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 Matteo Giovannini Matteo Giovannini As China prepares its digital yuan for wider domestic and cross-border use, the global debate has turned again to a familiar question: is Beijing trying to challenge the US dollar’s dominance? But this misses the more consequential point. The significance of China’s digital currency push lies not in substitution, but in the transformation of the infrastructure that underpins international payments. Over the past few years, the e-CNY has evolved into one of the world’s most advanced central bank... https://www.scmp.com/opinion/china-opinion/article/3341064/talk-digital-yuan-challenging-dollar-dominance-misses-real-power-shift?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3341064/talk-digital-yuan-challenging-dollar-dominance-misses-real-power-shift?utm_source=rss_feed Sun, 25 Jan 2026 21:30:08 +0000 Aileen Chuang Aileen Chuang Digital finance has moved into the mainstream as regulated stablecoins and tokenised assets scale up, but industry experts say 2026 will be defined by success in developing interoperable, regulated, use-case-driven rails rather than more digital silos. As more than 130 jurisdictions explore central bank digital currencies (CBDCs), alongside dozens of stablecoin initiatives and a growing array of tokenisation platforms, day-to-day payments and finance are undergoing a rapid structural... https://www.scmp.com/business/cryptocurrency/article/3338656/digital-finance-2026-what-expect-pilot-schemes-move-real-world-use?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3338656/digital-finance-2026-what-expect-pilot-schemes-move-real-world-use?utm_source=rss_feed Sun, 04 Jan 2026 23:30:15 +0000 Xinmei Shen Xinmei Shen Trip.com has started to allow some overseas users to pay for prepaid hotel and flight bookings with the stablecoins USDT and USDC – also known as Tether and USD Coin – in a sign of growing acceptance of the US dollar-pegged tokens. The online travel group enabled stablecoin payments on October 9, according to a customer service agent, with the option appearing for users in certain regions when they booked prepaid deals through Trip.com’s international platform. The move – which comes even as... https://www.scmp.com/news/china-future-tech/article/3338060/tripcom-tests-stablecoin-payments-overseas-offering-usdt-and-usdc-prepaid-bookings?utm_source=rss_feed https://www.scmp.com/news/china-future-tech/article/3338060/tripcom-tests-stablecoin-payments-overseas-offering-usdt-and-usdc-prepaid-bookings?utm_source=rss_feed Mon, 29 Dec 2025 23:00:09 +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 Xinmei Shen Xinmei Shen Hong Kong will broaden its crypto rule book next year, with regulators preparing new licensing regimes for virtual asset dealers and custodians, as the city pushes to deepen its digital asset market even as Beijing tightens its scrutiny on crypto activities on the mainland. Regulators said on Wednesday they would finalise legislative proposals for two new licensing frameworks – one for providers of virtual asset dealing services, previously referred to as over-the-counter (OTC) trading services,... https://www.scmp.com/tech/article/3337703/hong-kong-broaden-crypto-rules-new-licences-dealers-and-custodians?utm_source=rss_feed https://www.scmp.com/tech/article/3337703/hong-kong-broaden-crypto-rules-new-licences-dealers-and-custodians?utm_source=rss_feed Thu, 25 Dec 2025 10:00:16 +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 Enoch Yiu Enoch Yiu Hong Kong will need to attract global champion firms across different sectors to raise funds to strengthen the city’s role as an international financial centre over the next 10 years, according to a concept paper issued by the Financial Services Development Council (FSDC) on Friday. “Global markets do not stand still,” said Benjamin Hung Pi-cheng, chairman of the FSDC, at a media briefing where the council outlined a wide range of ideas to bring the city’s capital market to the next level. “Hong... https://www.scmp.com/business/banking-finance/article/3336228/hong-kong-needs-attract-global-champions-broaden-fundraising-base-fsdc?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3336228/hong-kong-needs-attract-global-champions-broaden-fundraising-base-fsdc?utm_source=rss_feed Fri, 12 Dec 2025 09:30:12 +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 Reuters Reuters Cryptocurrencies tumbled on Thursday and bitcoin fell back below the US$90,000 threshold in a renewed signal of market jitters, as fresh concerns about artificial intelligence profits weighed on technology stocks. Risk sentiment turned sour after US cloud firm Oracle’s profit and revenue outlook missed forecasts and executives flagged higher spending – a sign that AI infrastructure outlays are not turning profits as quickly as investors had hoped. Bitcoin was last down 2.5 per cent at... https://www.scmp.com/tech/blockchain/article/3336042/bitcoin-drops-below-us90000-ai-worries-sour-risk-appetite?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3336042/bitcoin-drops-below-us90000-ai-worries-sour-risk-appetite?utm_source=rss_feed Thu, 11 Dec 2025 08:03:27 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong has launched a public consultation regarding a system for sharing information on crypto assets with other governments in compliance with international standards as the city ramps up initiatives to develop as a digital-asset hub. The government has invited members of the public to share views about the implementation of the Crypto-Asset Reporting Framework (CARF) and amendments in relation to the Common Reporting Standard (CRS) put forward by the Organisation for Economic Co-operation... https://www.scmp.com/business/article/3335787/hong-kong-eyes-international-info-sharing-crypto-assets-combat-tax-fraud-evasion?utm_source=rss_feed https://www.scmp.com/business/article/3335787/hong-kong-eyes-international-info-sharing-crypto-assets-combat-tax-fraud-evasion?utm_source=rss_feed Tue, 09 Dec 2025 11:30:09 +0000 Coco Feng Coco Feng Hong Kong boasts the strongest institutional environment of any major financial hub but lags in growth and future readiness, according to a new index launched by New York University Abu Dhabi on Tuesday. The inaugural Financial Centres Competitiveness Index (FFCI), unveiled at Abu Dhabi Finance Week, ranked Hong Kong fourth overall, behind New York, London and Singapore. The index is built around two main criteria. On “footprint” – a measure that reflects the current scale and activity of... https://www.scmp.com/business/banking-finance/article/3335762/hong-kongs-financial-hub-gets-gold-star-governance-red-flag-readiness?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3335762/hong-kongs-financial-hub-gets-gold-star-governance-red-flag-readiness?utm_source=rss_feed Tue, 09 Dec 2025 09:41:41 +0000 Themis Qi Themis Qi Crypto exchange operator HashKey Holdings has launched its share sale in Hong Kong, testing investor appetite amid repeated warnings against virtual currencies by China’s central bank. Hong Kong’s largest licensed crypto player set its initial public offering (IPO) price range at HK$5.95 to HK$6.95 apiece for more than 240 million shares, according to a filing on Tuesday. The listing date is December 17. With the price range, HashKey is eyeing up to HK$1.67 billion (US$214 million). In October,... https://www.scmp.com/business/cryptocurrency/article/3335725/hashkey-aims-us214-million-hong-kong-ipo-amid-beijings-crypto-pressure?utm_source=rss_feed https://www.scmp.com/business/cryptocurrency/article/3335725/hashkey-aims-us214-million-hong-kong-ipo-amid-beijings-crypto-pressure?utm_source=rss_feed Tue, 09 Dec 2025 08:21:01 +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 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 Xinmei Shen Xinmei Shen Beijing’s explicit denunciation of stablecoins as a financial risk has cast fresh doubt on Hong Kong’s ambitions to become a regulated hub for the asset class, according to legal experts and analysts. The People’s Bank of China (PBOC) – together with the public security ministry, the cyberspace administration, the top court and other key financial regulators – said in a statement on Saturday that stablecoins did not meet the mainland’s requirements on customer identification and... https://www.scmp.com/tech/article/3334767/beijings-crypto-warning-casts-shadow-over-hong-kongs-stablecoin-ambitions?utm_source=rss_feed https://www.scmp.com/tech/article/3334767/beijings-crypto-warning-casts-shadow-over-hong-kongs-stablecoin-ambitions?utm_source=rss_feed Mon, 01 Dec 2025 10:30:18 +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 Aileen Chuang Aileen Chuang The rapid rise of tokenisation risks repeating China’s earlier boom-and-bust cycle in peer-to-peer lending unless clear industry standards are established to ensure discipline and innovation, according to a senior Chinese asset manager. Some multilevel marketing companies in mainland China have already started holding meetings discussing real-world asset (RWA) tokenisation projects over the past year, raising “genuine concerns” that the nascent industry might be heading towards a... https://www.scmp.com/business/china-business/article/3334658/tokenisation-trend-risks-repeat-chinas-p2p-lending-crisis-asset-manager-warns?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3334658/tokenisation-trend-risks-repeat-chinas-p2p-lending-crisis-asset-manager-warns?utm_source=rss_feed Sun, 30 Nov 2025 23:30:12 +0000 Reuters Reuters Bitcoin mining is quietly staging a comeback in China despite being banned four years ago, as individual and corporate miners exploit cheap electricity and a data-centre boom in some energy-rich provinces, according to miners and industry data. China had been the world’s biggest crypto mining country until Beijing banned all cryptocurrency trading and mining in 2021, citing threats to the country’s financial stability and energy conservation. After its global bitcoin mining market share slumped... https://www.scmp.com/tech/tech-trends/article/3334015/bitcoin-mining-china-rebounds-defying-2021-ban?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3334015/bitcoin-mining-china-rebounds-defying-2021-ban?utm_source=rss_feed Tue, 25 Nov 2025 01:55:59 +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 Bloomberg Bloomberg The cryptocurrency market extended a more than month-long retreat during Asia trading on Friday. Market bellwether bitcoin dropped as much as 2.1 per cent to reach below US$86,000 for the first time since April, as the market struggled to find new buyers and the momentum that had supported prices earlier this year evaporated. The pullback comes after weeks of unwinding among fast-moving traders and lingering positioning from October’s record run-up, which has left the market more vulnerable to... https://www.scmp.com/tech/blockchain/article/3333668/cryptocurrency-market-extends-slide-bitcoin-falls-below-us86000?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3333668/cryptocurrency-market-extends-slide-bitcoin-falls-below-us86000?utm_source=rss_feed Fri, 21 Nov 2025 07:29:34 +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 Julie Zhang Julie Zhang A majority of Asia-Pacific institutional investors believe markets are due for a correction in 2026, citing a potential tech bubble, geopolitical tensions and recession as their primary worries, according to a survey report published on Tuesday by Natixis Investment Managers. Global markets had been “remarkably resilient” in 2025 despite challenges such as tariffs, geopolitical conflicts and supply chain disruptions, according to Natixis. However, 74 per cent of institutional investors globally... https://www.scmp.com/business/banking-finance/article/3333509/asia-pacific-investors-brace-market-correction-2026-amid-tech-bubble-fears-survey?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3333509/asia-pacific-investors-brace-market-correction-2026-amid-tech-bubble-fears-survey?utm_source=rss_feed Thu, 20 Nov 2025 06:22:42 +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 Aileen Chuang,Danielle Popov Aileen Chuang,Danielle Popov China has cemented its position as a global leader in artificial intelligence, while Hong Kong is carving out a niche as a specialised innovation hub, underpinned by the country’s strong governance and regulatory competitiveness, according to a global index. Technology breakthroughs such as the low-cost, highly efficient AI models introduced by start-up DeepSeek, combined with national support, propelled China to the forefront of the global AI race, alongside the US, the European Union and... https://www.scmp.com/business/article/3333433/china-cements-global-ai-leadership-hong-kong-builds-niche-innovation-hub?utm_source=rss_feed https://www.scmp.com/business/article/3333433/china-cements-global-ai-leadership-hong-kong-builds-niche-innovation-hub?utm_source=rss_feed Wed, 19 Nov 2025 11:15:04 +0000 Xinmei Shen Xinmei Shen Bitcoin continues to plunge as a cryptocurrency sell-off deepens, shaving off gains in share prices that some Hong Kong-listed firms made this year after launching digital asset initiatives. Bitcoin at one point on Tuesday dropped below US$90,000, more than 4 per cent lower than at the start of 2025, after hitting multiple all-time highs this year. The world’s largest cryptocurrency had “underperformed both gold and the Nasdaq amid risk-off sentiment and tight liquidity, exacerbated by the... https://www.scmp.com/tech/article/3333253/extreme-fear-bitcoin-plunge-hammers-hong-kong-listed-firms-tied-digital-assets?utm_source=rss_feed https://www.scmp.com/tech/article/3333253/extreme-fear-bitcoin-plunge-hammers-hong-kong-listed-firms-tied-digital-assets?utm_source=rss_feed Tue, 18 Nov 2025 10:00:19 +0000 Bloomberg Bloomberg The bitcoin rally that welcomed a wave of new investors through easy-to-access exchange-traded funds (ETFs) has officially gone underwater. Investors in US ETFs that offer direct access to the cryptocurrency are now sitting on collective losses. The average cost basis across all ETF inflows sits at approximately US$89,600 – a level bitcoin breached on Tuesday, according to Sean Rose at market intelligence firm Glassnode. That figure reflects the flow-weighted average price of all ETF inflows... https://www.scmp.com/tech/blockchain/article/3333243/faded-glory-bitcoin-etf-investors-red-after-cryptos-us89600-level-breaks?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3333243/faded-glory-bitcoin-etf-investors-red-after-cryptos-us89600-level-breaks?utm_source=rss_feed Tue, 18 Nov 2025 07:38:51 +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 Xinmei Shen Xinmei Shen The US and China are ramping up crackdowns on cryptocurrency-related cross-border crimes with a flurry of actions against the suspected ringleaders of scam networks operating in Southeast Asia. In recent years, the border areas between Thailand, Myanmar, Laos and Cambodia have become hubs for online fraud operations, in which syndicates either trick or coerce their targeted victims to invest in bogus schemes and transfer money via bitcoin, ether or stablecoins before these are processed through... https://www.scmp.com/tech/tech-trends/article/3332675/us-chinese-authorities-ramp-actions-against-transnational-syndicates-running-crypto-scams?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3332675/us-chinese-authorities-ramp-actions-against-transnational-syndicates-running-crypto-scams?utm_source=rss_feed Thu, 13 Nov 2025 14:00:20 +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 Julie Zhang Julie Zhang The Hong Kong government priced a record HK$10 billion (US$1.3 billion) tokenised green bond offering on Monday, completing the world’s first government issuance to allow settlement using digital-fiat currencies as the city pushes to burnish its standing as a global hub for digital assets. “Hong Kong is uniquely positioned to connect traditional finance to the digital asset era,” said Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, in an announcement published by the... https://www.scmp.com/business/banking-finance/article/3332391/hong-kong-prices-worlds-first-government-bonds-tokenised-settlement?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3332391/hong-kong-prices-worlds-first-government-bonds-tokenised-settlement?utm_source=rss_feed Tue, 11 Nov 2025 14:46:26 +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