https://www.scmp.com/rss/517909/feed en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com 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 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 Julie Zhang OKX Ventures and HashKey Capital have agreed to invest in Vietnam’s cryptocurrency trading platform CAEX, a move the exchange said would give it enough capital to join the country’s regulated pilot scheme for digital asset trading. The combined capital injection from OKX Ventures and HashKey Capital, which would be deployed in April, aimed to help CAEX – officially known as Vietnam Prosperity Cryptocurrency Asset Exchange Joint Stock Company – reach the minimum charter capital threshold of 10... https://www.scmp.com/business/banking-finance/article/3349530/okx-ventures-hashkey-investment-enables-vietnam-crypto-platforms-pilot-scheme-bid?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3349530/okx-ventures-hashkey-investment-enables-vietnam-crypto-platforms-pilot-scheme-bid?utm_source=rss_feed Fri, 10 Apr 2026 02:30:08 +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 Kandy Wong Kandy Wong Professor Kenneth Rogoff of Harvard University has repeatedly warned that the US dollar is approaching a crisis of legitimacy. Having written extensively on the global recession in the late 2000s, Rogoff has turned his focus to the US currency’s increasingly unstable place at the top of the world’s financial hierarchy. A former chief economist at the International Monetary Fund and a chess grandmaster, he published Our Dollar, Your Problem in May last year. In this interview, Rogoff elaborates... https://www.scmp.com/plus/news/china/money-wealth/article/3347930/euro-chinese-yuan-end-us-dollar-dominance-top-economist-says?utm_source=rss_feed https://www.scmp.com/plus/news/china/money-wealth/article/3347930/euro-chinese-yuan-end-us-dollar-dominance-top-economist-says?utm_source=rss_feed Thu, 26 Mar 2026 02:31:08 +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 Reuters Reuters Chinese cryptocurrency entrepreneur Justin Sun reached a US$10 million settlement to resolve a US Securities and Exchange Commission civil fraud case over his trading activity. Thursday’s settlement requires court approval, with the payment ‌made by one of Sun’s companies. It came as President Donald Trump, a Republican, pushes to make the US a global hub for the cryptocurrency industry. Sun and his companies did not admit or deny wrongdoing, the SEC said in a letter to US District Judge Edgardo... https://www.scmp.com/news/world/united-states-canada/article/3345633/crypto-billionaire-justin-sun-settles-us-fraud-case-us10-million?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3345633/crypto-billionaire-justin-sun-settles-us-fraud-case-us10-million?utm_source=rss_feed Thu, 05 Mar 2026 22:54:46 +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 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 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 Themis Qi Themis Qi Hong Kong’s banking regulator has unveiled four flagship projects, including a quantum computing readiness index, to help the city’s lenders stay competitive and secure in the artificial intelligence era. The Hong Kong Monetary Authority (HKMA) said the initiatives formed part of its new Fintech Promotion Blueprint, aimed at guiding responsible innovation and preparing the city’s banking sector for rapid technological change. The blueprint was announced on Tuesday in response to industry... https://www.scmp.com/business/banking-finance/article/3342268/hkma-launches-quantum-readiness-and-cybersecurity-projects-banks-ai-era?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3342268/hkma-launches-quantum-readiness-and-cybersecurity-projects-banks-ai-era?utm_source=rss_feed Tue, 03 Feb 2026 12:31:41 +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 Enoch Yiu Enoch Yiu Hong Kong-based accounting firms plan to continue expanding their workforce in 2026, hoping to attract newly minted accountants, even as the industry steps up the adoption of artificial intelligence, according to industry players. “We do not believe AI is a replacement for humans, and we have not seen any reduction in hiring in the past nor do we plan to [reduce hiring] in future,” said Andrew Wong, partner of audit quality and professional practice at KPMG China. “We see AI and our people as... https://www.scmp.com/business/banking-finance/article/3337933/hong-kong-accounting-firms-plan-hiring-spree-and-embrace-ai-attract-talent?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3337933/hong-kong-accounting-firms-plan-hiring-spree-and-embrace-ai-attract-talent?utm_source=rss_feed Mon, 29 Dec 2025 04:00:10 +0000 Aileen Chuang Aileen Chuang Hong Kong is emerging as a neutral hub bridging the technological strengths of East and West while leveraging its robust education and financial systems to drive the next wave of artificial intelligence transformation in businesses, according to PwC executives. As companies worldwide pushed to move AI from isolated experiments to capabilities deployed at scale, not just to solve problems but to unlock new revenue opportunities, Hong Kong was “well‑positioned” to harness the technology’s... https://www.scmp.com/business/companies/article/3337571/hong-kong-emerging-worlds-ai-crossroads-between-east-and-west-pwc?utm_source=rss_feed https://www.scmp.com/business/companies/article/3337571/hong-kong-emerging-worlds-ai-crossroads-between-east-and-west-pwc?utm_source=rss_feed Fri, 26 Dec 2025 06:30:08 +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 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 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 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 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 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 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 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 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 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 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 Xinmei Shen Xinmei Shen Hong Kong continues to ratchet up its cryptocurrency development efforts, as the city’s securities regulator fine-tunes rules to boost the liquidity of local digital-asset trading platforms. The Securities and Futures Commission (SFC) said it would allow locally licensed digital-asset exchanges to integrate their order books with those of their affiliated platforms globally. “What we noticed is that through the creation of this close-loop environment, we are creating a pocket of liquidity only... https://www.scmp.com/tech/policy/article/3331513/hong-kong-pushes-adjustments-digital-asset-rules-beijing-remains-cautious-crypto?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3331513/hong-kong-pushes-adjustments-digital-asset-rules-beijing-remains-cautious-crypto?utm_source=rss_feed Tue, 04 Nov 2025 12:00:24 +0000 Julie Zhang Julie Zhang Brazilian fintech unicorn Ebanx sees Hong Kong emerging as a stablecoin payment hub for mainland Chinese companies engaged in international trade, as its CEO visited the city’s largest-ever Fintech Week to explore expansion opportunities. Hong Kong could serve as “a kind of initial validation, initial test” for Chinese companies exploring stablecoin use in cross-border commerce, said Joao Del Valle, CEO and co-founder of global digital payment services provider Ebanx, in a recent interview with... https://www.scmp.com/business/banking-finance/article/3331368/hong-kong-positioned-stablecoin-bridge-mainland-chinese-firms-fintech-unicorn?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3331368/hong-kong-positioned-stablecoin-bridge-mainland-chinese-firms-fintech-unicorn?utm_source=rss_feed Tue, 04 Nov 2025 00:30:09 +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 Julie Zhang,Cheryl Arcibal Julie Zhang,Cheryl Arcibal Switzerland’s MKS PAMP, one of the world’s largest refiners and traders of precious metals, has joined a growing number of European companies that are expanding operations in Hong Kong, drawn by the city’s strengthened focus on its financial services and commodity trading sectors. The Geneva-based firm – locally known for minting the centenary gold bars for Bank of China (Hong Kong) in 2017 – on Thursday opened its 3,600 sq ft regional headquarters at the St John’s Building on Garden Road in... https://www.scmp.com/business/banking-finance/article/3331186/swiss-firm-mks-pamp-aims-help-build-hong-kong-international-gold-trading-hub?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3331186/swiss-firm-mks-pamp-aims-help-build-hong-kong-international-gold-trading-hub?utm_source=rss_feed Sun, 02 Nov 2025 06:00:17 +0000 Xinmei Shen Xinmei Shen Chinese police are working with UK law enforcement authorities to track down fugitives and illicit funds involved in a massive cryptocurrency fraud and money laundering case, but experts see little likelihood for victims to recoup their losses. According to a statement, police in the northern city of Tianjin were “doing everything possible” to help more than 128,000 Chinese investors recoup funds caught in a web of fraudulent wealth schemes perpetrated between 2014 and 2017 by a syndicate, which... https://www.scmp.com/tech/blockchain/article/3331111/china-uk-police-join-forces-recover-funds-massive-crypto-fraud?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3331111/china-uk-police-join-forces-recover-funds-massive-crypto-fraud?utm_source=rss_feed Fri, 31 Oct 2025 12:25:02 +0000 Julie Zhang Julie Zhang Hong Kong has pulled ahead of Singapore in attracting technology-driven companies that use cryptocurrency for treasury management and other applications, reinforcing its position as Asia’s leading digital-asset hub, at least for now, according to a crypto industry veteran who advises both governments. “Over the past two years, especially in the first half of this year, many professionals and companies in the Web3 ecosystem have relocated their headquarters to Hong Kong from Singapore,” said Gu... https://www.scmp.com/business/banking-finance/article/3330994/hong-kong-pulls-ahead-singapore-race-attract-crypto-treasuries-blockchain-expert?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3330994/hong-kong-pulls-ahead-singapore-race-attract-crypto-treasuries-blockchain-expert?utm_source=rss_feed Fri, 31 Oct 2025 03:02:06 +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 Xinmei Shen Xinmei Shen A Solana-themed event in southern China that was cut short after a local police inquiry has raised concerns in the country’s cryptocurrency community amid new warnings from Beijing about stablecoin risks, despite organisers attributing the disruption to overcapacity. The Solana blockchain’s Chinese community said on its official social media account that the Solana Accelerate APAC event in Shenzhen, held on Tuesday afternoon, was “exceptionally popular” and attendance far exceeded... https://www.scmp.com/tech/blockchain/article/3330759/solana-event-china-cut-short-beijings-stablecoin-warning-sparks-unease?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3330759/solana-event-china-cut-short-beijings-stablecoin-warning-sparks-unease?utm_source=rss_feed Wed, 29 Oct 2025 13:00:16 +0000 Xinmei Shen Xinmei Shen Binance founder Zhao Changpeng has dismissed a report that estimated his fortune at 190 billion yuan (US$26.7 billion), saying the actual amount is much smaller, as the cryptocurrency entrepreneur steps back into the spotlight after receiving a pardon from US President Donald Trump. In a social media post on Tuesday, Zhao – widely known as CZ in the crypto industry – rejected a report that ranked him as China’s 13th richest person, calling it “nonsense”. He added that the reported net-worth... https://www.scmp.com/tech/blockchain/article/3330784/binance-founder-cz-rejects-nonsense-report-ranking-him-chinas-13th-richest-person?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3330784/binance-founder-cz-rejects-nonsense-report-ranking-him-chinas-13th-richest-person?utm_source=rss_feed Wed, 29 Oct 2025 12:00:18 +0000 Xinmei Shen Xinmei Shen Ant Group’s trademark application for a digital asset named Antcoin has drawn attention amid the Chinese fintech giant’s stablecoin pursuit, which remains stalled as Beijing reins in mainland firms’ digital asset activities in Hong Kong. Advanced New Technologies, a Cayman Islands-incorporated affiliate of Ant Group that is responsible for managing the fintech company’s intellectual property, in June applied for a trademark in Hong Kong for Antcoin, according to government records. Antcoin would... https://www.scmp.com/tech/blockchain/article/3330626/ant-group-seeks-antcoin-trademark-hong-kong-amid-beijings-scrutiny-stablecoins?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3330626/ant-group-seeks-antcoin-trademark-hong-kong-amid-beijings-scrutiny-stablecoins?utm_source=rss_feed Tue, 28 Oct 2025 10:30:09 +0000 Julie Zhang Julie Zhang The Hong Kong Monetary Authority (HKMA) has decided to focus development of the e-HKD on wholesale applications because the central bank digital currency (CBDC) has stronger potential value in large transactions than in daily retail use. The city’s de facto central bank announced the decision on Tuesday after a second phase of e-HKD trials that tested its usability and efficiency in both retail and wholesale scenarios over the past year. A CBDC is a digital version of a fiat currency built using... https://www.scmp.com/business/banking-finance/article/3330604/hong-kongs-e-hkd-better-suited-wholesale-use-retail-hkma-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3330604/hong-kongs-e-hkd-better-suited-wholesale-use-retail-hkma-says?utm_source=rss_feed Tue, 28 Oct 2025 09:00:13 +0000 Xinmei Shen Xinmei Shen Beijing’s recent moves to rein in mainland Chinese firms’ stablecoin and tokenisation initiatives in Hong Kong may have rattled the city’s crypto sector, but the Chinese government’s increased openness to digital assets overall had not changed amid competition with the US, experts said. The People’s Bank of China (PBOC) recently summoned a number of mainland firms under its jurisdiction, asking them to wait for its instructions before moving forward with their stablecoin initiatives in Hong... https://www.scmp.com/tech/blockchain/article/3330221/chinas-pause-stablecoin-projects-will-not-dampen-hong-kongs-crypto-push-experts-say?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3330221/chinas-pause-stablecoin-projects-will-not-dampen-hong-kongs-crypto-push-experts-say?utm_source=rss_feed Sat, 25 Oct 2025 06:00:17 +0000