https://www.scmp.com/rss/518224/feed News and analysis about non-fiat, decentralised assets used as digital currencies, including bitcoin, ether, altcoins and stablecoins. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com 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 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 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 SCMP Editorial SCMP Editorial Better safe than sorry – that seems to be why authorities have delayed the stablecoin roll-out. Industry players had expected the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, to announce the granting of a small number of stablecoin licences at the end of March. But the date came and went. The regulatory review process appears to be taking longer, given the regulators’ well-known cautious stance. But the policy – to make Hong Kong a digital-asset hub with stablecoins... https://www.scmp.com/opinion/comment/article/3348924/stablecoin-launch-delay-shows-hong-kong-would-rather-be-safe-sorry?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3348924/stablecoin-launch-delay-shows-hong-kong-would-rather-be-safe-sorry?utm_source=rss_feed Sun, 05 Apr 2026 23:15:16 +0000 Laura Zhou Laura Zhou The compound is modern with air conditioning in every room. Inside are a medical clinic, massage parlour, and Vietnamese barbecue, Chinese hotpot and halal eateries – a full range of conveniences. Yet the residents are gone – and they appear to have fled in haste. Clothes still hang out to dry, while the stench of rotting food lingers. Located in a secluded area in Kampot province near Cambodia’s border with Vietnam, the site is believed to be a telecoms scam centre. Cambodian authorities said... https://www.scmp.com/news/china/diplomacy/article/3348930/game-whack-mole-how-could-scam-industry-bring-china-and-us-together?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3348930/game-whack-mole-how-could-scam-industry-bring-china-and-us-together?utm_source=rss_feed Fri, 03 Apr 2026 22:00:10 +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/economy/china-economy/article/3348156/why-kenneth-rogoff-thinks-chinas-yuan-will-be-reserve-currency-next-5-years?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3348156/why-kenneth-rogoff-thinks-chinas-yuan-will-be-reserve-currency-next-5-years?utm_source=rss_feed Sun, 29 Mar 2026 22:00:18 +0000 Edith Lin Edith Lin Hong Kong police have charged another 10 people in connection with the HK$1.6 billion (US$205.8 million) JPEX cryptocurrency scandal – the city’s largest alleged financial fraud in recent years. Four men and six women were charged on Thursday after investigations identified abnormal transactions in suspicious accounts linked to the case, police said. The suspects, aged between 26 and 47, will appear in Eastern Court on Friday charged with money laundering and conspiracy to launder money. The... https://www.scmp.com/news/hong-kong/law-and-crime/article/3348049/police-charge-another-10-people-over-hk16-billion-jpex-cryptocurrency-scandal?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3348049/police-charge-another-10-people-over-hk16-billion-jpex-cryptocurrency-scandal?utm_source=rss_feed Thu, 26 Mar 2026 16:21:29 +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 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 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 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 Natalie Wong,Lam Ka-sing Natalie Wong,Lam Ka-sing A new government committee tasked with reviewing Hong Kong’s tax policies will consider updating them to allow for levies on the virtual asset sector and selected emerging industries, while providing incentives to attract business and investment, the South China Morning Post has learned. The SCMP learned of the development on Wednesday as experts called for Financial Secretary Paul Chan Mo-po to regard the new Advisory Committee on Tax Policy, which he will chair, as an opportunity to conduct a... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3344648/hong-kongs-virtual-asset-sector-considered-taxation-under-policy-review?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3344648/hong-kongs-virtual-asset-sector-considered-taxation-under-policy-review?utm_source=rss_feed Wed, 25 Feb 2026 15:12:25 +0000 Enoch Yiu Enoch Yiu When Wilson Chan Fung-cheung joined Hong Kong’s banking industry as a foreign-exchange trader more than four decades ago, his work involved US dollars, UK pounds, Japanese yen and various European and Asian currencies – but not Chinese yuan. “Back then, there was no yuan trading at all as, in fact, the internationalisation of the yuan only started in 2009,” recalled Chan, who has worked for various Chinese banks. Beijing’s decision that year to promote its currency for wider use in trade,... https://www.scmp.com/business/banking-finance/article/3344464/why-chinas-path-financial-superpower-status-could-begin-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3344464/why-chinas-path-financial-superpower-status-could-begin-hong-kong?utm_source=rss_feed Tue, 24 Feb 2026 15:00:09 +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 Agence France-Presse Agence France-Presse As a first-year computer science student in Hanoi, Hoang Le started trading cryptocurrency from his university dorm room, egged on by his gamer friends who were making a killing. At one point his digital holdings jumped to US$200,000 – around 50 times the average annual income in Vietnam. But they crashed to zero when the bottom fell out of bitcoin and other cryptocurrencies in recent months. Getting wiped out “hurt a lot”, he said, but he also learned a valuable lesson: he has come to think of... https://www.scmp.com/news/asia/southeast-asia/article/3343615/how-things-went-downhill-vietnams-once-booming-cryptocurrency-traders?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3343615/how-things-went-downhill-vietnams-once-booming-cryptocurrency-traders?utm_source=rss_feed Sun, 15 Feb 2026 06:26:23 +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 Mandy Zuo Mandy Zuo As the global financial landscape shifts and policy uncertainty grows in the United States, China is likely to emerge as an increasingly attractive destination for foreign investors seeking to diversify away from dollar-denominated assets, according to a veteran Singaporean investor. US President Donald Trump’s push for a weaker dollar, together with recent volatility in gold, silver and cryptocurrencies, has prompted a reassessment of traditional safe havens, positioning China as a potential... https://www.scmp.com/economy/china-economy/article/3343187/trump-factor-why-china-may-benefit-investors-diversify-us-dollar-assets?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3343187/trump-factor-why-china-may-benefit-investors-diversify-us-dollar-assets?utm_source=rss_feed Thu, 12 Feb 2026 02:00:14 +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 Eunice Xu Eunice Xu As Consensus 2026 officially kicks off in Hong Kong this week, digital asset firms are rolling out product updates to coincide with one of the industry’s most significant events. Digital asset custodian Hex Trust launched Aura on Wednesday, a wealth management platform for private investors that integrates trading, investment and estate planning. “Aura marks a new evolution for Hex Trust,” said the firm’s CEO and co-founder Alessio Quaglini in a press release. He noted that while Hex Trust had... https://www.scmp.com/tech/tech-trends/article/3343075/stablecoins-wealth-platforms-launched-consensus-2026-amid-tighter-beijing-oversight?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3343075/stablecoins-wealth-platforms-launched-consensus-2026-amid-tighter-beijing-oversight?utm_source=rss_feed Wed, 11 Feb 2026 01:00:14 +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 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 South Korean cryptocurrency exchange Bithumb said on Saturday it had accidentally given away more than US$40 billion worth of bitcoin to customers as promotional rewards, triggering a sharp sell-off on the exchange. Bithumb apologised for the mistake, which took place on Friday, and said it had recovered 99.7 per cent of the 620,000 bitcoin, worth about US$44 billion at current prices. It had restricted trading and withdrawals for the 695 affected customers within 35 minutes of the erroneous... https://www.scmp.com/news/asia/east-asia/article/3342749/south-koreas-bithumb-gives-away-over-us40-billion-bit-blunder?utm_source=rss_feed https://www.scmp.com/news/asia/east-asia/article/3342749/south-koreas-bithumb-gives-away-over-us40-billion-bit-blunder?utm_source=rss_feed Sat, 07 Feb 2026 05:03:06 +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 Reuters Reuters Spanish police have detained a 38-year-old Chinese national who owned a ‌hair salon near Barcelona on suspicion of financing ‍the militant group Hamas through about €600,000 (US$715,000) in cryptocurrency transfers, regional police said on Friday. Investigators traced at least 31 crypto transactions ⁠from virtual wallets controlled by the suspect to addresses that are suspected of being linked to an entity used by the Islamist group, whose attack on Israel on October 7, ‍2023, triggered a... https://www.scmp.com/news/world/europe/article/3341897/spain-arrests-chinese-hair-salon-owner-funding-hamas-crypto?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3341897/spain-arrests-chinese-hair-salon-owner-funding-hamas-crypto?utm_source=rss_feed Fri, 30 Jan 2026 16:03:18 +0000 Associated Press Associated Press Dozens of South Koreans allegedly involved in online scams in Cambodia were returned to South Korea on Friday to face investigations in what was the largest group repatriation of Korean criminal suspects from abroad. The 73 South Korean suspects allegedly scammed fellow Koreans out of 48.6 billion won (US$33 million), according to a South Korean government statement. Upon arrival in South Korea’s Incheon Airport aboard a chartered plane, the suspects – 65 men and eight women – were sent to... https://www.scmp.com/news/asia/east-asia/article/3341017/73-south-koreans-repatriated-cambodia-face-probe-over-online-scams-involvement?utm_source=rss_feed https://www.scmp.com/news/asia/east-asia/article/3341017/73-south-koreans-repatriated-cambodia-face-probe-over-online-scams-involvement?utm_source=rss_feed Fri, 23 Jan 2026 09:50:08 +0000 Connor Mycroft Connor Mycroft Hong Kong’s finance chief has promoted the city’s regulatory regime for digital assets as “responsible and sustainable” at the annual World Economic Forum in Davos. Delivering opening remarks at a closed-door workshop on Tuesday, Financial Secretary Paul Chan Mo-po said finance and technology were “mutually reinforcing”, but a balanced approach was needed to support their development. Speaking about Hong Kong’s experience, Chan said digital assets could enhance transparency, strengthen risk... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3340594/hong-kong-promotes-responsible-and-sustainable-digital-asset-regime-davos?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3340594/hong-kong-promotes-responsible-and-sustainable-digital-asset-regime-davos?utm_source=rss_feed Tue, 20 Jan 2026 12:51:40 +0000 Kandy Wong Kandy Wong The seizure of enormous cryptocurrency caches in two high-profile criminal cases in China – a former head of the central bank’s digital currency research institute accused of corruption, and an alleged scam centre kingpin linked to about US$15 billion in bitcoin – have sparked questions in the country about the safety and future of virtual money. But analysts said the long-term trend for the assets, especially bitcoin, depended on institutional capital, interest rate expectations and the... https://www.scmp.com/economy/china-economy/article/3340176/scam-and-corruption-cases-spark-debate-china-over-cryptocurrencies-future?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3340176/scam-and-corruption-cases-spark-debate-china-over-cryptocurrencies-future?utm_source=rss_feed Sat, 17 Jan 2026 07:00:09 +0000 Yuanyue Dang Yuanyue Dang Beijing has revealed how its graft-busters are investigating bribes paid in hard-to-trace cryptocurrencies by tracking the ways in which corrupt officials have been spending the proceeds. A documentary shown on state broadcaster CCTV on Wednesday highlighted the case of Yao Qian, the former director of the digital currency institute at the People’s Bank of China. Investigators became suspicious when Yao bought a villa in Beijing for more than 20 million yuan (around US$2.9 million) under the... https://www.scmp.com/news/china/politics/article/3340038/how-chinese-corruption-busters-are-tracking-down-bribes-paid-cryptocurrency?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3340038/how-chinese-corruption-busters-are-tracking-down-bribes-paid-cryptocurrency?utm_source=rss_feed Thu, 15 Jan 2026 11:51:31 +0000 Phoebe Zhang Phoebe Zhang Cambodia has extradited to the mainland a Chinese billionaire whom Beijing accuses of operating a transnational crime network, including alleged involvement in a casino and fraud. At the request of Chinese authorities, Cambodia arrested three Chinese nationals – including Chen Zhi, the founder of Prince Holding Group – and transferred them to China on Tuesday, the Cambodia China Times reported on Wednesday night. The Cambodian Ministry of Interior said law enforcement from both countries had... https://www.scmp.com/news/china/politics/article/3339118/alleged-scam-billionaire-chen-zhi-arrested-cambodia-and-extradited-china?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3339118/alleged-scam-billionaire-chen-zhi-arrested-cambodia-and-extradited-china?utm_source=rss_feed Thu, 08 Jan 2026 02:54:20 +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 Ji Siqi,Kandy Wong Ji Siqi,Kandy Wong In an effort to offer an alternative amid the global rise of stablecoins – cryptocurrencies pegged to a reference asset, such as a fiat currency – China’s central bank is poised to upgrade its digital yuan from a cash equivalent to “digital deposit money”. The move, which will allow the digital currency to function like a deposit in a bank account, is expected to broaden global usage of the e-CNY by making it more attractive to banks and individuals, but it also reflects Beijing’s cautious... https://www.scmp.com/economy/china-economy/article/3338159/how-china-upgrading-its-digital-yuan-stablecoin-era?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3338159/how-china-upgrading-its-digital-yuan-stablecoin-era?utm_source=rss_feed Tue, 30 Dec 2025 13:00:09 +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 Albert Bakhtizin Albert Bakhtizin As 2025 draws to a close, it marks an important milestone in the reconfiguration of the global economic system. Every century is defined not only by changes in technological leadership and shifts in global power, but also by the restructuring of the global financial system. The 20th century was the century of the US dollar, but with the arrival of the 21st century, the contours of the global macroeconomic system have begun to change. A recent International Monetary Fund study, “Playing with... https://www.scmp.com/opinion/china-opinion/article/3337132/forget-us-dollar-watch-water-and-energy-resources-instead?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3337132/forget-us-dollar-watch-water-and-energy-resources-instead?utm_source=rss_feed Tue, 23 Dec 2025 01:30:08 +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 Enoch Yiu Enoch Yiu With Nasdaq seeking US regulatory approval to extend its trading hours to 23 hours, some industry players believe local bourse operator Hong Kong Exchanges and Clearing (HKEX) will need to consider a similar move for certain products to enhance its competitiveness. HKEX chief executive Bonnie Chan Yiting did not mention trading hours in her blog on Monday, but she did say the bourse operator would expand into digital currencies and tokenisation over the next decade, which analysts pointed out... https://www.scmp.com/business/banking-finance/article/3336635/hong-kong-under-pressure-extend-trading-hours-amid-digital-asset-expansion?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3336635/hong-kong-under-pressure-extend-trading-hours-amid-digital-asset-expansion?utm_source=rss_feed Tue, 16 Dec 2025 09:45:25 +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 Associated Press Associated Press One-time cryptocurrency mogul Do Kwon was sentenced on Thursday to 15 years in prison after a US$40 billion crash revealed his crypto ecosystem to be a fraud. Victims said the 34-year-old financial technology whiz weaponised their trust to convince them that the investment – secretly propped up by cash infusions – was safe. Kwon, a Stanford graduate known by some as “the cryptocurrency king”, apologised after listening as victims – one in court and others by telephone – described the scam’s... https://www.scmp.com/news/world/united-states-canada/article/3336134/do-kwon-gets-15-years-prison-misleading-crypto-investors-who-lost-billions?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3336134/do-kwon-gets-15-years-prison-misleading-crypto-investors-who-lost-billions?utm_source=rss_feed Thu, 11 Dec 2025 22:12:29 +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