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Cryptocurrency

Cryptocurrency
News and analysis about non-fiat, decentralised assets used as digital currencies, including bitcoin, ether, altcoins and stablecoins.
A Secret Service counter assault team arrives with US President Donald Trump at Calgary airport in Canada on June 15. Photo: AFP
United States

Secret Service, known for protecting US leaders, now hunts crypto scammers

The agency has seized millions in digital assets and trains global law enforcers to fight fraud.

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Digital currencies

Singapore’s crypto exchange crackdown seen benefiting Hong Kong

Banking & finance

Economist Huang Yiping floats Hong Kong as stablecoin staging ground

Digital currencies

Mainland Chinese digital yuan partner to develop stablecoin tech in Hong Kong

Shenzhen-listed North King says Hong Kong will be a springboard into international fintech markets, with plans for stablecoin wallets.

Mainland firms are increasingly looking for ways to tap into Hong Kong’s embrace of cryptocurrency. Photo: Shutterstock
Banking & finance

Explainer | The world is going all in on stablecoins. Is China’s digital yuan any different?

While the two appear similar, China’s digital currency is quite different from the cryptocurrencies many economies are rushing to regulate.

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Stablecoins

Stablecoins get a new home

Hong Kong’s stablecoin licensing regime takes effect on August 1, positioning the city as a global leader in the sector and bolstering the virtual currency by providing legitimacy for an asset that offers the convenience of crypto minus the volatility.

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Hong Kong economy

Hong Kong striving to create favourable environment for stablecoins: Paul Chan

Financial secretary says authorities ‘aim to help resolve practical pain points for businesses and everyday citizens’.

Hong Kong is seeking to cement its role as a global cryptocurrency hub. Photo: Eugene Lee
Banking & finance

China’s stablecoin edge? WeChat and Alipay, says top economist

As calls grow for Beijing to embrace digital currencies, e-payment giants seen as aiding yuan’s global push.

Digital currencies

Hong Kong sharpens crypto hub focus amid rising global competition

Hong Kong is seeking an early lead in stablecoins and tokenisation as Trump pushes the US to become the ‘crypto capital of the planet’.

Digital currencies

Hong Kong makes public stablecoin adoption a top priority in digital asset push

The government is calling for new proposals to test stablecoin applications and make tax concessions for digital asset holdings.

Pedestrians walk past a cryptocurrency dealership with ATMs on the outside in Causeway Bay on January 31. In a new policy statement, the Hong Kong government has proposed tax concessions for profits on cryptocurrencies. Photo: Antony Dickson
Banking & finance

Opinion | We’re sleeping on threats from AI, shadow banking and cryptocurrency

The financial industry’s use of emerging technologies could lead to cascading crises if regulators don’t act fast to enforce transparency.

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People walk past a cryptocurrency exchange office in Hong Kong with a screen showing US President Donald Trump holding cryptocurrency coins, on March 12. Photo: AFP / Getty Images / TNS
Banking & finance

Are stablecoins the future? Don’t bank on it, warns the bank for central banks

Bank for International Settlements releases ‘advance chapter’ on stablecoins ahead of its Annual Economic Report that paints a future picture of a different financial system.

Family offices

Hong Kong family office VMS Group makes first foray into cryptocurrency

With about US$4 billion in assets under management, VMS plans to allocate up to US$10 million to strategies run by hedge fund Re7 Capital.

Banking & finance

Beijing could use Hong Kong to test yuan-linked stablecoins: Morgan Stanley

Beijing’s digital currency ambitions are unlikely to unlock the full potential of the yuan’s internationalisation, analysts say.

Hong Kong has established the world’s first regulatory regime for stablecoins, with the law set to take effect from August 1. Photo: Shutterstock
Yuan

China needs yuan-backed stablecoins ‘sooner rather than later’, Beijing urged

The US dollar’s dominance in global markets could be enhanced by stablecoins, and China has a golden chance to make the yuan a more global currency, analysts say.

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With US dollar-pegged stablecoins increasingly popular, analysts say in Chinese state media that the development of yuan-backed stablecoins should come sooner rather than later. Photo: Shutterstock
Blockchain

Hong Kong Web3 group issues blueprint for accelerating blockchain development

Web3 Harbour, in collaboration with PwC Hong Kong, will launch five action groups in August on stablecoins, funds and other critical segments.

Hong Kong economy

Opinion | As Hong Kong’s financial sector soars, what about food and retail?

Sound policies have helped boost internationally connected capital markets, but fresh ideas are still needed to uplift the local consumer economy.

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Stablecoins

Why US-backed stablecoins have China wary of a potentially more dominant dollar

Former head of China’s central bank warns ‘USD-backed stablecoins could have worldwide influence’, and what about the yuan’s internationalisation?

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Illustration: Shutterstock
Banking & finance

Letters | How Asia can define the era of stablecoins

Readers discuss policy momentum for stablecoins, the Israel-Iran war, and pro-baby policies.

Digital currencies

Hong Kong could serve as stablecoin test bed to raise yuan’s profile

Hong Kong’s stablecoins can serve as a testing ground for the mainland, providing both experience and lessons, HashKey Group CEO says.

JD.com

JD.com founder bets on stablecoins to cut cross-border e-commerce payment costs

‘JD.com intends to secure stablecoin licences across key currency markets globally,’ founder and chairman Richard Liu says.

E-commerce giant JD.com expects stablecoins to become the world’s next-generation payment system. Photo: Shutterstock
Bitcoin

US Senate passes stablecoin bill in win for crypto, Trump

Industry backers hope the legislation will turn stablecoins into a mainstream form of payment.

An illustration picture taken on May 8, 2022, shows a cryptocurrency Tether (USDT) coin arranged in front of a screen displaying US dollar notes. Photo: AFP
Digital currencies

Opinion | Hong Kong developing a yuan-pegged stablecoin would be a game changer

In a world of dollar-pegged stablecoins, the case for yuan-based alternatives – and what it means for the future of money – is compelling.

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Banking & finance

Macroscope | How the obsession with risky assets is putting global finance in peril

From the speculative frenzy over digital assets to the assault on bond markets, the next financial crisis will be self-inflicted.

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Bitcoin

Bitcoin, other cryptocurrencies sink after Israel air strikes on Iran

Over US$1 billion worth of long positions across all cryptocurrencies were liquidated in the past 24 hours, according to Coinglass data.

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Bitcoin slid as much as 3 per cent early on Friday in Singapore to dip below US$103,000 before paring losses. Photo: Shutterstock
India-Pakistan tensions

Crypto, China, critical minerals: inside Pakistan army chief’s US visit

South Asian country’s most powerful figure seeks bilateral reset after armed conflict with India and as US concern rises over its China ties.

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General Asim Munir, Pakistan’s army chief, prays after laying a wreath during a ceremony in Rawalpindi. Photo: AFP/Pakistan’s Inter Services Public Relations
Crime in Hong Kong

Customs works with University of Hong Kong to develop crypto transaction tracer

Seven suspected money laundering cases using virtual assets have been recorded in recent years involving HK$9 billion, department says.

Ant Group

Ant International and Ant Digital to seek stablecoin licences in Hong Kong

The two Ant units’ move aligns with its global ambitions as other companies, including rival JD.com, line up to issue fiat-backed cryptocurrencies.

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