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Digital currencies
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  • After cutting costs throughout 2023, Hex Trust sees the cryptocurrency market’s revival ‘directly translating into profitability’ for the firm
  • Hex Trust chief executive Alessio Quaglini said the company also plans to start discussions on a new funding round

Mainland cryptocurrency investors made US$1.15 billion in 2023 to rank fourth behind those in the US, the UK and Vietnam, according to a Chainalysis survey.

Chan says new or expanded firms, together with 30 companies that made similar moves last year, will invest more than HK$40 billion in the city and create 13,000 jobs.

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The Securities and Futures Commission has warned investors about trading on Bybit, which is under scrutiny for offering suspicious virtual-asset products in Hong Kong.

The sentence is necessary for the ‘historic’ fraud involving more than 1 million victims and losses of more than US$10 billion, they said in a court filing.

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The HKMA’s new wholesale central bank digital currency project aims to enhance interbank settlements for tokenised money. A planned sandbox will test settlement of tokenised real-world assets.

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Chainlink will host its annual SmartCon in Hong Kong this October, an announcement that comes after CoinDesk said it is bringing Consensus to the city next year.

Australian computer scientist Craig Wright has been accused of lying about his identity to bully and intimidate developers in the cryptocurrency community.

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The Hong Kong Monetary Authority has launched the second phase of a pilot programme to explore ‘innovative’ uses for a central bank digital currency (CBDC) for public use, five months after it unveiled the results of the first trial run.

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The Hong Kong Monetary Authority launched a plan to trial stablecoins, announced in December, for companies with a ‘genuine interest’ in fiat-backed crypto.

The world’s most valuable cryptocurrency has been boosted by a flood of cash into new spot bitcoin exchange-traded funds and hopes that the US Fed will soon cut rates.

‘We’ve always been at the cutting edge of the whole blockchain evolution, including CBDCs,’ Yue, CEO of the Hong Kong Monetary Authority, the city’s de facto central bank, tells the Post.

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The Hong Kong Monetary Authority is testing an ecosystem that includes digital forms of deposits, blockchain-based financial products and central bank money for settlement purposes.

Blockchain is shaking up the financial sector and, given the popularity of bitcoin exchange-traded funds, regulators will need to step up their game when it comes to consumer protection and oversight, says the president and chief executive of fund manager Franklin Templeton.

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Cryptocurrency analysts are increasingly investigating the mechanics of how criminals hide their proceeds as Asia’s online gambling and scam industries grow ever more sophisticated.

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The SFC saw a jump in last-minute applications, but the number of applicants so far falls far short of the 70 that Singapore saw after a similar regulation.

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Regulators from Hong Kong, Japan and Singapore welcome the trend of tokenisation as a means to promote efficiency, disintermediation, liquidity and financial inclusion in markets.

The increased interest in bitcoin reflects how a community of cryptocurrency enthusiasts on the mainland continues to thrive, despite a sweeping government ban.

The government will submit a bill on licensing rules for stablecoin issuers and OTC trading services to the legislature ‘as soon as practicable’, says the city’s financial affairs chief.

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Sotheby’s has held two successful auctions of bitcoin ordinals – images, videos or text attached to satoshis, the smallest denomination of bitcoin. Some artworks are fetching up to five times their estimates.

Bitcoin jumped to US$50,000 for the first time in more than two years, staging a remarkable comeback from a series of cryptocurrency industry scandals and bankruptcies that had raised questions about the viability of digital assets.

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The Hong Kong Monetary Authority has issued a consultation paper on adopting the reserve requirements for cryptoassets proposed by the Basel Committee in 2022.

The east African nation has emerged as a haven for Chinese bitcoin miners, who were forced out of their home country after Beijing imposed a crypto ban.