Blockchain 

Hong Kong’s New Criteria on Crypto Exchanges Actually Isn’t Important

On Nov. 7, Ashley Alder, the CEO of the Securities and Futures Commission of Hong Kong, said at a conference that a new framework for crypto exchanges will be implemented. Almost immediately after the announcement, Reuters reported that a crypto exchange based in Hong Kong called OSL became the first to apply for a license with the SFC. While the introduction of a license for crypto exchanges by the government of Hong Kong is widely viewed as positive reinforcement for the growth of the crypto sector in Asia, some view…

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Blockchain 

China Signs Agreement With Hong Kong Central Bank for Blockchain Push

Blockchain has received fresh endorsement from China in the form of a development pact with the de facto central bank of Hong Kong.  In a news post on Nov. 6, the Hong Kong Monetary Authority (HKMA) confirmed it had signed a Memorandum of Understanding (MoU) with a subsidiary of the People’s Bank of China (PBoC). Central banks want “more convenient trade finance” The deal aims to create a Proof-of-Concept for a trade finance platform from Q1 2020, linking two existing projects: the HKMA’s eTradeConnect and the PBoC’s Trade Finance Platform. …

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Blockchain 

UN Claims Hong Kong Blockchain Firm Is North Korean Laundering Sham

The United Nations Security Council’s Sanctions Committee on North Korea has accused the country of using a Hong Kong-based blockchain firm as a front to launder money.  As South Korean newspaper Chosun Ilbo reported on Nov. 6, the committee conducted an investigation into the various strategies allegedly employed by the North to evade sanctions using cryptocurrencies and other means. The Committee’s allegations The Committee alleges that “Marine China” — a  blockchain-focused shipping and logistics firm registered in Hong Kong — was created by North Korean actors; its owner and sole…

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Bitcoin 

Barely Any Hong Kong Crypto Funds Being Approved for Licenses

One year after launching a trailblazing licensing scheme for cryptocurrency fund managers, Hong Kong’s securities regulator has issued few and far between.  According to a Reuters report on Nov. 5, the licenses introduced by Hong Kong’s Securities and Futures Commission (SFC) in October 2018 have apparently led to few approvals, with reporters succeeding to independently identify just one licensee. Crypto funds said to lack experience and support While confirming the numbers remains difficult in light of the SFC’s policy of discretion — it declined Reuters’ request for comment and does…

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Bitcoin 

Non-Seizability of Bitcoin Very Attractive for Hong Kong: Pompliano

Bitcoin’s (BTC) use as a protector of wealth is coming to the fore in Hong Kong as trading volumes spike and businesses iron out problems with acceptance. Trading record underscores Bitcoin’s “non-seizability” As multiple commentators including Morgan Creek Digital co-founder Anthony Pompliano noted this week, Bitcoin is a genuine solution for Hong Kong residents worried about monetary sovereignty. “When you’re worried about your assets being seized or becoming inaccessible to you, Bitcoin’s non-seizability becomes very attractive. This aspect of Bitcoin just became important for 1+ billion people in India &…

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Bitcoin 

‘Never Use BitPay’ — Hong Kong Free Press Slams Bitcoin Donation Block

Cryptocurrency payment processor BitPay faces another publicity nightmare amid claims it blocked donations to Hong Kong for several weeks. According to a complaint on social media by Tom Grundy on Sept. 11, founder of crowdfunded media outlet Hong Kong Free Press (HKFP), BitPay suddenly began failing to pass on funds from donors.  Press CEO: “Never use BitPay” HKFP has accepted Bitcoin (BTC) support since 2015. Since that time, BitPay has processed payments worth just under 15,000 HKD ($1,900). For the past three weeks, however, the company has blocked access, Grundy…

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Bitcoin 

Hong Kong Businesses Begin Adopting Bitcoin as a Form of Protest

The pro-democracy, anti-government protest movement in Hong Kong is spurring wider adoption of cryptocurrencies such as Bitcoin (BTC). Yahoo! Finance reported on Aug. 28 that the political upheaval in the city — which has now entered its 12th week — is prompting several local businesses and individuals to switch to using non-sovereign and decentralized digital currencies. Apolitical, borderless money for the pro-democracy movement On Aug. 26, Hong Kong department store Pricerite announced it would begin accepting Bitcoin, Litecoin (LTC) and Ether (ETH) at its fourteen locations in Hong Kong.  Yahoo…

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Bitcoin 

Hong Kong Is Paying Higher Prices for Bitcoin Amid Political Unrest

Bitcoin (BTC) has begun trading at a premium in Hong Kong as continued political uncertainty produces a widely-reported spike in demand.  Copycat moves underline fiat distrust Data from P2P Bitcoin exchange LocalBitcoins showed traders paying around $300 more per coin than elsewhere on Aug. 14, which translates into a premium of around 2%. Hong Kong is the latest jurisdiction to see investors stump up a higher implied USD price for the cryptocurrency, with Argentina notably in a similar situation this week. As Cointelegraph reported, the premium there, which at one…

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Blockchain 

Hong Kong’s Flagship Airline Cathay Pacific Uses Blockchain in ULDs

Hong Kong’s flagship airline Cathay Pacific has introduced the first blockchain project to manage unit load devices (ULDs). Cathay plans to roll out the tech across the entire network The new project intends to eliminate paper-based processes by implementing a blockchain application that allows to instantly manage ULDs through a smartphone, according to a report by air cargo publication Air Cargo News on Aug. 1. Cathay, a founding member of major global aviation alliance Oneworld, reportedly launched its blockchain ULD project in July, targeting first transactions in Hong Kong and…

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Ethereum 

Hong Kong Extends Migrant Policy to Facilitate DLT and FinTech Professionals

A new Hong Kong government initiative seeks to attract professionals in Distributed Ledger Technology (DLT) by simplifying the immigration policy, according to a press release published August 28. On Thursday, the government of Hong Kong published its first Talent List aimed at attracting “highly skilled” experts in 11 different fields, including fintech, DLT, and cyber security, from around the world. The move designates the government’s intention to “support Hong Kong’s development as a high value-added and diversified economy.” According to the press release, Hong Kong will facilitate successful applicants under…

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