Hong Kong seeks fast regulatory action on stablecoins
Hong Kong is emerging as a potential progressive hub for crypto regulation and Web3 innovation.
News on licensing, exchange hubs, virtual asset rules, and the city’s evolving role in digital finance.
Amid a shortage of responsible officers (RO), the SFC has revised its requirements so that exchanges now need 2 ROs instead of 4.
Hong Kong's securities watchdog warns that licensed platforms cannot provide interest-bearing or lending services to customers.
According to the Hong Kong Police, reported cases of this type of online fraud increased by 92% in 2022 compared to the previous year.
Bitget said it would no longer provide services for Hong Kong users because of the new regulatory demands.
Hong Kong virtual bank ZA Bank said it provide crypto and fiat currency transfers and account services for virtual asset service providers.
Hong Kong has made several recent pro-crypto moves that have attracted more crypto-related firms to the region.