ANX CEO Ken Lo: Hong Kong's New Budget Initiatives a "Step in the Right Direction"
It’s a good time to be involved in digital assets in Hong Kong. In the territory’s 2016-17 budget, Financial Secretary John Tsang laid out a plan for the government to support blockchain technology development by encouraging its application in financial services, including reducing suspicious transactions and bringing down transaction costs. The 2016-17....
Related News
Hong Kong's de-facto central bank intends to launch an innovation hub that will test blockchain and distributed ledger solutions. The Hong Kong Monetary Authority (HKMA) revealed yesterday it has begun work on the initiative with the Hong Kong Applied Science and Technology Research Institute (ASTRI), an initiative founded by the government to enhance its competitiveness in technology. In statements, the HKMA said it sees the innovation hub as playing a role as a "neutral ground" for the testing of financial technology prior to its eventual release. The announcement coincided....
"It's both a liabilty and an opportunity." At least that's how BTCC CEO Bobby Lee describes his Shanghai-based bitcoin exchange startup's affiliation with its domestic market. Formerly known as BTC China, BTCC markets itself as the "world's longest-running bitcoin exchange", but it's now taking steps to expand its customer base internationally. BTCC announced today that it is launching a new service BTCC USD Exchange, one that boasts a new user-interface and that is operated by a separate legal entity. Run out of Hong Kong, the US dollar trading arm will complement....
Hong Kong's de facto central bank is developing a prototype digital currency. The disclosure came in a Hong Kong legislative document published by the Legislative Council Panel on Financial Affair this week and dated 18th April. According to the note, the Hong Kong Monetary Authority (HKMA), which acts as the region's central bank and finance regulator, is working with Hong Kong Interbank Clearing Limited (a clearinghouse in which it has an ownership stake), several undisclosed banks and distributed ledger startup R3 on the initiative. The document explained: "The first phase of the....
Hong Kong’s top banking regulator, the Hong Kong Monetary Authority (HKMA), unveiled two FinTech initiatives today. The announcement was made at the Hong Kong’s annual Treasury Markets Association gathering by HKMA chief executive, Norman Chan. Hong Kong’s FinTech Market Is Bitcoin Focused. While the announced initiatives are not specifically for Bitcoin....
It’s been referred to as a "revolutionary technology" by IBM, and a "once in a generation opportunity" by PricewaterhouseCoopers. But perhaps the most descriptive title came from The Economist when they dubbed blockchain "the trust machine". It is a breakthrough in computer science that holds the promise of reducing the cost of establishing and maintaining trust for both individuals and organizations. "Blockchain" is a relatively new term that refers to a specific type of computer database. The Oxford English Dictionary defines blockchain as "a....