Crypto in Hong Kong: Lawmaker Fights For Firms’ Easier Access to Banking

Hong Kong is one of the most important financial centres of the world, but with limited space and high demand, property in Hong Kong has always been in short supply. Simplifying home ownership in Hong Kong is therefore a prime concern for the Hong Kong government, which has undertaken a number of measures in the last few years to make home ownership both affordable and easy. The Nikkei Asian Review reported that as recently as early November, the Hong Kong government raised stamp duty to cool down the boiling Hong Kong housing market. This measure of the government was mainly aimed at....

Cryptocurrency regulation in Hong Kong is undergoing changes. The Securities and Futures Commission (SFC) is reportedly introducing a new licensing system to regulate all crypto exchanges operating in Hong Kong. Hong Kong’s New Crypto Regulation The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong Fintech Week on Tuesday. All cryptocurrency trading platforms operating in Hong Kong or targeting local investors will be required to apply for a license with the SFC, Radio Television Hong Kong (RTHK) reported. “Later....

The Lunlun Zou Guzheng Studio in Hong Kong put out a press release today noting they are the first Hong Kong business to accept the digital currency, which can be used to purchase Guzheng lessons. The Guzheng is a 2,000-year-old Chinese instrument with 21 strings, and teacher Lulun Zou (who has performed around the world) is hopeful that accepting Bitcoin will make it easier for students to learn how to play Guzheng. "We represent a very old tradition but it does not mean we cannot use the most modern technology. We intend to use whatever legal means is available to us to spread the word....

Back in November, Hong Kong based Cryptocurrency Exchange Bitspark Limited unveiled the first ever end-to-end Bitcoin remittance solution: A much needed service that would allow Hong Kong's population to gain easy access to the advantages bitcoin offers when compared to conventional remittance services to transfer money to the Philippines. They're now extending their services from the Philippines to also serve Indonesia. The numbers behind the demand. According to the Hong Kong Government's website, more than 165,000 Indonesians and about 169,000 from the Philippines were residing in Hong....

Brick and mortar crypto exchanges are common in Hong Kong, but concerns remain around uncertain regulations that could demolish these shops entirely. Hong Kong, one of the most significant and leading financial centers in the world, has played a large role in the development of cryptocurrencies. For instance, the Chinese territory has birthed some of the most established and successful crypto companies to date including the crypto derivatives exchange FTX, along with the digital asset platform Crypto.com. Yet, as trillions of dollars are traded regularly through crypto exchanges founded in....