As the US debates legislation to normalize crypto, China isn’t sitting still. Today, Hong Kong granted its first stablecoin licenses, with HSBC and Standard Chartered JV grabbing the coveted permission. Hong Kong has granted stablecoin issuer licenses to HSBC Holdings and Anchorpoint Financial, which is a joint venture between Standard Chartered, HKT, and Animoca Brands. This is a meaningful signal that Hong Kong, despite China’s on-again off-again relationship to crypto, seeks to become a regulated hub for stablecoins. These formal licenses set guidelines for reserve requirements, audits and other regulations aimed at consumer protection, bringing the wild west of crypto into something looking more like traditional banking. As more and…
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CCB International Securities dumps gold for bitcoin
Mark Jolley said that the Hong-Kong-based asset management firm sold one-third of its gold for bitcoin, despite being owned by China Construction Bank, a giant in bitcoin-banning China
Jolley suggested that a bitcoin allocation belongs in all portfolios, after suggesting that the United States dollar will see significant inflation next year. “We normally have a 15% allocation [...] to gold, bitcoin will come in and replace some of that gold allocation. I’ve set it at 5%," he said.
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Hong Kong plans to ban retail investors from buying crypto
Local authorities said the proposed measures will bring Hong Kong’s anti-money laundering and terrorism financing regulations on par with the rest of the world
Hong Kong authorities have proposed a set of new licensing requirements for crypto exchanges and banned retail investors from buying and selling cryptocurrencies.
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Blockchain technology will drive digital cities: Report
A new study predicts four technologies, including AI, internet of things, and 5G will have a $721 billion impact on the 60 largest digital cities over a decade
New York City is and will remain the digital capital of the world—and blockchain is one of the technologies that will get it there, according to a new report.
