Regulators in Hong Kong have issued a strict warning to exchanges doing business with Chinese customers about trading tokens deemed as securities.
In an announcement today, Hong Kong’s Securities and Futures Commission (SFC) said it has sent letters to seven Hong Kong exchanges and firms attempting to fundraise through initial coin offerings (ICOs), warning them about the legalities of selling digital tokens with the characteristics of securities.
Hong Kong’s securities regulator has published a new circular centered on bitcoin futures contracts and cryptocurrency-related investment products.
Hong KoKong-based cryptocurrency exchange Gatecoin’s marketing chief has stated that bitcoin price, despite these boom times, is “undervalued.”
In a televised interview with Bloomberg today, Gatecoin’s marketing chief and head of business development for Asia Pacific Thomas Glucksmann was led onto the subject of bitcoin’s “fair value”, at a time when prices are nearing $10,000 – a remarkable 10x gain since the turn of the year.
Hong Kong cryptocurrency exchange Gatecoin has confirmed plans to resume HKD and USD bank transfers through new partners after suffering a banking blackout in September.
It has been two months since Gatecoin suspended HKD and USD transfers due to “abrupt” bank account freezes in Hong Kong.
“It was a major disruption to our business”, Gatecoin marketing chief Thomas Gluksmann said recently, particularly after the exchange had “tripled” its customer base in a 2-3-month period prior to the banking freeze, due to this year’s bitcoin price rally.
The Hong Kong bitcoin community, which includes individuals, meetups, events, and organizations, has strongly rejected the SegWit2x hard fork expected to occur on November 16 later this year.
Already, apart from four companies, most of the major bitcoin service providers in Hong Kong such as Bitfinex, BitMEX, Bitspark, Gatecoin, OKCoin, and Tidebit have clarified bitcoin will remains as “BTC” after the fork, and SegWit2x will be considered as “B2X.
Hong Kong's banking regulator and de facto central bank has announced a new collaboration with Singapore aimed to digitize trade finance using distributed ledger technology (DLT).
Making the announcement today at a fintech event, the CEO of the Hong Kong Monetary Authority (HKMA), Norman Chan Tak-lam, said the joint project with the Monetary Authority of Singapore (MAS) will focus on a DLT proof-of-concept called the Hong Kong Trade Finance Platform (HKTFP).
Already having seen involvement from seven Hong Kong-based banks, the project is designed to digitize trade documents and reduce risk and fraud in the industry.
The central banks and financial regulators of Singapore and Hong Kong have inked a cooperation agreement to strengthen FinTech ties and work on a blockchain trade finance project.
In a joint–announcement today, the Monetary Authority of Singapore (MAS) and the Kong Kong Monetary Authority – the two cities’ central banks – signed a FinTech Co-operation Agreement aimed at bolstering fintech ties and furthering fintech development in South-East Asia.
Gatecoin will delist tokens deemed as ‘securities’ by Hong Kong’s financial regulator from its exchange following a compliance review in the face of regulatory scrutiny.
Hong Kong-based cryptocurrency exchange Gatecoin has revealed that certain ICO tokens listed on its platform will be delisted if they are classified as ‘securities’ under law. As CCN reported last month, the Securities and Futures Commission of Hong Kong (SFC), the region’s chief financial regulator, expressed concerns in the increase in fundraising via initial coin offerings (ICOs).
China Construction Bank, the world’s second-largest bank by market capitalization, is working with IBM to develop and launch a blockchain-enabled bancassurance platform for its retail and commercial banking arm in Hong Kong.
A ‘bancassurance’ endeavor typically sees sales of insurance products through banks following a partnership between a bank and an insurance company. It’s a profitable, win-win model for both entities as banks can earn additional revenue through selling insurance products while insurance companies expand their customer bases through the bank’s channels and client base.