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Internet users take on ‘the Wall Street elites’
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A forum on Reddit where people discuss finances and where to invest their money. For some in the group, one goal is to "fight the system" - large financial firms and people with power and authority.

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Blockchain
Abu Dhabi, the capital of the United Arab Emirates, started regulating cryptocurrencies in 2018. Photo: Shutterstock
Blockchain
Coins in sand: how the UAE draws in the global crypto community
At Abu Dhabi Finance Week, insiders give credit to the UAE’s regulatory infrastructure and institutional adoption of digital assets.
Police officers escort Terraform Labs founder Do Kwon in Montenegro’s capital Podgorica in March 2024. Photo: AP
United States & Canada
‘Crypto king’ Do Kwon gets 15 years in prison for misleading investors
The South Korean founder of Terraform Labs had previously pleaded guilty to fraud charges stemming from a US$40 billion stablecoin crash.
Standard Chartered slashes expectations that bitcoin would hit US$200,000 by the end of 2025, lowering its forecast to US$100,000. Photo: Shutterstock
Blockchain
Bitcoin drops below US$90,000 as AI worries sour risk appetite
The fall signals renewed market jitters after the historic crypto crash in October.
Government aims to complete legislative amendments in the coming year and start automatic exchange of tax information starting in 2028. Photo: Shutterstock
Business
Hong Kong eyes info sharing on crypto assets to combat tax fraud, evasion
Compliance with OECD framework is of ‘paramount importance’ to maintain Hong Kong’s reputation as a finance hub, secretary says.
HashKey’s listing date is December 17. Photo: Getty
Cryptocurrency
HashKey aims for US$214 million in Hong Kong IPO amid Beijing’s crypto pressure
Retail investors oversubscribe crypto exchange operator’s offering despite China central bank’s tough stance on virtual assets.
Lin Han, founder and CEO of cryptocurrency exchange Gate. Photo: Handout
Policy
Crypto exchange Gate weighs Hong Kong licence return amid high compliance costs
Hong Kong’s policies pose some difficulties and covering the cost of operating locally is difficult, founder and CEO Lin Han says.
Singapore-based blockchain entrepreneur Vignesh Sundaresan (right), also known as Metakovan, has opened a new experimental art and technology space, Padimai Art & Tech Studio, in Singapore, whose first commission is a virtual reality work by Danish-Icelandic artist Olafur Eliasson (left). Photo: Yanina Isla
Arts
Singaporean buyer of US$69 million Beeple NFT opens art and technology space
Vignesh Sundaresan explains the aim behind Padimai Art & Tech Studio, which opens with a virtual reality work by artist Olafur Eliasson.
1
RWA tokenisation is touted as a way to allow faster and cheaper financial transactions. Photo: Shutterstock
Policy
Chinese industry bodies issue RWA tokenisation warning amid Beijing’s crackdown
This was the mainland associations’ first warning to members as Chinese authorities have explicitly targeted RWA tokenisation.
1
HashKey on Monday cleared its Hong Kong listing hearing after a confidential filing earlier this year. Photo: Handout
Policy
HashKey’s IPO seeks US$300 million under shadow of Beijing’s regulatory scrutiny
HashKey is likely to debut on the Hong Kong stock exchange within the next two to three months ‘if it receives adequate investor interest’.
Binance co-founder and co-CEO He Yi speaks at the Hong Kong Web3 Festival in April. Photo: Matt Haldane
Blockchain
Crypto giant Binance appoints co-founder He Yi as co-CEO
He, who has children together with founder Zhao Changpeng, will share the title with Richard Teng.
1
Photo: Shutterstock Images
Daily Pulse|China’s crypto aversion dampens Hong Kong stablecoin push
The central bank’s latest attack on cryptocurrencies, specifically including stablecoins, is sure to cause concerns in Hong Kong among regulators and potential issuers.
The People’s Bank of China has said stablecoins do not meet the mainland’s requirements on customer identification and anti-money laundering. Photo: Shutterstock
Tech
Beijing’s crypto warning casts shadow over Hong Kong’s stablecoin ambitions
Hong Kong’s pioneering stablecoin rules have attracted 30 applicants – will Beijing’s latest warning force the city to rethink its ambitions?
HashKey is one of 11 licensed virtual asset trading platforms in Hong Kong. Photo: Handout
Banking & Finance
Hong Kong crypto exchange HashKey wins listing nod in test of investor appetite
HashKey could raise around US$300 million this month amid Hong Kong’s push to develop its digital asset sector.
1
Traffic crawls on an elevated highway as buildings are reflected on a glass surface in Beijing’s central business district on November 12, 2025. Photo: Reuters
China Business
Does tokenisation in China risk a repeat of the P2P lending crisis?
Tokenisation provides value, but the interest of multilevel marketers raises ‘genuine concerns’, forum speaker says.
China’s bitcoin mining market share by hash rate rose from 13.75 per cent in the first quarter of 2025 to 14.06 per cent in the current quarter. Photo: Shutterstock Images
Tech Trends
Uptick in China’s bitcoin mining prompts debate on tapping energy surplus
China’s oversupply rate of solar energy in some regions has exceeded 10 per cent while that of wind energy has reached up to 15 per cent.
1
Illustration by Henry Wong
Banking & Finance
Hong Kong reaps the fruits of fintech seeds sown nearly 10 years ago
Hong Kong’s rise as a fintech hub is due to the concerted regulatory push, with the city competing with Singapore for regional leadership.
1
The Securities and Futures Commission is one of the Hong Kong government bodies looking to expand its use of tokenisation. Photo: Yik Yeung-man
Special Reports
Will tokenisation revolutionise Hong Kong’s financial landscape?
Tokenisation offers fractional ownership and faster trades, but regulatory clarity and market adoption remain challenges.
Stablecoins are helping traders overcome regulatory hurdles, mitigate exchange rate risks and speed up transactions. Photo: Shutterstock
China Economy
Explainer|How some Chinese exporters benefit from US dollar-backed stablecoins
From navigating trade restrictions to overcoming regulatory barriers, more traders are embracing the digital asset – but not without risks.
3
China crept back to third place with a 14 per cent share of bitcoin mining at the end of October, according to Hashrate Index. Photo: Shutterstock
Tech Trends
Bitcoin mining in China rebounds, defying 2021 ban
Individual and corporate miners exploit cheap electricity and a data-centre boom in some energy-rich provinces, miners and industry data say.
Hong Kong is set to attract more companies to set up treasury centres in the city, as it pushes to establish a tokenised financial system. Photo: May Tse
Banking & Finance
Hong Kong’s tokenisation drive set to boost treasury centres, investments
Tokenisation could increase the efficiency of corporate treasury centres, which help clients manage global finances, market players say.
Cryptocurrencies are in bear market territory. Photo: Shutterstock
Blockchain
Cryptocurrency market extends slide as bitcoin falls below US$86,000
The slump has options traders eyeing the US$85,000 threshold for market bellwether bitcoin.
1
Japan’s Prime Minister Sanae Takaichi delivers a speech at the House of Representatives plenary session in Tokyo on October 24. Photo: AFP
Hong Kong Opinion
Opinion|As Japan takes aim at crypto, first mover Hong Kong must look out
The Takaichi government’s pro-digital assets policies place Tokyo as a direct and serious competitor to Hong Kong.
3
Delaying the ether digital asset treasury project would avoid causing losses for its investors. Photo: Shutterstock
Blockchain
Chinese crypto founders shelve US$500 million ether digital asset treasury plan
Proponents call off the project amid the worsening cryptocurrency market conditions.
US dollar banknotes. Analysts say India’s stablecoin move “asserts the trend towards de-dollarisation”. Photo: dpa
Economics
India’s debt-backed stablecoin challenge to US dollar dominance explained
Advocates argue the ARC token will lower India’s borrowing costs, strengthen the rupee and stem outflows to dollar-backed cryptocurrencies.
Illegal cryptocurrency mining has cost a Malaysian utility company more than US$1 billion. Photo: Shutterstock
Southeast Asia
Crypto power theft drains US$1.11 billion from Malaysian utility firm
According to the government, 13,827 premises had illegally used power to mine cryptocurrency between 2020 and August this year.
A woman holds a smartphone displaying the logo of social network X. Thousands of users reported issues with the platform on Tuesday. Photo: AFP
United States & Canada
ChatGPT and X among sites disrupted in worldwide Cloudflare outage
The company, whose network handles around a fifth of web traffic, says a fix has been deployed and services restored.
1
Opinion
Macroscope|Inflated asset prices show markets don’t always know best
With hyperinflated sectors across multiple asset markets, the next crash could be so severe that it prompts a restructuring of global finance.
Anthony Rowley
Macroscope|Global stablecoin surge highlights overlooked risks in crypto finance
The politics around digital currencies have extended into the long-running battle for supremacy between the world’s major currencies.
Anthony Rowley
2
Macroscope|Bitcoin’s bruising month shows the perils of going mainstream
Despite years of progress, the cryptocurrency is still in a vulnerable spot halfway between pure speculation and institutional adoption.
Nicholas Spiro
1
Legal Tales|How Hong Kong’s law protects those drawn to crypto and virtual asset investments
City has introduced groundbreaking, tailor-made laws designed to protect the public when investing in new class of financial products.
Derek Chan
1
Asian Angle|Safer than cash? The real risks cryptocurrency poses to Southeast Asia
Crypto’s champions argue the technology offers unmatched transparency and security. But a closer look at the numbers tells a different story.
David Lam
Macroscope|The real reason central banks are stocking up on gold
With bond yields rising and stock markets hitting precarious highs, gold-backed monetary policy could be a much-needed source of stability.
Anthony Rowley
Macroscope|In the crypto vs gold struggle, new battle lines are being drawn
The finance world is in flux, with stablecoin issuer Tether investing heavily in the metal it has been trying to usurp as a primary means of exchange.
Anthony Rowley
1
Macroscope|Trump’s retirement fund reforms: plenty of risk, unclear rewards
As the US allows 401(k) investors to access assets such as cryptocurrency and real estate, there seems to be little official recognition of the risks.
Anthony Rowley
Legal Tales|The crypto frenzy and the legal response in Hong Kong
New framework strengthens Hong Kong’s position as a global digital asset hub by offering a sound regulatory environment.
Victor Dawes
Editorial|HKMA right to warn against market speculation over stablecoins
With its coming licensing regime, Hong Kong must ensure its first-mover advantage in developing virtual-asset trading reinforces its position as a financial hub.
SCMP Editorial
Macroscope|In the face of global crises, markets seem out of step with reality
The stock market’s bullish sentiment amid tariff threats and hot wars feels a lot like the calm before a cataclysmic storm.
Anthony Rowley
2
Editorial|US dollar uncertainty propels use of e-CNY
As mainland’s international operations centre, Shanghai will increase global reach of yuan, promote China’s central bank digital currency.
SCMP Editorial
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