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Cryptocurrency

Cryptocurrency
News and analysis about non-fiat, decentralised assets used as digital currencies, including bitcoin, ether, altcoins and stablecoins.
Binance founder Changpeng Zhao speaks at the Bitcoin Asia conference in Hong Kong on Thursday. Photo: Reuters
Bitcoin

Crypto slump, AI boom overshadow CZ’s bullish pitch at Hong Kong’s Bitcoin Asia

Capital, talent and public attention have moved from crypto to AI, leaving the digital asset industry feeling ‘smaller’, says organiser.

Blockchain

Bitcoin tops US$80,000 for first time since May as US moves boost crypto

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Yuan

Open Questions | Top economist on how China should prep for dollar era’s end

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Hong Kong economy

In Focus | What comes next for Hong Kong as a global financial hub?

Hong Kong needs more yuan products, commodity trading infrastructure and fintech innovation, market participants say.

Illustration: Henry Wong
Crime in Hong Kong

Paraguay opens probe into Hong Kong-born crypto exec’s death

Experts warn of violent extortion of crypto holders, while Paraguay authorities say all hypotheses remain open in death of Harry Yeh.

Banking & finance

Hong Kong stablecoin list expands with Standard Chartered-led firm’s launch

Anchorpoint Financial kicks off institutional use of its Hong Kong dollar-linked stablecoin, HKDAP.

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Banking & finance

AIIB explores digital payments, eyes Hong Kong hub as it raises record funds

The development bank aims to raise a record US$11 billion this year, as it continues to broaden its operations, according to a senior official.

A view of the Asian Infrastructure Investment Bank headquarters in Beijing. Photo: Xinhua
Blockchain

Hong Kong steps up its crypto hub challenge with tokenised fund

As the city looks to challenge the US as a global crypto hub, Baillie Gifford says the SFC has approved its blockchain-based tokenised fund.

United States

Opinion | Trump’s crypto windfall showcases his ability to turn loyalty into power

Despite clear conflicts of interest and institutions meant to stop them, Trump has deftly weaponised and profited off the loyalty he demands.

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Stablecoins

Why Payward chose Hong Kong to be its Asian stablecoin gateway

By setting clear rules, Hong Kong is pushing to become the world’s safest launch pad for the digital currency.

Daren Guo (L), co-founder at Reap, and Arjun Sethi, Co-CEO of Payward and Kraken. Photo: Handout
China economy

Opinion | When and how will China ease capital controls?

While China has reasons to maintain capital controls, the recent crackdown on three Hong Kong brokerages is not meant to discourage mainland outbound investment.

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Illustration: Craig Stephens
Donald Trump

Trump reports earning over US$1.4 billion from crypto ventures

Token sales and meme coin royalties are the new driver of the US president’s personal wealth. He says ‘everybody’s profiting’.

Binance

UK investors sue Binance and founder Zhao Changpeng for US$200 million

Nearly 1,700 UK users have alleged that the world’s largest crypto exchange offered risky products without regulatory approval.

Crime in Hong Kong

Hong Kong police arrest 69 over laundering HK$200m from cross-border fraud

Suspects aged 18 to 60 held in joint operation targeting syndicate using mule accounts to launder proceeds from investment scams.

Hong Kong police have arrested 69 people linked to a syndicate suspected of laundering about HK$200 million from cross-border investment fraud. Photo: Getty Images
US-China relations

Trump urged to press Xi on Chinese money laundering tied to Mexican cartels

Congressional hearing witnesses encourage US president to tackle alleged fentanyl supply chain crisis linked to Chinese money laundering.

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Bags of heroin, laced with fentanyl, on display in New York. The ongoing fentanyl crisis in America has killed thousands. Photo: Getty Images/TNS
Banking & finance

Hong Kong taps group of experts to help rewrite rules for tokenised bonds

HKMA sets up the collective, spanning 21 institutions, in push to expand blockchain-based issuance beyond government pilots.

Art

French museum reports theft of banana from multimillion-dollar artwork

Pompidou-Metz museum contacts police after a guard notices Maurizio Cattelan’s iconic duct-taped centrepiece has vanished.

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HKEX

Open Questions | Charles Li on making Hong Kong a magnet for global IPOs

As HKEX CEO, Charles Li forged Stock Connect link to mainland markets. He says an ‘IPO connect’ could draw international companies to list in Hong Kong.

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Illustration; Victor Sanjinez
Stablecoins

Letters | Mind the gap between Hong Kong digital asset policy and practice

Readers discuss digital asset audits, the danger of setting a ride-hailing cap, and the bigger picture on allowing dogs in restaurants.

SFC

Hong Kong finalises crypto regulatory framework to lock in global hub ambitions

Under the new rules, firms providing advice or market analysis on virtual asset trading must meet strict capital requirements.

Hong Kong economy

Hong Kong minister touts gold as ‘bridge between conventional and new finance’

Treasury chief Christopher Hui also says city opted against separate regulatory authority for digital assets to support ‘convergence’.

A panel session on cryptocurrencies and digital assets is held at the Global Prosperity Summit. Photo: Karma Lo
Art

Are NFTs the hero or villain in the contemporary art scene?

In March, Art Basel Hong Kong featured a dedicated space for digital practices, raising the question: what’s next for non-fungible tokens?

The financial hype behind NFTs may have evaporated, but blockchain technology still has many applications. Photo: Josh Ye
United States

Trump family’s crypto project sues billionaire backer Justin Sun

The Trumps’ World Liberty Financial accused Sun of launching a ‘public smear campaign’.

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Stablecoins

Hong Kong a key global hub for USDC cross-border payments: Circle CEO

Circle recently announced a partnership with Hong Kong-listed OSL Group to expand USDC offerings in the city.

Thailand

Thailand to extradite Indonesian man in US$10 million scam targeting Americans

The suspect allegedly hired models to lure targets into phoney investment schemes over video calls, dating apps and social media.

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Waves crash on Kalim beach in Phuket. The suspect was arrested from a luxury resort on the Thai island. Photo: Shutterstock
Yuan

Open Questions | Why China’s yuan faces the same ‘illusions’ that stalled the euro: Daniel Gros

Former European economic adviser says Beijing’s bid to build an international currency will hinge on leaders allowing it to fluctuate freely.

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Illustration: Lau Ka-kuen
Hong Kong courts

Ex-manager of crypto firm Huobi acquitted of moving millions into account

Chen Boliang accessed crypto platform now known as HTX to trade in dark pool under individual account, which is prohibited under regulations.

Investing

Chinese economist Fu Peng hails crypto’s historic rise as he joins Bitfire

The crypto asset management firm acquires a trading system and hires a team of 20 people from Avenir Group for US$1.6 million.

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