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Cryptocurrency

Cryptocurrency
News and analysis about non-fiat, decentralised assets used as digital currencies, including bitcoin, ether, altcoins and stablecoins.
Hong Kong is looking to take a lead in key areas of the digital asset industry, including stablecoins and tokenisation. Photo: Shutterstock
Digital currencies

Hong Kong sharpens crypto hub focus amid rising global competition

Hong Kong is seeking an early lead in stablecoins and tokenisation as Trump pushes the US to become the ‘crypto capital of the planet’.

Digital currencies

Hong Kong makes public stablecoin adoption a top priority in digital asset push

Banking & finance

Opinion | We’re sleeping on threats from AI, shadow banking and cryptocurrency

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Banking & finance

Are stablecoins the future? Don’t bank on it, warns the bank for central banks

Bank for International Settlements releases ‘advance chapter’ on stablecoins ahead of its Annual Economic Report that paints a future picture of a different financial system.

The international financial organisation known as the “bank for central banks” has waded into the stablecoin debate as the buzzword gathers momentum. Image: Shutterstock
Family offices

Hong Kong family office VMS Group makes first foray into cryptocurrency

With about US$4 billion in assets under management, VMS plans to allocate up to US$10 million to strategies run by hedge fund Re7 Capital.

Banking & finance

Beijing could use Hong Kong to test yuan-linked stablecoins: Morgan Stanley

Beijing’s digital currency ambitions are unlikely to unlock the full potential of the yuan’s internationalisation, analysts say.

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Yuan

China needs yuan-backed stablecoins ‘sooner rather than later’, Beijing urged

The US dollar’s dominance in global markets could be enhanced by stablecoins, and China has a golden chance to make the yuan a more global currency, analysts say.

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With US dollar-pegged stablecoins increasingly popular, analysts say in Chinese state media that the development of yuan-backed stablecoins should come sooner rather than later. Photo: Shutterstock
Blockchain

Hong Kong Web3 group issues blueprint for accelerating blockchain development

Web3 Harbour, in collaboration with PwC Hong Kong, will launch five action groups in August on stablecoins, funds and other critical segments.

Hong Kong economy

Opinion | As Hong Kong’s financial sector soars, what about food and retail?

Sound policies have helped boost internationally connected capital markets, but fresh ideas are still needed to uplift the local consumer economy.

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Stablecoins

Why US-backed stablecoins have China wary of a potentially more dominant dollar

Former head of China’s central bank warns ‘USD-backed stablecoins could have worldwide influence’, and what about the yuan’s internationalisation?

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Illustration: Shutterstock
Banking & finance

Letters | How Asia can define the era of stablecoins

Readers discuss policy momentum for stablecoins, the Israel-Iran war, and pro-baby policies.

Stablecoins cryptocurrencies pegged to a particular reserve asset like the US dollar. The Asia-Pacific’s cryptocurrency adoption rate of 22 per cent far surpasses the global average of 7.8 per cent, according to a study commissioned by CoinDesk. Photo: AFP
Digital currencies

Hong Kong could serve as stablecoin test bed to raise yuan’s profile

Hong Kong’s stablecoins can serve as a testing ground for the mainland, providing both experience and lessons, HashKey Group CEO says.

JD.com

JD.com founder bets on stablecoins to cut cross-border e-commerce payment costs

‘JD.com intends to secure stablecoin licences across key currency markets globally,’ founder and chairman Richard Liu says.

Bitcoin

US Senate passes stablecoin bill in win for crypto, Trump

Industry backers hope the legislation will turn stablecoins into a mainstream form of payment.

An illustration picture taken on May 8, 2022, shows a cryptocurrency Tether (USDT) coin arranged in front of a screen displaying US dollar notes. Photo: AFP
Digital currencies

Opinion | Hong Kong developing a yuan-pegged stablecoin would be a game changer

In a world of dollar-pegged stablecoins, the case for yuan-based alternatives – and what it means for the future of money – is compelling.

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An e-CNY logo at the China International Fair for Trade in Services (CIFTIS) in Beijing in 2021. A well-regulated yuan stablecoin issued from Hong Kong could serve as a strategic tool for China’s yuan internationalisation efforts. Photo: AP
Banking & finance

Macroscope | How the obsession with risky assets is putting global finance in peril

From the speculative frenzy over digital assets to the assault on bond markets, the next financial crisis will be self-inflicted.

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Bitcoin

Bitcoin, other cryptocurrencies sink after Israel air strikes on Iran

Over US$1 billion worth of long positions across all cryptocurrencies were liquidated in the past 24 hours, according to Coinglass data.

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India-Pakistan tensions

Crypto, China, critical minerals: inside Pakistan army chief’s US visit

South Asian country’s most powerful figure seeks bilateral reset after armed conflict with India and as US concern rises over its China ties.

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General Asim Munir, Pakistan’s army chief, prays after laying a wreath during a ceremony in Rawalpindi. Photo: AFP/Pakistan’s Inter Services Public Relations
Crime in Hong Kong

Customs works with University of Hong Kong to develop crypto transaction tracer

Seven suspected money laundering cases using virtual assets have been recorded in recent years involving HK$9 billion, department says.

Ant Group

Ant International and Ant Digital to seek stablecoin licences in Hong Kong

The two Ant units’ move aligns with its global ambitions as other companies, including rival JD.com, line up to issue fiat-backed cryptocurrencies.

Blockchain

With early stablecoin law, Hong Kong looks to keep edge as finance hub

Hong Kong is looking to ‘secure a leading role in global payment systems’, one analyst says, as law comes ahead of a similar US stablecoin bill.

A view of Hong Kong’s central business district on October 9, 2024. Some analysts see the city’s new stablecoin law as providing advantages for maintaining its position as a finance hub. Photo: May Tse
Malaysia

US$900 million seized as China helps Malaysia dismantle Tedy Teow’s scam empire

MBI Group’s Malaysian founder has been called ‘Jho Lo 2’ because of the sheer scale of his operation.

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Tedy Teow being extradited to China on August 20, last year. Photo: Ministry of Public Security
Digital currencies

Hong Kong law creates firm foundation for stablecoins

Hong Kong’s strict licensing and reserve requirements could help pry China off the crypto sidelines and loosen the US dollar’s grip on global financial markets.

Digital currencies

Hong Kong’s stablecoin law opens floodgates for boom in digital assets: brokers

Investors are increasingly interested in stablecoins, which are digital tokens pegged to a reference asset like a fiat currency.

Hong Kong economy

Opinion | With stablecoin law, Hong Kong is reasserting its financial supremacy

While rivals like Singapore hedge their regulatory bets, Hong Kong is betting that institutional investors value clarity and transparency.

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Hong Kong’s new stablecoin regulation plugs into the broader digital infrastructure the city has quietly built. Photo: Shutterstock
Digital currencies

Crypto confiscated in Beijing to be liquidated in Hong Kong

Beijing’s security bureau has unveiled a plan to sell cryptocurrencies seized in criminal investigations, boosting Hong Kong’s crypto hub ambitions.

The Beijing Public Security Bureau has become the first law enforcement agency in China to detail a process for liquidating confiscated cryptocurrencies through Hong Kong. Photo: Reuters
Digital currencies

China Renaissance’s investment in stablecoin issuer Circle pays off

The Chinese bank invested in the US tech firm in 2018 through its Huaxing New Economy Fund.

Digital currencies

Hong Kong’s stablecoin law to take effect in August

The stablecoin ordinance passed in May takes effect on August 1, requiring issuers to be licensed by the Hong Kong Monetary Authority.

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