Hong Kong, one of the most significant and leading financial centers in the world, has played a large role in the development of cryptocurrencies. For instance, the Chinese territory has birthed some of the most established and successful crypto companies to date including the crypto derivatives exchange FTX, along with the digital asset platform Crypto.com. Yet, as trillions of dollars are traded regularly through crypto exchanges founded in Hong Kong, the “Vertical City” also contains an abundance of physical over-the-counter crypto shops as well. Henri Arslanian, PwC crypto lead and former chairman of the Fintech Association of Hong Kong, told …
China’s blockchain-linked equity stocks have been doing notably better than the rest of the global crypto equity market during a flash crash on Wednesday. According to a Bloomberg-curated basket of eight Chinese A-share equities tied to the blockchain industry, China’s blockchain equity stocks were down less than 2% as of 6 a.m. UTC on Thursday, Bloomberg reports. The equity basket comprises shares of IT services company Shenzhen Forms Syntron, business management firm Ygsoft, and data exchange-focused company Brilliance Technology. Ygsoft — a Chinese company specializing in blockchain-based tools for supply chain and product traceability — is down around 1.6% over …
The Agricultural Bank of China (AgBank) — the world's third-largest bank by assets — is set to implement Beijing’s firm anti-cryptocurrency measures and rigorously vet its clients to ensure they are not engaged in any form of illegal activities involving crypto transacting, trading or mining. AgBank’s statement today followed the institution’s meeting with the People’s Bank of China (PBoC), which convened major domestic banks and mobile payment service providers and ordered them to ensure that banking and settlement services are denied to clients engaged in crypto-related transactions. An official PBoC statement today reiterated that all banks and payment institutions “must …
This weekly roundup of news from Mainland China, Taiwan and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. Huobi Asset Management is looking to be the Grayscale of Asia with the launch of four cryptocurrency-related tracker funds. The funds include a Bitcoin Fund, an Ethereum fund, a multi-asset basket of digital currencies, and a private equity fund for mining businesses. The aim is clearly to entice major institutional investors into the space with a product that feels familiar. The fund and asset management company is set …
The official Chinese state-run Xinhua News Agency has published a report recognizing Bitcoin (BTC) as “the first successful application of blockchain technology.” Published today, Nov. 11, the coverage is exceptional given China’s abiding hardline stance against decentralized cryptocurrencies, as epitomized by Beijing’s historic September 2017 blanket ban on crypto exchanges and initial coin offerings. Even-handed exposure The Xinhua article is broadly positive and detailed in its coverage of Bitcoin and the history of its development and evolution. It opens by posing the question of whether the coin represents the “inevitable trend of future currency development or just another ‘tulip’ hype?” …