The initiatives enable Hong Kong to compete for the financial leadership on Chinese market.
US dollar-pegged stablecoins have an undeniable dominance of the stablecoin market. This has raised concerns among industry players who feel that an HKD stablecoin may not be necessary after all.
Jurisdictions like Hong Kong offer a middle ground, balancing investor protection with fostering innovation and economic growth.
Hong Kong’s crypto licensing regime began in June 2023 to set the tone for the way exchanges would offer retail trading services.
Hong Kong’s top financial regulator SFC shows willingness to allow retail players to gain access to spot crypto ETFs while ensuring that risks are addressed properly.
The police confirm that all 11 victims, so far, have reported combined losses to the excess of $446,000.
The defendants allegedly used their connections on the inside to ensure that their withdrawals were prioritized over those of other customers.
In a bid to douse the fears of users about the safety of their funds, however, the platform has published a compensation plan.
Aside from Hong Kong, SEBA will also seek additional licensing in Singapore as it continues its push in the Asia Pacific region.
In his speech, Siu emphasizes the importance of fighting US hegemony and lowering reliance on the US dollar for countries such as China.
The move represents the first attempt by any Chinese financial institution to issue a tokenized security in Hong Kong.