Hong Kong

The Hong Kong University of Science and Technology (HKUST) announced it will host a virtual reality class connecting with its upcoming Guangzhou campus in the Metaverse on September 1. The event is the first step in HKUST’s mission to build a virtual campus in the virtual universe, MetaHKUST. According to South China Morning Post, the launch will feature a mixed reality experience, allowing users to attend it both physically and in the virtual world. Pan Hui, chair professor of computational…

US-based internet media company Yahoo has launched a series of metaverse events in Hong Kong. The firm announced this news on Wednesday, noting that this move seeks to connect the region’s residents amid fresh COVID restrictions. Per the announcement, this event will see Yahoo hold virtual concerts and exhibitions on Decentraland. Decentraland is a popular metaverse platform that hosts the virtual worlds of several renowned companies. Examples include Samsung, Adidas, Atari, and PWC, to mention a few. Additionally, Decentraland hosted…

A study from Hong Kong Monetary Authority (HKMA) presents the thoughts and findings on CBDCs during the summer of 2022. Also, the Hong Kong regulators released a whitepaper today. In it, we discover the state is exploring the possibility of a digital Hong Kong dollar (e-HKD). Hong Kong might be analyzing the potential of a retail-focused central bank digital currency (CBDC) which aims to study the feasibility of e-HKD. What the Whitepaper Aims to Accomplish The whitepaper is part of…

In operation known as “Coin Breaker,” the Hong Kong authorities arrested four men in a suspected cryptocurrency laundering scheme worth $155 million (HK$1.2 billion). According to the South China Morning Post, these men aged between 24-36 years have been in operation from February 2020 to May 2021. How they Managed the Scheme The authorities believe that the syndicate operated in various bank accounts where they made transactions through virtual currency exchanges. According to the Syndicates Crime Investigation Bureau of Custom…

Hong Kong exchanges have reportedly informed regulators about the dangers of the impending new crypto regulations. According to industry stakeholders, the Hong Kong government is set to ban retail trading in the city, severely affecting.  New Crypto Regulation In Development  This development was revealed today by local news outlet the South China Morning Post. According to the report, exchanges within Hong Kong are apprehensive about the government's new crypto regulations.  Hong Kong's Financial Services and Treasury Bureau had put forth…

For quite a while, Hong Kong has been bombarded by several hurdles in the financial sector. However, it stands as one of the most favorable financial hotspots around the Asian-Pacific region. Nevertheless, the use of virtual currencies in the city is the only financial sector that seems to be lagging. Late last year, Hong Kong financial regulators implemented a law that required all cryptocurrency market handlers to register with the government. At the time, the crypto regulation was not precise,…

Venture Smart Asia’s blockchain arm, Arrano Capital, has launched Hong Kong’s first approved cryptocurrency fund. The launch targets $100 million and offers an officially sanctioned window for institutional investors in Bitcoin. The announcement emerged on Monday, after it cleared the licensing conditions which allows dealing in virtual assets with the Securities and Futures Commission. In 2019, local regulators began to find means of exerting oversight over the cryptocurrency industry. This is the first time of approving such fund since then. Before now, the…

Twitter and Square Crypto founder, Jack Dorsey held conversations with Africa's and Hong Kong's internet leading lights. Their deliberations centered on the adoption of Bitcoin in the two regions. Mr. Dorsey provided a snapshot of the conference call he held with Dr. Nii Quaynor and Pindar Wong. Dr. Quaynor and Mr. Wong have track records in establishing and developing internet programs in Africa and Hong Kong respectively. Push For Bitcoin Adoption Jack Dorsey has been a strong Bitcoin proponent. He…

Cross-border CBDC payments could soon be a reality. This follows the announcement by The central banks of Hong Kong and Thailand that they were on the cusp of jointly implementing a similar payments system. In an official communique released on 22 January, the two banks disclosed the results of Project Inthanon-Lionrock, a CBDC research project the two are cooperating in. The banks issued a joint press release and availed a 90-page report detailing the pros and cons of CBDC on…