Tag "regulation"
Hong Kong Among the Most Advanced in CBDC Development
This year’s PwC Global CBCD Index is seeing the addition of new countries into its ranking of the world’s most advanced retail central bank digital currency (CBDC) projects, with India, Japan and Hong Kong joining the list and leading the
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Leading Chinese Social Media Platform Removes Accounts of 80 High-Profile Crypto Influencers
Weibo, one of the China’s biggest social media platforms, has removed the accounts of 80 popular influencers promoting cryptocurrencies, citing breach of local laws put in place to curb speculative trading and the promotion of cryptocurrencies, the South China Morning
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Japan Government Pushes for Fintech Development
Despite having a rich history of financial innovation, Japan has remained a relatively cash-based society, lagging well behind neighbouring countries in the adoption of cashless payments and fintech services. Recognizing the country’s decline in global competitiveness, the government is now
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HKMA Steps Up Pressure for Banks to Accept Crypto Companies as Clients
Hong Kong’s financial regulators will be holding a second meeting with stakeholders from the banking and cryptocurrency industries to address the challenges crypto companies face in accessing banking services in the city, people familiar with the matter told Bloomberg on
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Hong Kong Seeks to Regulate Stablecoins by 2024
Though crypto-assets do not pose a risk to financial stability just yet, they very well might in the near future as this new asset class continues to develop at a rapid pace. The fast-growing cryptocurrency ecosystem, the rising prevalence of
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6 Reasons Why Hong Kong Is The Ideal Place for Fintech Startups
Hong Kong’s business-friendly environment, financial and operational support, strategic position in Asia-Pacific (APAC) and advanced technical infrastructure provide ideal conditions for fintech startups looking to scale, grow and crack the Asian market. Home to more than 460 fintech companies, including
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ByteDance’s Fintech Ambitions in Tatters Amid China Clampdown on Bigtechs
TikTok’s owner ByteDance said on September 01, 2021 that it plans to scale back its fintech business and sell its securities brokerage operations amid regulatory pressure on fintech companies. The firm did not name the business unit it intends to
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China Enters a New Age of Fintech
After a period of rapid growth and innovation, the Chinese Internet sector is entering a new phase of development on the back of new stringent regulations, changing demographics and geopolitical tensions, according to the South China Morning Post’s annual China
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Hong Kong Releases Consultation Conclusions for Virtual Asset Exchange Licensing Regime
Hong Kong’s Financial Services and the Treasury Bureau (FSTB) has released a paper outlining the conclusions to its consultation on a proposed licensing regime for virtual asset exchanges. The Hong Kong government is proposing legislative changes to enhance anti-money laundering
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Ant Group Ordered to Revamp Its Business As Beijing Pursues Crackdown on Tech Giants
On December 26, 2020, four Chinese financial regulators, including the central bank, summoned Ant Group for regulatory talks, ordering the fintech giant to “rectify” its regulatory violations and “return to its payment origins.” Pan Gongsheng, a deputy governor at the
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