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There’s attention being drawn to an anomaly in China’s trade data. Compared to imports of precious gemstones from Hong Kong, it could point to China’s wealthy overpaying for said imports. A method of moving capital out of the country that bypasses China’s capital controls. An Outflow of Capital? The first trigger is an increase in
The post Did China’s Wealthy Elite Secretly Move Capital Offshore via Hong Kong’s Gemstones? appeared first on CCN
Talking at the World Economic Forum in Davos on Wednesday, the chief executive of the Hong Kong Exchanges and Clearing (HKEX), Charles Li Xiaojia, talked about how important it is for cryptocurrency related firms to be more “consistent” with their business models when looking to go public. Although Li didn’t specifically mention any names, it
The post ‘Be Sustainable’: Hong Kong Stock Exchange CEO Scoffs at Crypto Giant Bitmain’s IPO Attempt appeared first on CCN
A number of stocks tanked sharply without warning earlier today on the Hong Kong equity market, which is the fourth largest in the world. The market rout left investors with no time to exit their positions, leaving them with losses amounting to as much as $ 4.77 billion in a matter of minutes. Share prices of
The post Sudden Selloff Hits Hong Kong Stocks: $ 4.77 Billion Vaporized appeared first on CCN
The Hong Kong-based bitcoin futures exchange BitMex, is pulling the plug on trading accounts in the US and in the Canadian province of Quebec amidst growing regulatory restrictions in North America. Although BitMex is one of the most active bitcoin trading platforms in the world with a current turnover of $ 928 billion, the trading platform
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The world’s second-largest manufacturer of cryptocurrency mining hardware, Canaan Creative, is now considering going public in the United States rather than in Hong Kong, Bloomberg reports. According to sources who spoke to the business publication, the ASIC manufacturer is looking into the possibility of holding its initial public offering (IPO) in New York in the
The post Crypto Mining Giant Canaan Eyes New York IPO After Hong Kong Snub appeared first on CCN
Four Hong Kong investors have come out to demand refunds of the capital given to Wong Ching-kit, a businessman who sells Bitcoin mining equipment, after claiming that the 24-year-old crypto promoter scammed them. According to a report on the South China Morning Post (SCMP), the affected investors have suffered losses around HK$ 20,000 (roughly $ 25,000) to
The post Investors Demand Refund from Hong Kong Millionaire over Crypto Mining Scam appeared first on CCN
Hong Kong-based crypto exchange Coin Futures and Lending Exchange (CoinFLEX) has announced that it will be providing futures contracts for cryptocurrencies to Asian investors as from February 2019. CoinFLEX was launched in February 2018 as CoinfloorEX, a division of Coinfloor, the oldest British Bitcoin exchange. However, the venture has now announced that it will be breaking
The post Hong Kong Crypto Exchange to Offer Bitcoin Futures with 20x Leverage appeared first on CCN
Hong Kong financial regulators are reluctant to back any crypto-related business at this moment in time while proper rules are being drafted to regulate initial public offerings (IPOs). The news might have a serious knock-on effect on the application of the Bitmain IPO and other related crypto projects in Hong Kong in the near future.
The post Bitmain IPO Put in Doubt by Hong Kong Financial Regulators appeared first on CCN
Ebang International Holdings Inc., a Chinese bitcoin mining equipment maker, has refiled documents for a public share sale with the Hong Kong stock exchange after its first submission failed to proceed. Money raised from the initial public offering (IPO) will go towards development of new mining hardware and non-crypto blockchain applications, among other things.
Also read: Bermuda Issues Draft Crypto Custodial Services Regulation
Bitmain, the largest manufacturer of Bitcoin mining equipment, is experiencing something of a rough patch, as Hong Kong’s stock market overseers might be reluctant to approve the initial public offering (IPO) application of the company, given their stated concerns about the lack of a proper regulatory framework that can govern the cryptocurrency and blockchain industry.
The post Bimain’s IPO Application in Doubt as Hong Kong Calls Crypto Industry ‘Immature’ appeared first on CCN
According to a report by the South China Morning Post, a 24-year-old man is said to have tossed bank notes from the top of a skyscraper in Hong Kong, triggering agitation from passersby below. The man, who was identified as Wong Ching Kit (with aliases such as “Mr. Coin” and “Coin Master”) is the owner … Continued
The post Hong Kong Bitcoin Millionaire Arrested after Throwing Cash off Apartment Building appeared first on CCN
Asia is currently one of the most regulated continents on the planet in terms of cryptocurrency laws. Hong Kong is the latest Asian nation that is set to tighten crypto laws on traders and exchanges. The Hong Kong Securities and Exchanges Commission (SFC) is looking to tighten the current cryptocurrency laws as concerns over crypto-crime
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Modern Terminals, the second largest container terminal operator in Hong Kong, has joined the TradeLens project, a blockchain-enabled technological solution developed by Maersk and IBM. The TradeLens ecosystem – writes Modern Terminals in its press release – seeks to digitize and streamline processes in the global supply chain to deliver higher efficiency and lower cost. It
The post Hong Kong’s 2nd Largest Terminal Operator Adopts Blockchain to Document Logistics Data appeared first on CCN
Cryptocurrency custodians are third parties that store large amounts of digital assets for institutions, hedge funds, exchanges and issuers of initial coin offerings. Companies in Hong Kong now have a new locally regulated option, which could help to increase investor confidence.
Also Read: You Can Now Withdraw Split BCH and BSV Coins From Coinex
Invault, a Shanghai-based startup, has secured a new trust license from the Hong Kong financial regulator to act as a digital custodian in the Chinese special administrative region. It plans to begin offering automated cryptocurrency custodial services in December. It is also said to be in talks with a couple of “mid-sized” insurance companies to possibly add their coverage to its services.
Hong-Kong based bitcoin exchange, BTCC has made known through a press release, plans to shut down its mining pool business BTCC Pool Limited after four years of operation in Hong-Kong. According to a statement from the firm published on November 6, 2018, the company says it would “shut down all mining servers on November 15
The post Hong Kong-Based Bitcoin Mining Pool BTCC to Close Indefinitely appeared first on CCN
Hong Kong-based stock market commentator Raymond Yuen has been indicted for misleading web users into investing into a Crypto Mining Ponzi Scheme. Based on reports on local Hong Kong media outlet The Standard, investors had narrated to the Democratic party how Yuen swindled them of HK$ 6.9 million in funds for a Ponzi scheme. According to … Continued
The post Hong Kong Investment Guru Lures Investors into HK$ 6.9 Million Crypto Ponzi Scheme appeared first on CCN
The Securities and Futures Commission (SFC) of Hong Kong has claimed that it will include crypto funds under its regulatory umbrella.
The SFC issued a statement on November 1, 2018, laying out its new approach for regulating virtual assets in the future. The SFC granted that there are many inherent risks in investing in a new space like cryptoassets and set out to address these risks through new regulatory action.
The statement showed a willingness to adapt the existing regulations around investing to conveniently and decisively affect crypto as well, staying away from either making these sorts of assets a specific new class of assets or attempting to discourage virtual assets altogether.
The Securities and Futures Commission of Hong Kong has announced new plans to regulate the cryptocurrency industry. The regulator issued two circulars on Thursday outlining new rules for crypto exchanges as well as crypto asset portfolio managers, intermediaries, and fund distributors.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
The Hong Kong Securities and Futures Commission (SFC) issued two circulars on Thursday concerning cryptocurrency regulations. The first outlines “a new approach which aims to bring virtual asset portfolio managers and distributors of virtual asset funds under its regulatory net,” the commission wrote. It also “sets out a conceptual framework for the potential regulation of virtual asset trading platforms.” The second document addresses intermediaries that distribute crypto funds.
The Hong Kong Securities and Futures Commission (SFC) today released a statement stipulating the regulatory standards that would define the trajectory of virtual assets portfolio managers and fund distributors, according to an announcement on its website. As per CCN’s report, the regulator had proposed the framework in a research paper published in October 2018. The
The post Hong Kong Reveals Regulatory Framework for Crypto Exchanges, Funds appeared first on CCN
The outgoing chairman of Hong Kong’s securities regulator has – unlike China – ruled out a total ban on domestic cryptocurrency exchanges, suggesting formal regulations instead. Hong Kong’s Securities and Futures Commission (SFC) is drawing plans in reaction to the growing appetite for cryptocurrencies like bitcoin among retail investors and traders – by regulating the
The post Total Ban on Crypto Exchanges Unnecessary: Hong Kong Regulator appeared first on CCN
