By CCN Markets: Bitcoin has already come of age as a safe haven currency, a market analyst has pronounced. According to eToro’s senior market analyst Mati Greenspan, the cryptocurrency is trading at a premium of over $ 100 in Hong Kong on the TideBit exchange. Heavy Bitcoin Demand Results in Hong Kongers Paying Premium Price In Greenspan’s view, this a demonstration of the cryptocurrency’s ability to serve as a refuge currency in uncertain times. Bitcoin is trading at a premium of about $ 160 in Hong Kong. Pictured is the HK exchange TideBit where a single BTC is going for 73,120 HKD
Right now, thousands of citizens from Hong Kong are protesting certain leaders and opposing a proposed extradition law. Alongside the protests, the country’s political issues are reportedly pushing wealthy Hong Kong residents to move their capital offshore. Since last week, the price of bitcoin core (BTC) has gained a premium in Hong Kong as the digital asset has been trading between $ 75-150 higher than the global average.
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
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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
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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
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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
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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
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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
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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.
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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.
IPO Seeks to Raise Undisclosed Amount
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.
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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
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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
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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.
Keep Your Holdings In a Vault at Invault
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
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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
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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.
New Regulatory Approach
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.