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☆ A Hong Kong-based crypto exchange used deepfakes of Elon Musk to claim the billionaire was its lead developer
▼ + stars: | 2024-05-12 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

The Hong Kong Securities and Futures Commission issued a warning last week about deepfake scams. Related storiesAs the technology behind artificial intelligence advances, scammers are increasingly using deepfakes to dupe their victims into handing over cash. The group in Hong Kong claimed to provide a cryptocurrency trading service using underlying artificial intelligence. But Hong Kong authorities said they suspect it is a front for "virtual asset related fraudulent activities." The Hong Kong Police Force did not return a request for comment from BI.

Persons: —, Elon, Elon Musk Organizations: Service, Facebook, The Hong Kong Securities, Futures Commission, Business, Yahoo, Authorities, Hong, Crypto News, Hong Kong Police Force Locations: The, Hong Kong, South Korean

☆ Asia's first spot bitcoin and ether ETFs debut in Hong Kong
▼ + stars: | 2024-04-30 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

Dado Ruvic | ReutersHong Kong on Tuesday launched six spot bitcoin and ether exchange traded funds — becoming the first in Asia to offer retail investors the ability to trade the cryptocurrencies at spot prices. The cryptocurrency ETFs were issued by three Chinese firms — China Asset Management, Bosera Asset Management, and Harvest Global Investments — on the Hong Kong exchange. Spot bitcoin ETFs by ChinaAMC, Bosera HashKey and Harvest were above 3% higher in early trading, but subsequently gave up some gains to trade by about 1.5% higher. The three ether ETFs were trading above 1% in the morning, but fell into negative territory by the late afternoon. The spot crypto ETFs had received regulatory approval under the provision of virtual asset management services, but crypto futures ETFs have been trading on the HKEX since late 2022.

Persons: Dado Ruvic, Bosera, Bitcoin, Antoni Trenchev, Nexo, Trenchev, Han Organizations: Reuters, Tuesday, China Asset Management, Bosera Asset Management, Harvest Global, Hong, Hong Kong's Securities, Futures Commission, ChinaAMC, U.S . Securities, Exchange Commission, CNBC, Stock Exchange of Hong, ., Harvest Global Investments Locations: Reuters Hong Kong, Asia, China, Hong Kong, U.S, Singapore, Dubai, Japan, South Korea, Stock Exchange of Hong Kong

☆ Hong Kong regulators approve launch of spot bitcoin and ether ETFs
▼ + stars: | 2024-04-15 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Hong Kong regulators on Monday approved the launch of spot bitcoin and ether exchange-traded funds (ETFs), asset managers said, following U.S. moves this year to bring these products to market. Harvest Global and Bosera International have also received SFC approval for bitcoin and ether ETFs, according to the companies. However, Hong Kong has slowly been trying to make itself a regulated crypto hub to compete with places like Dubai and Singapore. Hong Kong's moves come after U.S. securities regulators approved the trade of spot bitcoin ETFs, which have seen billions of dollars of inflows. Hong Kong would be one of the first places in the world to approve an ether ETF.

Persons: ChinaAMC, Bitcoin, Kong's, Yolande Chee Organizations: OSL Digital Securities, ChinaAMC, Hong Kong's Securities, Futures Commission, Harvest, Bosera, Hong Kong SFC, CNBC, U.S . Securities, Exchange Commission Locations: Hong Kong, China, Dubai, Singapore, cryptocurrencies

Here's the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024. "However, much of their work has involved providing guidance to the industry through enforcement actions," continued Levin. Crypto market participants nevertheless hope that the spate of legal challenges brought to crypto companies in 2023 will bring clarity in the form of new regulations. The U.S.'s dominant role in global finance and its focus on consumer protection plays a crucial role in its leading position in crypto regulation enforcement. The region has been increasingly warming to crypto assets, despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021.

Persons: Al Drago, Binance, Sam Bankman, Renato Mariotti, Mariotti, Richard Levin, Nelson Mullins Riley, Levin, ada, Changpeng Zhao, Damian Williams, Brian Armstrong, Armstrong, Alyse Killeen, Scarborough's Levin, FinCEN, Killeen, Diem, USDC, Braden Perry, it's, Kennyhertz Perry, Perry, Bafin Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Regulators, Securities and Exchange Commission, U.S, Alameda Research, U.S . Justice Department's Securities, Commodities, CNBC, Capitol, SEC, Futures Trading Commission, Department of Justice, Scarborough, CFTC, Protocol Labs, Southern, of, Stillmark, Meta, Visa, Mastercard, U.S ., European, IRS, European Union, EU, France's Financial Markets Authority, AMF, Treasury, Monetary Authority of, Three Arrows, Terra Labs, Terra, Hong Kong Securities, Futures Commission, SFC, OSL Locations: Washington, Europe, Asia, U.S, Alameda, of New York, European, Crypto, Ireland, Germany, France, Italy, Netherlands, Singapore, Dubai, Hong Kong, Monetary Authority of Singapore, China, East, Africa

☆ Standard Chartered-owned crypto firm Zodia launches in Hong Kong
▼ + stars: | 2023-10-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Zodia Custody, the crypto security firm owned by British banking giant Standard Chartered, is launching its services in Hong Kong, the company told CNBC exclusively. "The Hong Kong government and the regulators see digital assets as the future and also want Hong Kong to be a hub," Sawyer said. Hong Kong has been increasingly warming to crypto assets despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021. At first, it will seek to provide services for Hong Kong clients in a limit set of crypto assets. Zodia is also in discussions with both the SFC and Hong Kong Monetary Authority about becoming regulated in the financial district.

Persons: Julian Sawyer, Sawyer, Zodia Organizations: CNBC, Hong, Standard Chartered, Northern Trust, Japan's SBI Holdings ., Hong Kong Securities, Futures Commission, OSL, SFC, Hong Kong Monetary Authority Locations: Hong Kong, Asia, Pacific, Japan, Singapore, Australia, Japan's SBI Holdings . Hong Kong, China

HONG KONG (AP) — Police in Hong Kong and Macao said Friday they arrested four more people linked to the cryptocurrency platform JPEX, which is suspected to have defrauded more than 2,400 people of almost $200 million. Police have received 2,417 reports involving more than 1.5 billion Hong Kong dollars ($191.6 million) in alleged losses on the platform. Hong Kong police said in a news conference Friday they had arrested two men, one of whom had been trying to destroy documents with paper shredders and bleach. Cash and gold worth nearly $9 million Hong Kong dollars ($1.15 million) were also seized at three apartments in the latest police operation. Two other men were detained in Macao, with authorities seizing over 14 million Hong Kong dollars ($1.8 million) in cash and valuables, as well as money in a casino account.

Persons: Chung, ”, Cheng Lai, “, influencers, JPEX Organizations: — Police, Police, Hong Kong, Cyber Security, Technology, Hong Kong’s Securities, Futures Commission Locations: HONG KONG, Hong Kong, Macao, Hong, JPEX

☆ Swiss SEBA Bank gets approval-in-principle for Hong Kong crypto services
▼ + stars: | 2023-08-30 | by ( Georgina Lee | ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHONG KONG, Aug 30 (Reuters) - Swiss crypto-focused SEBA Bank on Wednesday said it has received an approval-in-principle from Hong Kong's securities regulator that takes it only one step away from offering virtual asset services in the Asian financial hub. SEBA (Hong Kong), in a statement, said the Securities and Futures Commission will grant licences once it meets conditions for final approval. It will then be able to engage in securities dealing, including crypto-related structured products, and advise on and manage digital assets and traditional securities. Hong Kong is the third market in which the Zug-headquartered bank has sought a licence after Switzerland and Abu Dhabi. The approval-in-principle allows SEBA to prepare for operations as soon as it is licensed.

Persons: Dado Ruvic, HONG KONG, Georgina Lee, Christopher Cushing Organizations: REUTERS, Bank, Securities, Futures, Thomson Locations: HONG, Swiss, Hong Kong, cryptocurrencies, Zug, Switzerland, Abu Dhabi

☆ Crypto exchange HashKey bags license update to serve retail users
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: +1 min

Hong Kong-based crypto exchange HashKey can offer its services to retail investors from Thursday. Cryptocurrency exchange HashKey on Thursday said it will begin offering its services to retail users in Hong Kong, becoming the first licensed crypto trading exchange in the city to do so. HashKey said it received a licence update from the Hong Kong Securities and Futures Commission, allowing the exchange to expand its business scope from serving professional investors to retail users. The Hong Kong-based exchange received a licence to operate in the city last November, making it one of two licensed crypto exchanges in Hong Kong besides rival exchange OSL. In June, banking regulator Hong Kong Monetary Authority (HKMA) said that it had, in April, asked lenders operating in the region to try and meet the business needs of licensed crypto exchanges.

Persons: HashKey Organizations: Hong Kong Securities, Futures Commission, Hong Kong Monetary Authority Locations: Hong Kong, China

☆ Crypto exchange HashKey bags licence update to serve retail users
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File PhotoAug 3 (Reuters) - Cryptocurrency exchange HashKey on Thursday said it will begin offering its services to retail users in Hong Kong, becoming the first licensed crypto trading exchange in the city to do so. HashKey said it received a licence update from the Hong Kong Securities and Futures Commission, allowing the exchange to expand its business scope from serving professional investors to retail users. The Hong Kong-based exchange received a licence to operate in the city last November, making it one of two licensed crypto exchanges in Hong Kong besides rival exchange OSL. In June, banking regulator Hong Kong Monetary Authority (HKMA) said that it had, in April, asked lenders operating in the region to try and meet the business needs of licensed crypto exchanges. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, HashKey, Rishabh, Janane Organizations: REUTERS, Hong Kong Securities, Futures Commission, Hong Kong Monetary Authority, Thomson Locations: Hong Kong, China, Bengaluru

☆ Exchange operator Cboe gets nod to launch leveraged crypto derivative products
▼ + stars: | 2023-06-05 | by ( John Mccrank | ) www.reuters.com time to read: +2 min

The U.S. Commodity Futures Trading Commission approved Cboe Digital to be the first U.S.-regulated crypto exchange and clearinghouse platform to offer leveraged derivatives when the contracts launch in the second half. The margined contracts will let users trade crypto futures while putting less collateralized capital up front, with trades executed and cleared through an approved set of member futures commission merchants, Chicago-based Cboe said. Cboe Digital currently allows trading and clearing of bitcoin and ether futures on a fully collateralized basis, meaning users must provide the full amount of futures contracts upfront. Cboe Digital also supports the spot trading of bitcoin, bitcoin cash, ether, litecoin and USDC. On Oct. 20, 2021, Chicago-based Cboe announced its intention to buy crypto exchange and clearinghouse ErisX.

Persons: Cboe, John Palmer, Jane Street, FTX, John McCrank, Hannah Lang, David Gregorio Our Organizations: YORK, U.S . Commodity Futures Trading Commission, Cboe, Robinhood Markets, Interactive, Virtu, IG Group, CFTC, Thomson Locations: U.S, Chicago, Washington

☆ China funds flock to Hong Kong to sate mainland investors
▼ + stars: | 2023-04-20 | by ( Summer Zhen | ) www.reuters.com time to read: +3 min

HONG KONG, April 20 (Reuters) - Large China-based fund managers are setting up shop in Hong Kong for the first time, seeking to fill Chinese investors' appetite for U.S. dollar-based products and international exposure after the country reopened its borders. As mainland-based funds are yuan denominated, fund managers need to set up in Hong Kong to be able to offer foreign currency products. "We are optimistic about Hong Kong as the global asset management hub. "Foreign managers are getting licenses and issuing funds in China - it's natural for us to go overseas," said Jason Yim, managing director of QX Asset Management in Hong Kong. Wealth management firms such as Noah Holdings (NOAH.N), China's largest independent wealth manager, are also aggressively expanding teams in Hong Kong.

☆ Asia's regulators say banking system is robust and stable after UBS-Credit Suisse takeover deal
▼ + stars: | 2023-03-20 | by ( Sumathi Bala | ) www.cnbc.com time to read: +3 min

Last week, Credit Suisse logged their worst weekly decline since the onset of the coronavirus pandemic. Hong Kong says industry is resilientThe Hong Kong Monetary Authority said the city's banking sector is resilient with strong capital and liquidity positions. "The total assets of Credit Suisse, Hong Kong Branch amounted to about HK$100 billion, representing less than 0.5% of the total assets of the Hong Kong banking sector. Credit Suisse customers will continue to have full access to their accounts and "contracts with counterparties remain in force. Japan banks 'shielded'As for Japan, the country's banking system is unlikely to be affected by the deal, said Cyrus Daruwala, managing director of IDC Financial Services.

☆ One country, two crypto systems: Hong Kong harbors crypto hub ambitions despite China's crackdown
▼ + stars: | 2023-03-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

Sopa Images | Lightrocket | Getty ImagesThe crypto industry has had a rough year with digital currency markets crashing and companies collapsing across the board. Hong Kong is planning to introduce new rules in June that will require crypto trading platforms to be licensed by the Securities and Futures Commission. Bitcoin ATMs, operated by Coinhero, in Hong Kong, China, on Wednesday, Dec. 21, 2022. While Hong Kong harbors high crypto ambitions and boasts relatively lower tax policy on businesses, the city could still potentially find competition with other crypto hubs. The logo of Bitcoin cryptocurrency at a store in Hong Kong on Thursday, Feb. 10, 2022.

Efforts to recoup them will highlight major flaws in political donations. On Thursday, former Chief Executive Sam Bankman-Fried was hit with additional criminal charges, including an accusation that he conspired with two former FTX executives to make more than 300 illegal political donations. Ray is hoping to add politicians’ returned donations to his coffers, and past blowups suggest he will have some luck. Madoff and Stanford’s political contributions, totaling hundreds of thousands of dollars each, pale in comparison to the $84 million-plus FTX executives gave campaigns. No other FTX executives, including Ryan Salame and Nishad Singh, have been charged with campaign finance violations at this time.

☆ Hong Kong’s Proposed Crypto Rules Seek Investor, Deposit Protection
▼ + stars: | 2023-02-20 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

Hong Kong’s proposed new rules on crypto platforms are a step in the city’s effort to establish itself as a digital-assets hub. Hong Kong’s securities regulator said cryptocurrency-trading companies would need to leave the city if they don’t plan on getting licenses and released proposed new rules seeking to better protect investors in the wake of the collapse of FTX. The Securities and Futures Commission would require crypto exchanges to ringfence customer deposits, put controls in place to keep crypto keys secure and make sure that no more than 2% of customer funds are stored in a so-called “hot wallet,” which is a less secure way to hold crypto assets, according to the proposed rules.

The proposed amendments to federal custody rules would "expand the scope" to include any client assets under the custody of an investment advisor. The move poses a fresh threat to crypto exchange custody programs, as other federal regulators actively discourage custodians like banks from holding customer crypto assets. "Make no mistake: Today's rule, the 2009 rule, covers a significant amount of crypto assets," Gensler said in a statement. "As the release states, 'most crypto assets are likely to be funds or crypto asset securities covered by the current rule.' In its most recent earnings report, the exchange specified that it keeps customer crypto assets "bankruptcy remote" from hypothetical general creditors, but noted that the "novelty" of crypto assets meant it was uncertain how courts would treat them.

☆ Hong Kong set to shortlist crypto tokens for retail trading
▼ + stars: | 2023-01-11 | by ( Georgina Lee | ) www.reuters.com time to read: +2 min

HONG KONG, Jan 11 (Reuters) - Hong Kong securities watchdog will propose a subset of tokens it would allow for retail investors' trading, its chief executive said on Wednesday, as it presses on with a new regulatory regime that will make the city more friendly to crypto startups. Hong Kong's move to allow retail trading in cryptocurrencies has come after months of turmoil in the sector, with the collapse of crypto exchange FTX the latest blow. The SFC will start accepting applications for VASP licences, in mid 2024, Leung said. The new crypto regime requires all trading platforms and exchanges to apply for a licence failing which would result in fines and jail terms,Industry sources have said they expected the consultation on retail trading to start within the first quarter. Leung said the tokenization of investment funds and bonds will also fall under the purview of the SFC.

☆ Amid crypto turmoil, Hong Kong debuts first crypto futures ETFs
▼ + stars: | 2022-12-15 | by ( Georgina Lee | ) www.reuters.com time to read: +2 min

HONG KONG, Dec 15 (Reuters) - Two exchange traded funds (ETF) that track U.S.-listed cryptocurrency futures have raised a combined $73.6 million ahead of their debut on the Hong Kong stock exchange on Friday in defiance of the sector's meltdown. Cryptocurrencies have endured months of turmoil, with the collapse of crypto exchange FTX the latest blow to the sector. The larger of the two, CSOP Bitcoin Futures ETF (3066.HK), pulled in $53.9 million, according to the manager. "Coming after the recent liquidity problems affecting some of the crypto platforms, our two crypto futures ETFs demonstrate that Hong Kong remains open-minded on the development of virtual assets," said Yi Wang, head of quantitative investment at CSOP. On Friday, each lot trading on the Hong Kong Exchanges & Clearing (HKEX) (0388.HK) will debut at HK$780 each.

That puts Hong Kong in a league of its own. The competitive tension between Hong Kong and Singapore is greater than ever. The danger is that Hong Kong’s new embrace of virtual assets will set up a regulatory race to the bottom, even if FTX’s collapse means it might happen at a slower pace. The policy statement notes that retail investors in other markets have been granted exposure to virtual assets including through exchange-traded products. Column by Thomas Shum in Hong Kong, Pranav Kiran in Bengaluru.

☆ Hong Kong's leading crypto retail operator says it ceases trading as FTX fallout roils sector
▼ + stars: | 2022-11-18 | by ( Georgina Lee | ) www.reuters.com time to read: +3 min

HONG KONG, Nov 18 (Reuters) - A leading cryptocurrency retail service provider in Hong Kong said it has ceased trading as the broader fallout from the collapse of FTX, and solvency issues at other major crypto firms, continues to roil the sector. Genesis Block has no connection with a separate crypto player called Genesis Global Capital which suspended customer redemptions this week. One person with knowledge of the matter said one Genesis Block official was previously a director in FTX Hong Kong, but resigned from the directorship this month. FTX Hong Kong is one of the about 130 FTX-affiliated companies backed by Sam Bankman-Fried that have filed Chapter 11 bankrupcy proceedings in the United States. CoinHero's website offers a guide for its customers on how to buy FTT through Genesis Block's trading desk in Hong Kong.

☆ Sam Bankman-Fried wanted to let retail investors borrow money to trade crypto derivatives: CFTC head
▼ + stars: | 2022-11-16 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +4 min

He also wanted to offer the contracts directly to users, without having to go through a futures commission merchant. Prior to its bankruptcy filing last week, FTX had a registered derivatives platform with the CFTC called FTX US Derivatives. FTX US Derivatives is one of the few FTX-related properties that's not a part of its bankruptcy proceedings and remains operational today. And Zach Dexter, who was CEO of FTX US Derivatives, says on his LinkedIn profile that he's CEO at LedgerX. Since then, LedgerX has reportedly withdrawn its application for leveraged derivatives trading.

☆ U.K. Regulator’s Enforcement Director to Step Down Next Year
▼ + stars: | 2022-10-18 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

The executive director for enforcement and market oversight at the U.K.’s Financial Conduct Authority, which also supervises compliance by U.K. cryptocurrency firms with anti-money-laundering laws, said he would step down next spring, the agency said Tuesday. Steward served as the executive director of enforcement at the Securities & Futures Commission of Hong Kong. He previously served as deputy executive director of enforcement for the Australian Securities and Investments Commission. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEW Since January 2021, the FCA has served as the anti-money-laundering (AML) compliance supervisor for cryptocurrency firms in the U.K.

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