Hong Kong

For months, speculation has swirled that a yuan-pegged stablecoin was quietly being launched in Hong Kong, fueling expectations that Beijing could be taking its first subtle step into global digital asset markets.

Hong Kong has set up a new task force to tackle the rise in crypto and virtual asset scams. Authorities have already made over 70 arrests and are pushing for stronger rules to help platforms stop suspicious transactions quickly.

China’s war on crypto is taking a new shape. Unlike the sweeping, highly public bans of 2021 that outlawed trading and mining overnight, Beijing is now pursuing a quieter, more tactical campaign—this time targeting the booming real-world asset (RWA) tokenization market emerging in Hong Kong.

Major Chinese tech firms, including Alibaba and Tencent, appear to be pulling back from Hong Kong’s cryptocurrency market, with none applying for recent stablecoin licences. The move comes amid regulatory uncertainty and a reported shift in focus toward digital services for the energy sector.

Hong Kong authorities have arrested two technicians for allegedly operating a covert cryptocurrency mining setup that siphoned electricity and internet access from care homes for the disabled, causing monthly power bills to surge by as much as HK$9,000.

China is moving to impose strict restrictions on its state-owned enterprises (SOEs) and banks operating in Hong Kong, in a move that could significantly reshape the city’s budding stablecoin sector.

HSBC and the Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, are preparing to apply for stablecoin licenses in Hong Kong as the region’s ambitious new digital asset framework takes effect.

The Wuxi Intermediate People’s Court has dismissed a lawsuit over “virtual US dollars,” underscoring that overseas cryptocurrency investments remain illegal, unprotected, and solely the responsibility of investors.

Hong Kong-listed Yunfeng Financial Group, which has ties with Alibaba founder Jack Ma, has made a decisive move towards Web3 after purchasing 10,000 ETH, which has a value of approximately $44 million.

Hong Kong launched the Hong Kong Virtual Asset Listing Association (HKVALA) to bring together industry and government for digital finance development. The group aims to promote cooperation, talent development, and investor protection while supporting the city’s push into tokenised assets and Web3.