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.

Hong Kong has officially recognised stablecoins as legal payment tools rather than speculative assets. Authorities expect this will cut cross-border payment costs and require strict rules to ensure security and compliance.

Shein’s high-stakes push for a public listing has taken a new twist. The fast-fashion giant is reportedly considering shifting its corporate base back to China from Singapore in a bid to win Beijing’s approval for a Hong Kong initial public offering (IPO), according to Bloomberg.

China Merchants Bank (CMB), one of China’s biggest financial institutions has successfully set up its first crypto exchange in Hong Kong under its subsidiary company, CMB International Securities Limited.