Key Cryptocurrency News from Hong Kong

Colin Wu, a renowned market researcher, provided insights into the cryptocurrency industry's happenings in Hong Kong during the week of December 4th to December 10th, 2024. One notable revelation came from Hong Kong's Financial Secretary, Paul Chan Mo-po, who acknowledged blockchain technology's pivotal role in advancing financial innovations. While recognizing the associated risks, Chan Mo-po stressed the government's commitment to subject blockchain enterprises to appropriate regulations. This move aims to safeguard investors and financial security, with the ultimate goal of preventing risks from spilling over into mainland China.

Eddie Yue Wai-man, the Executive Director of Hong Kong Monetary Authority (HKMA), announced a joint initiative with the government to launch a "Green Finance Week" in early 2024. As part of this initiative, the financial regulator is prepared to approve and support the launch of a second batch of tokenized green bonds. These developments highlight Hong Kong's commitment to environmentally responsible finance.

Hong Kong Victory Securities and EMC Labs unveiled that their Bitcoin fund, the Victory EMC BTC Cycle Fund, has received approval from the Hong Kong Securities and Futures Commission (SFC). This product, tailored for qualified professional investors, utilizes intelligent data analysis and industry research for "active cyclic management of bitcoins." The fund is set to enter the market in the near future, further expanding cryptocurrency investment opportunities in the region.

Lastly, the Hong Kong Securities and Futures Commission issued a warning regarding alleged fraudulent activities associated with virtual assets. The warning targeted individuals linked to Hong Kong Digital Research Institute, HongKongDAO, and BitCuped. In response to the regulator's request, the Hong Kong Police took measures to block the websites related to these companies, signaling a proactive stance against virtual asset-related crimes.