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Asia Express – Cointelegraph Magazine

Published on

June 16, 2023
Read Time:6 Minute, 6 Second

Hong Kong is laying out the crimson carpet for crypto exchanges

Whereas some jurisdictions (cough: America) have taken a regulate-by-enforcement method to crypto, others are doing the alternative. The Hong Kong Financial Authority is pressuring main monetary establishments to just accept crypto prospects, in response to a report by the Monetary Instances on June 15. However it's not simply regulators who're rolling out a crimson carpet to spice up SAR's Web3 business. For instance, Hong Kong Legislative Council member Johnny Ng Equipment-Chong, wrote on June 10:

“Within the final two days, there was a variety of information about worldwide digital asset exchanges. I'm sending an invite to welcome world digital asset exchanges, together with @coinbase, to come back to Hong Kong, apply for a compliant alternate and negotiate a list plan. I am prepared to assist!”

Equally, Joseph Chan Ho Lim, Hong Kong's undersecretary for monetary providers and the Treasury, revealed in a single interview that the Hong Kong Financial Authority has held public consultations on stablecoin adoption and is within the course of of making a regulatory framework by the top of the 12 months. "Hong Kong will proceed to help the event of the business sooner or later and welcomes the business and abilities to come back to the SAR," the politician mentioned.

The Hong Kong Web 3.0 Festival Gallery Hall (Twitter)The Hong Kong Web3 Competition Gallery Corridor (Twitter)

On June 1, the Hong Kong Securities Regulatory Fee issued laws detailing the necessities for cryptocurrency exchanges to use for a license to function in Hong Kong. For regulated buying and selling platforms, a license utility should be filed with the Securities Regulatory Fee inside 9 months or earlier than February 29, 2024. In any other case, their enterprise in Hong Kong should stop earlier than Could 31, 2024.


The Financial institution of China mints promissory notes on Ethereum

On June 12, BOCI, Financial institution of China's funding banking subsidiary, revealed the tokenization of 200 million Chinese language yuan ($28 million) in digitally structured banknotes on the Ethereum blockchain. The transfer is reportedly the primary act by a Chinese language monetary establishment to tokenize a safety in Hong Kong. The Notes are ruled by each Hong Kong and Swiss legislation as they have been issued by Swiss funding financial institution UBS. Ying Wang, Deputy CEO of BOCI commented:

“Along with UBS, we're driving the simplification of digital asset markets and merchandise for shoppers in Asia Pacific via the event of blockchain-based digital structured merchandise. We're inspired by the event of Hong Kong's digital financial system and are dedicated to selling digital transformation."

Beforehand, UBS issued a $50 million tokenized fixed-rate bond in December 2022. In the meantime, on Feb. 16, the Hong Kong authorities issued a tokenized HK$800 million (US$100 million) inexperienced bond, underwritten by 4 banks and priced at a yield of 4.05 % per 12 months.

Do Kwon: Out and in of jail

On June 15 earlier than the Supreme Courtroom of Montenegro in Podgorica ordered Terraform Labs CEO Do Kwon and Chief Monetary Officer Han Chang Joon are returning to jail awaiting extradition to South Korea on expenses associated to their position within the $40 billion collapse of the Terra Luna ecosystem.

Earlier this month, Kwon and Joon have been launched on bail of €400,000 every of their ongoing passport fraud case after a Montenegrin grassroots court docket dismissed an attraction by prosecutors.

Her brief time on bail wasn't a cheerful time both. Throughout their launch from jail, South Korean prosecutors introduced they'd request a freeze of the $13 million in Swiss financial institution accounts held by Kwon and his associates. A brand new listening to on the allegation of doc forgery is scheduled for June 16 earlier than the identical fundamental court docket.

do kwonDo Kwon faces prolonged jail phrases in a number of nations.

In line with native sources, Kwon and Joon can be detained for a interval of six months whereas the court docket decides their extradition case. Kwon and Joon additionally face extradition to america on 11 counts of fraud, breach of belief and embezzlement.

And as if that wasn't sufficient, there's one other lawsuit towards Kwon. On June 16, Kwon was questioned by the Particular Prosecutor's Workplace a few letter he despatched to authorities officers whereas in detention, by which he revealed his ties to Europe Now Motion (PES) chief Milojko Spajić.

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In line with the nation's Nationwide Safety Council, Kwon and Spajić have been buddies for 5 years and final met in December 2022 in Belgrade. Investigators declare there's proof that Kwon's laptop computer funded the PES marketing campaign. If convicted, Kwon faces not solely extra jail time in Montenegro, but in addition doubtlessly as much as 40 years in a South Korean jail, and probably much more jail time within the US

Korean blockchain firm's daisy chain contagion

On June 14, South Korean yield platform launched Haru Make investments filed a prison grievance towards its consignment operator, B&S Holdings, alleging that it had submitted “fraudulently supplied administration experiences containing false data”.

Haru had paused Deposits and withdrawals the day earlier than stating: "We have now decided via our inside inspection course of that there have been suspicions that sure data supplied by a consignment firm was false." carpet theft,” which Haru dismisses as inaccurate.

Photo allegedly showing Haru Invest's corporate offices empty after the announcement.  (Telegram) Photograph allegedly displaying Haru Make investments's company workplaces empty after the announcement. (Telegram)

The transfer had an instantaneous affect on South Korean bitcoin lending agency Delio, and quick announced the non permanent suspension of buyer withdrawals "to soundly shield the property of consumers at the moment in custody", citing issues at Haru Make investments. Delio is likely one of the largest corporations of its type in South Korea, holding an estimated $1 billion in bitcoin, $200 million in ether, and $8.1 billion in different altcoins.

A curious one comment On this matter, Jun Du, the co-founder of cryptocurrency alternate Huobi International, wrote:

"With the detonation of Delio, the thunder of [crypto] Lending platforms are principally over.”

Nonetheless, Du warned that the contagion associated to centralized buying and selling platforms that began with FTX is simply the start. “Not solely are the newcomers confused, but in addition the OGs within the business. When will the thunder of the black field of centralized crypto entities finish?” the previous blockchain govt requested, whereas voicing his doubts as as to if the business will expertise a “stoop” or “enter a brand new bull market” after such points are resolved .

Final 12 months, Huobi co-founders Jun Du and Leon Li reportedly bought 100% of their shares on the inventory alternate to an organization managed by Chinese language blockchain persona and Tron founder Justin Solar. The latter claims that the alternate is now worthwhile after a interval of restructuring, which by the way included the crushing of a workers revolt.

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Zhiyuan Solar

Zhiyuan Solar is a Cointelegraph journalist who focuses on technology-related information. He has a number of years of expertise as a author for main monetary media shops similar to The Motley Idiot, Nasdaq.com and Looking for Alpha.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : June 16, 2023
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