Hong Kong

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Hong Kong SFC Seeks Industry Feedback on New Licensing Rules for OTC Crypto Services

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Hong Kong’s Securities and Futures Commission (SFC) is actively seeking input from industry participants on proposed new licensing regulations for over-the-counter (OTC) cryptocurrency services. The initiative aims to establish a comprehensive framework that mandates licensing and adherence to anti-money laundering (AML) and counter-terrorist financing regulations. This move, which includes joint supervision by the SFC and … Read more

FBI Warns of Growing $55 Billion Business Email Scam

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The Federal Bureau of Investigation (FBI) has warned of a rising business email compromise (BEC) threat, responsible for $55 billion in global losses over a decade. The scam has affected all 50 U.S. states and 186 countries, with funds frequently routed through banks in the United Kingdom, Hong Kong, China, Mexico, and the United Arab … Read more

China’s Digital Yuan Nears $1 Trillion in Transactions, PBOC Official Reveals

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China’s digital yuan initiative has advanced considerably, backed by over a decade of research and four years of pilot experimentation, according to Lu Lei, Deputy Governor of the People’s Bank of China (PBOC). Trials for the Chinese central bank digital currency (CBDC) have been conducted in 17 different areas, accumulating a total transaction value of … Read more

Hong Kong’s Largest Online Broker Launches Retail Crypto Trading for 22 Million Users

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Futu Securities International, Hong Kong’s largest online broker with 21.64 million users, has launched retail cryptocurrency trading. Hong Kong residents can now trade bitcoin and ether in either Hong Kong or U.S. dollars directly through Futu’s platform. “We are actively working on expanding our crypto offerings in the near future,” the company said. Last month, … Read more

Hong Kong Regulator Warns Against Proxinex for Suspected Virtual Asset Fraud

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The Securities and Futures Commission (SFC) of Hong Kong has issued a public warning regarding Proxinex, an entity suspected of virtual asset-related fraud. Investors have encountered issues withdrawing virtual assets from Proxinex, later being informed that their accounts were nonexistent. The SFC suspects Proxinex enlisted an agent to attract investors through dating apps, possibly using … Read more

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