While the crypto industry is currently undergoing regulatory scrutiny from U.S. authorities, some regions, such as Hong Kong, have shown continued interest in the underlying potential of blockchain technology.
Earlier today, the Hong Kong Special Administrative Region (HKSAR) Government of the People’s Republic of China announced the successful sale of the world’s first-ever tokenized green bond.
Hong Kong Becomes World’s First Tokenized Green Bond Issuer
Hong Kong has been demonstrating interest in the potential of blockchain. According to the latest report, the Hong Kong government was able to sell approximately 800 million HK dollars worth roughly $102 million of tokenized green bonds with a yield of 4.05%.
Hong Kong’s Financial Secretary Paul Chan commended the country’s digital economy’s latest achievements, saying:
The successful issuance of this tokenized green bond marks an important milestone as it demonstrates Hong Kong’s strengths in combining bond market, green and sustainable finance as well as fintech.
Goldman Sachs GS DAP, a blockchain tokenization platform, was responsible for the execution of the tokenized green bond sale as it was leveraged to represent the banking giant’s efforts to contribute to the digitalization of capital markets and increase efficiency across debt issuances.
Hong Kong Stance In The Crypto Industry
The cryptocurrency market has grown over the past years. Around the world, authorities and the private sector found ways of dealing with the nascent industry. The U.S., for instance, seems keener on enforcing regulation on crypto rather than adopting it.
On the other hand, the region of Hong Kong has remained in the adoption lane despite the hostile stance from China’s central government. During the bear market turmoil from last year, Hong Kong held its ground as the region aims to become a crypto hub.
Before that, the region disclosed its plan to allow retail investors to trade with digital assets. Unlike China, Hong Kong intends to change its approach to regulating the nascent sector instead of enforcing a “blanket ban.”
Elizabeth Wong, who heads the fintech unit at Hong Kong’s Securities and Futures Commission (SFC), confirmed the country would introduce its bill to regulate digital assets in a “much more independent and liberal manner.”
In December, Hong Kong prepared new legislation targeting crypto exchange service providers. Notably, the bill requires crypto exchange service providers to follow the same rules as traditional financing organizations.
While the region has continued to thrive to become a crypto hub, some parts have already been adopting crypto. Last July, the Hong Kong University of Science and Technology announced to build of the world’s first physical digital twin school buildings in the Metaverse.
Months later, the central bank of Hong Kong assessed the potential for digital assets to influence legacy financial markets. Meanwhile, the crypto market has been trending to the upside for the past 24 hours. Bitcoin broke the $25,000 mark for the first time in recent months, up by 9% in the last 24 hours.
ETH’s price trends to the upside on the daily chart. Source: ETHUSDT Tradingview
Altcoins such as Ethereum also followed suit amassing new highs. ETH is currently up 8.4% in the last 24 hours after crossing the $1,700 mark and aiming at the $1,800 region.
Featured image from Unsplash, Chart from TradingView.
Has Binance been completely transparent, or could there be undisclosed aspects? Data shows that China is Binance's largest market, despite the cryptocurrency ban in the country. This situation has also led to a more relaxed approach to KYC, which might have attracted the attention of organisations like Hamas for fundraising purposes.
JoyA group of Indian nationals stands accused of running this illicit business, converting digital currency into cash for clients seeking anonymity. Five out of the six suspects were apprehended on October 17th and charged with operating an unlicensed money-transmitting business.
JasperA Thai fortune teller claimed to have foreseen the moment of the crypto market's recovery in the past year, attributing this insight to communication with a deity.
CatherineCrypto investors in Thailand are turning to unconventional methods, such as tarot card readings and astrology, to predict market movements. While some may view these practices with skepticism, they are gaining traction in a culture where spiritual beliefs hold significant sway.
JasperExploring Elon Musk's scrutiny of Wikipedia's funding and the contentious debate over its financial future.
JixuPrivacy risks surface as TikTok account exploits facial recognition technology to expose unsuspecting individuals, igniting concerns about online safety and security.
Hui XinAccording to Binance research report, NFT sales in the third quarter of 2023 hit a three-year low, reaching $299 million. September marked the worst month for NFT sales since January 2021.
JoyInternational banking giants have achieved a significant milestone by successfully conducting the first UDPN proof-of-concept, enabling real-time exchange and transfer of stablecoins.
JasperThe crypto community’s speculating that the private keys associated with the stablecoin's deployer address might be compromised in the wake of a recent third-party breach.
JasperBitcoin saw a double rally today, pushing its price beyond $35,000 after an earlier surge past $31,000 on Monday morning, marking the highest point of the cryptocurrency in 2023.
Catherine