The Securities and Futures Commission (SFC) of Hong Kong, SAR, announced plans to issue additional licenses for virtual asset trading platforms by the end of 2024, marking a significant step toward a regulated cryptocurrency market. Dr. Eric Yip, SFC Executive Director, reported strong transaction growth in Hong Kong’s virtual asset sector from 2023 to 2024.…
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Hong Kong has maintained its standing in the 2024 World Justice Project Rule of Law Index, ranking sixth in East Asia and the Pacific and 23rd globally out of 142 countries and jurisdictions, the government announced. The Government of the Hong Kong Special Administrative Region (HKSAR) highlighted that Hong Kong continues to surpass several European…
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Hong Kong SAR ranked as the world’s freest economy amongst 165 economies, up by one notch from 2023, according to the Fraser Institute’s Economic Freedom of the World 2024 annual report. Amongst the five areas of assessment in the report, the city ranked top in ‘freedom to trade internationally” and “regulation,” whilst its ranking in…
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The Hong Kong Government has signed an agreement introducing various liberalization measures across service sectors where Hong Kong holds a competitive edge, such as financial services, construction, testing and certification, telecommunications, film, television, and tourism. The Trade and Industry Department stated that these new measures aim to relax restrictions on equity shareholding, business scope, and…
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Banks in Hong Kong are exceeding expectations in taking full responsibility and reimbursing lost funds after fraud incidents related to online banking and financial apps, according to a survey by financial technology company FIS. The survey found that 53% of respondents reported their banks assumed full responsibility and fully reimbursed funds lost in cases of…
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The city rose to 30th place, up from the No 47 spot last year, in this year’s Global Cryptocurrency Adoption Index rankings by Chainalysis. Hong Kong has seen the biggest uptick in cryptocurrency activity in East Asia amid the city’s efforts to become a virtual-asset hub, according to new research, while mainland Chinese use digital…
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The APAC region is a powerhouse of economic activity, offering diverse investment opportunities across traditional sectors such as residential, commercial, industrial, and logistics, as well as emerging specialised sectors like data centres and cold storage. Singapore ranked highest among Asian countries and second overall, after the US. Other Asian nations in the top 10 include…
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According to a joint report by the Hong Kong Trade Development Council (HKTDC) and the Association of Chartered Certified Accountants (ACCA), 99% of mainland businesses committed to sustainable investment choose Hong Kong SAR as their source for professional services. The city’s role as a sustainable development facilitator has made it a crucial partner for businesses…
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The Hong Kong Monetary Authority (HKMA) has launched Project Ensemble Sandbox, introducing four key themes of asset tokenisation use cases for its initial round of experimentation. The Sandbox aims to explore innovative financial market infrastructure (FMI) designed to enable seamless interbank settlement of tokenised money through wholesale central bank digital currency (wCBDC). With the Sandbox…
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