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1. China Announces Large-Scale Stimulus Measures In 2024, China’s central bank unveiled its largest stimulus package since the pandemic on September 24, aiming to steer the economy out of deflation and back toward the government’s growth targets. The measures included lowering borrowing costs, injecting additional funds into the economy, and reducing household mortgage burdens. Following the announcement, Chinese stock and bond markets surged, Asian equity markets reached a two-and-a-half-year high, and the yuan rose to a 16-month high against the US dollar. On October 12, Finance Minister Lan Fo’an announced at a press briefing that the government plans to significantly increase the debt ceiling in a one-time adjustment. This move aims to restructure and replace local governments’ implicit debt and provide substantial support to mitigate regional debt risks. Once the policy undergoes the necessary legal procedures, detailed explanations will be shared publicly. This initiative represe...

By Jeffery, HashKey Group Chief Analyst Stablecoins have always been an indispensable part of the cryptocurrency ecosystem. Data shows that over the past four years, quarterly stablecoin transaction volume has increased seventeenfold, rising from $17.4 billion in the second quarter to $4 trillion. As of July 17, 2024, the total transaction volume of the entire inter-currency market was $94.8 billion, with stablecoins accounting for 91.7% of the total cryptocurrency market volume, reaching $87 billion, with USDT being the largest at 83.3%. However, due to the lack of endorsement from major financial institutions, stablecoins have struggled to be truly “stable” for users. With the era of compliance upon us, governments in Hong Kong, Europe, Singapore, the United States, and other regions are beginning to issue local stablecoins, which could reshape the stablecoin market landscape. This article will discuss how the stablecoin market landscape in Hong Kong will be reshaped in the era of co...

Hong Kong has reportedly hired a group of banks to help set up a digital hub to issue green bonds using blockchain technology. According to a Bloomberg report, the city is in talks with HSBC, Credit Agricole, Bank of China, Industrial and Commercial Bank of China and UBS to establish a group aimed at exploring the possibility of a multi-series fixed rate digital green bond issuance. As per sources close to the matter, Hong Kong is weighing issuing digital bonds on a distributed ledger developed by HSBC. The digital bonds are expected to be denominated in U.S. dollars, euros, offshore yuan and the Hong Kong dollar, with tenors of up to two years, Bloomberg’s sources added. You might also like: Hong Kong police investigates Hounax exchange for alleged rug pull With the latest move, Hong Kong is apparently looking for a new way to position itself as a leader in the digital asset space. In early December 2023, crypto.news reported that over 11% of the global venture ca...

In a Nov. 24 announcement, the Hong Kong-based securities firm Victory Securities has shared the news that it has secured official approval from the Hong Kong Securities and Futures Commission (SFC) to offer virtual asset trading and consulting services to retail investors.  According to the firm’s executive director, Chen Peiquan, this makes it the first licensed corporation in Hong Kong to be given permission to offer such services to retail investors. Peiquan says these developments highlight growing interest in virtual assets, noting in the announcement that “the amount of virtual asset transactions and the number of new customers in the third quarter of this year more than tripled from the previous quarter.” You might also like: Crypto VC firm CoinFund enters Hong Kong as capital moves to Asia As part of the announcement, the company expressed its commitment to providing investment advice on virtual assets, publishing relevant research reports, and focusing on i...

Taiwan prosecutors want Chang Tung-ying, chief partner at JPEX’s office in Taiwan, to be held in custody over alleged fraud. The saga of the imploded cryptocurrency exchange JPEX continues to develop as Taiwanese prosecutors have reportedly found new alleged suspects. The Taipei District Prosecutors Office (TDPO) requested Chang Tung-ying, the chief partner at JPEX’s office in Taiwan, be held in custody over alleged fraud , the local TV channel TVBS News reported on Nov. 9. Taipei prosecutors reportedly searched nine locations related to the JPEX investigation and summoned Chang and three other alleged suspects . The authorities identified Chang and JPEX lecturer Shih Yu-sheng (also called Shi Yu) as suspects in the case for violating the Banking Act and the Money Laundering Control Act. Other defendants were released, including JPEX salespersons Liu Chien-fu and Niu Keng-sheng. According to the report, Liu was released on bail of 50,000 new Taiwan dollars ($1,550), while Niu, a re...