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Hong Kong Legislative Council Member: The issuance and trading system of tokenized bond-related products can be shared with the mainland

Hong Kong Legislative Council member Chan Chun-ying stated that the new productivity of Hong Kong's financial industry is currently mainly developed around digital and green themes. Regarding virtual assets, Hong Kong regulatory agencies should establish relevant trading platforms, stablecoin issuances, testing and operational mechanisms, capture digital development trends, and share relevant regulatory experience with the mainland. At the same time, Hong Kong's tokenized bond development is leading the world, and relevant product issuances, trading systems can be shared with the mainland or guide more mainland companies to issue, together meeting international market demand.

The main culprit of the collapse of Hong Kong virtual currency trading platform AAX was arrested after absconding with the funds for 20 months

The virtual currency trading platform AAX will stop operating from mid-November 2022 due to system maintenance and updates. Over 300 customers were unable to retrieve nearly HKD 100 million in assets. After investigation by Hong Kong law enforcement agencies, it was discovered that someone had caused the platform to shut down through false information and illegal means. The main culprit had already fled Hong Kong with virtual currency wallets and private keys. After further investigation, a 39-year-old local man related to the case was identified and arrested upon his return to Hong Kong on the 18th. The arrested man has been temporarily charged with "theft" and the case will be heard in the Eastern District Court tomorrow (20th) morning. As of July 19th, law enforcement agencies have received a total of 890 reports from victims, involving a total amount of HKD 280 million.

Tiger Brokers: Looking for new coins that meet trading standards in Hong Kong

Tiger Securities announced in mid-June this year that it has been approved to launch virtual asset trading services to Hong Kong retail investors. According to Kelvin Liu, Vice President of Engineering and Cryptocurrency at Tiger Securities, the platform currently allows users in Hong Kong to trade 18 types of cryptocurrencies, stocks, futures, US Treasury bonds, and the latest Bitcoin ETF, and has been actively trying to attract retail investors. The goal is to provide retail investors with the same diversified trading options as professional clients. Tiger Securities will continue to monitor the cryptocurrency market, look for promising new coins that meet its standards, and plan to expand its cryptocurrency products in the future, subject to regulatory approval and market conditions.

Hong Kong investment in virtual assets will not be subject to capital gains tax

Hong Kong investors in virtual assets will not be subject to asset value-added tax, which is a very attractive point for global investors. For example, in Japan and Australia, although they have expanded the virtual asset market earlier than Hong Kong, they still need to pay asset value-added tax, which will be included in the comprehensive tax rate calculation. The comprehensive tax rates in Japan and Australia can be as high as 50% and 40% respectively. For investors, investment returns are of course the most important consideration, and Hong Kong's low tax system will attract more international investors to settle in Hong Kong.

Wu Jiezhuang: Solicit development opinions from the industry to promote Hong Kong to become a global Web3 center

Hong Kong Legislative Councilor Wu Chi-wai stated that to promote the development of Web3 and virtual assets in Hong Kong, the Legislative Council previously established a Web3 and Virtual Asset Development Subcommittee. It is now seeking opinions from the global industry on the theme of policy suggestions and future industry development directions. The proposals will be studied in detail, summarized, and submitted to the government through the Legislative Council platform. The global industry can provide opinions on the following themes to promote Hong Kong as a global Web3 center:Web3 policy:How to balance and promote Web3 basic technology, legal and regulatory frameworks;How to cooperate with the country to promote Hong Kong as a Web3 center connecting the world;The integration and improvement of artificial intelligence and Web3 technology and the regulatory system for perfecting artificial intelligence;Policy and regulatory suggestions for decentralized autonomous organizations (DAOs) to support and regulate the healthy development of DAOs in Hong Kong;How to cultivate and attract Web3 technology and financial innovation talents;Virtual asset:Proposed measures to promote the development of the virtual asset industry;How to strengthen protection for virtual asset investors and consumers, and enhance market confidence;The potential application scenarios and risks of stablecoins in Hong Kong, and the regulatory system to safeguard financial stability without hindering innovation;Explore the demand for professional custody services arising from the rise of virtual assets in Hong Kong, and study corresponding custody methods and regulatory measures.

Hong Kong Securities and Futures Commission: Promote the implementation of the mutual recognition arrangement between the Mainland and Hong Kong, and allow sales to public investors in the other marke

Securities and Futures Commission (SFC) of Hong Kong welcomes the release of the "Hong Kong Mutual Recognition of Funds Management Rules (Revised Draft for Solicitation of Comments)," which promotes the implementation of optimized mutual recognition arrangements for funds. The proposed measures for revision in the draft for solicitation of comments include relaxing the proportion limit for Hong Kong mutual recognition funds sold in the Mainland and allowing Hong Kong mutual recognition funds to transfer investment management functions to overseas asset management institutions under the same group as the manager. Currently, the proportion of mutual recognition funds sold in the other market cannot exceed 50% of the total assets of the fund. After optimization, this proportion limit will be relaxed to 80%. The SFC of Hong Kong will work closely to promote the formulation and implementation of relevant measures and will announce the implementation details and formal launch date of the optimized mutual recognition arrangements in due course. Cross-border mutual recognition of funds is a mature institutional arrangement in the field of international asset management market opening. As early as July 1, 2015, the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission launched mutual recognition of funds, allowing Mainland and Hong Kong funds that meet certain conditions to be recognized or licensed for sale to the public in the other market in accordance with statutory procedures.

Wu Jiezhuang was elected as the chairman of the Hong Kong Legislative Council Web3 and Virtual Asset Development Subcommittee

The Web3 and Virtual Asset Development Subcommittee of the Hong Kong Legislative Council has announced the election results for the chairman and vice-chairman. According to Legislative Council document CB(1)769/2024, Legislative Council member Wu Chi-wai has successfully been elected as the chairman of the subcommittee. The establishment of the Web3 and Virtual Asset Development Subcommittee primarily examines the application and development of Web3 and virtual asset technology in Hong Kong, and makes recommendations on the implementation of relevant regulations and policies. The subcommittee's first meeting will be held on June 17, 2024 (Monday) from 4:30 pm to 5:00 pm in Meeting Room 2A of the Legislative Council Complex.

Hong Kong Cyberport launches Web3 proof-of-concept testing funding program and approves 45 projects

Hong Kong Cyberport has launched the Web3 Concept Verification Test Fund (Web3 PoC Program) to promote the development of the Web3.0 industry and the application of related technologies in multiple fields. The program encourages Web3.0 technology companies to collaborate with mature industries to develop high-value and innovative Web3.0 solutions by providing funding for innovative Web3.0 technology projects at the development stage, accelerating the development of the Web3.0 technology community, and promoting the commercial adoption of Web3.0 in Hong Kong. It is reported that the program received a total of 122 project applications and approved 45 projects, with each project eligible for up to 150,000 yuan in funding, covering fields such as tokenized asset management and carbon credit certification.

Hong Kong Monetary Authority: A digital currency platform called "Kucoin" claims to be regulated by the HKMA and clarifies that it has nothing to do with the HKMA

The Hong Kong Monetary Authority (HKMA) has issued warnings about fraudulent websites impersonating the HKMA official website, regulated platforms, fake documents and email press releases. Citizens of Hong Kong are urged to be vigilant and pay attention to these fraudulent websites, platforms claiming to be regulated by the HKMA, fake documents and emails, including paying attention to fraudulent websites with the domain name 353049[.]cc. A digital currency platform called "Kucoin" claims to be regulated by the HKMA and has issued documents in the name of the HKMA, requesting citizens to pay fees to retrieve frozen account funds. The HKMA has reported the incident to the Hong Kong police and clarified that it has no relationship with the incident and will not contact citizens regarding personal financial matters.

Cointime May 25 News Express

1. British media: 61,000 Bitcoins in Qian Zhimin case may belong to British police and Home Office