Scanty legal protection for cryptocurrency in China, costly coin listing in Hong Kong? Asia Express – Cointelegraph Magazine
As the digital asset industry continues to evolve and capture the attention of investors globally, staying updated on the latest developments in the cryptocurrency landscape is crucial. In this week’s East Asia roundup, we bring you the most significant updates from the region, shedding light on the challenges and opportunities in the evolving crypto market.
Hot week for Hong Kong exchanges
Amid growing activities in the Hong Kong cryptocurrency scene, Hashkey Exchange has taken a pioneering step by securing insurance coverage for its clients’ assets held in hot and cold wallets. The move aligns with the stringent requirements imposed by the Securities and Futures Commission. Additionally, the exchange’s partnership with fintech company OneDegree aims to bolster its security framework, ensuring robust protection for its customers and their digital assets.
Furthermore, the exchange is eyeing the listing approval for four major altcoins on the Hong Kong Securities & Futures Commission following the substantial growth it has witnessed since obtaining its license.
The Block gets a fresh start
The Block, a prominent crypto media outlet, has received a significant financial injection from Singaporean venture capital firm Foresight Ventures, marking a renewal of opportunities and expansion for the publication. The strategic investment is expected to fuel the development of new products and facilitate The Block’s foray into the Asian and Middle Eastern markets.
No civil protection for cryptocurrency in China
Chinese courts have once again highlighted the absence of legal protection for cryptocurrency activities, with the Liaoning Zhuanhe People’s Court recently voiding a crypto investment contract. The ruling emphasized the illegality of virtual currency-related business activities and their invalidity in civil legal actions, signifying the considerable regulatory challenges faced by cryptocurrency investors in China.
Philippines to issue tokenized bonds
The Philippines’ Bureau of Treasury is venturing into the tokenized bond market, aiming to raise substantial funds through the issuance of digital bonds via distributed ledger technology. This move reflects the government’s commitment to exploring innovative financial instruments and fostering the adoption of digital assets within its capital market.
As the cryptocurrency landscape continues to witness dynamic shifts and regulatory interventions, it’s essential for investors and industry participants to stay abreast of the latest updates and developments to navigate these evolving markets effectively.
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