Hong Kong Regulators Advocate Crypto Adoption as HSBC Launches Crypto Services

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Hong Kong regulators are urging major banks, including HSBC, Standard Chartered, and the Bank of China, to embrace crypto clients. This move comes as China, separate from Hong Kong, continues its rapid progression into digital assets.

HSBC, the largest bank in Hong Kong, has already responded to this call by introducing its first local crypto services. On June 26, 2023, HSBC unveiled CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Peters Active ETF. The products will provide clients with exposure to the crypto market but do not require the purchase of the underlying assets. This announcement follows a blog post by Arthur Yen, the Hong Kong Monetary Authority (HKMA)’s deputy chief executive, who signaled an open approach towards crypto-based services.

As China continues to grow in the crypto space, attention has also shifted to altcoins and their integration into various systems. The Near Foundation has partnered with Alibaba Cloud to accelerate web3 growth in Asia. This collaboration grants Near Foundation access to Alibaba Cloud’s developer ecosystem across Asia and the Middle East to attract more developers.

Moreover, Algorand is set to benefit from a $50 million deal with DWF labs, earmarked to support and grow development funding in areas like DeFi, art, music, gaming, oracles, bridges, and infrastructure. This partnership could potentially be an indicator of Algorand’s future success, as transaction fees are a mere 0.0001 algos per transaction, considerably lower than competitors like Ethereum.

In other crypto news, Voyager is in the process of returning funds to users following a cyber-attack. The company has allowed users to withdraw up to 35.7% of their holdings from the platform. For this to work efficiently, users may have to update or reinstall the app on their phones.

As global trends point towards increasing crypto adoption, financial institutions are being called upon to prepare for a future with digital assets. However, the importance of security in crypto transactions is paramount, with Google Authenticator being recommended over traditional text message-based 2FA for enhanced security.

The crypto market continues to evolve, with banks and other financial institutions being called upon to adapt to the changing landscape. From Hong Kong to the rest of the world, crypto is making its mark, but as with any investment, careful consideration and due diligence are key.

Gerald Omondi
Gerald Omondihttps://news.safaritravelplus.com
As a writer, I have a passion for exploring a variety of topics. When I'm not putting pen to paper, I enjoy traveling and spending time with my family. As a husband and father, I understand the importance of balance and finding time for the things I love. Whether I'm delving into new subjects or spending quality time with my loved ones.

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