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Sam Altman ’s WorldCoin and its controversial iris-scanning orbs are reportedly set to be kicked out of Hong Kong after being found to violate the city’s privacy laws by a data watchdog. But is the impending regulatory action as bad as it seems? While the ban from Hong Kong is being celebrated by privacy advocates and Sam Altman distrusters, it may not be a permanent problem for WorldCoin. The reasons for being booted from Hong Kong by the Privacy Commissioner for Personal Data (PCPD) include: Relevant privacy notice and biometric data consent forms not being available in Chinese Insufficient transparency of the personal data policy and practices The fact that before the collection of personal data, participants weren’t clearly informed of how the data would be used These issues all seem like they can be solved relatively simply : By translating instructions and terms of service forms into Mandarin and Cantonese, making policy practices more transparent, and informing any p

Two China-tied brokers are planning to apply for a virtual asset service platform (VASP) license to offer services for retail clients. A new pair of financial entities with close ties to China plan to start offering crypto services in Hong Kong as they prepare to apply for retail trading licenses. According to Nikkei Asia’s sources familiar with the matter, Yax and PantherTrade are seeking to apply for the license in the region. Yax is reportedly supported by employees at Tiger Brokers, a Chinese brokerage firm backed by Xiaomi. PantherTrade is a crypto -aimed platform, which reportedly has close connections to Futu, a digitized brokerage firm backed by Chinese tech giant Tencent. You might also like: Hong Kong official states retail stablecoins trading not yet allowed While no timeline was revealed, the two firms undergo third-party assessments to submit their applications with the Securities and Futures Commission (SFC). “They will apply unless there’s huge out-of-ex

The Hong Kong Monetary Authority (HKMA) works on two CBDC-related project s, MBridge and e-HKD. The central banks of Hong Kong, China, Thailand, and the United Arab Emirates, along with HMKA, are working on developing mBridge, a cross-border central bank digital currency (CBDC) initiative. It is expected that the project will be launched by mid-2024. The initiative could bring an alternative to Swift’s dominant payment infrastructure by bringing a precedent for further payment fragmentation across other regions. You might also like: HKMA chief executive talks crypto regulation MBridge is coordinated under the Bank for International Settlements (BIS). The project will have the participation of different significant companies such as Tencent, the owner of WeChat Pay, and the WeChat app. HKMA is also working on another CBDC-related project known as e-HKD. Digital currency has shown different use cases, such as payment, deposits, and investment scenarios. Eddie Yue Wai-ma

HashKey Capital, the first licensed crypto exchange in Hong Kong, has announced the launch of a new secondary market crypto fund. The fund will use a significant portion of its assets to invest in the cryptocurrency industry, targeting different cryptocurrencies. According to a report, the company has secured many potential high-net-worth Asian individuals and companies. The firm’s portfolio manager, Jupiter Zheng Jialiang, explained that the company will seek to raise $100 million for its fund over 12 months. Zheng Jialiang added that the fund will invest in top-tier cryptocurrencies like Bitcoin and some altcoins. You might also like: HashKey officially launches as Hong Kong’s first retail crypto exchange HashKey exchange development in Hong Kong HashKey Exchange is the first licensed retail virtual asset exchange in Hong Kong. It officially commenced operations with a grand launch event that brought together representatives from the Hong Kong government, central bankin

HashKey Group is one of the two licensed digital asset exchanges in Hong Kong. The firm is making several moves to maintain its dominance as the city’s crypto hub initiative attracts global crypto exchanges and firms. advertisement HashKey Group Eyes Funding At $1 Billion Valuation Hong Kong -based HashKey Group eyes $100 million to $200 million in funding at a valuation of $1 billion amid Hong Kong ’s digital asset push. HashKey is in early-stage talks to raise funding and entice potential investors. However, the funding size and valuation could change as the deal progresses with time. According to the people familiar with the matter, the numbers aren’t still finalized. The company operates HashKey Capital, HashKey Custody, brokerage HashKey XPert, HashKey Pro exchange, and Web3 infrastructure HashQuark. Recently, the firm also co-hosted Hong Kong ’s debut Web3 Festival. Recommended Articles

Crypto-related scams in Hong Kong reportedly accounted for more than 50% of the total $407 million stolen from city residents in tech crimes in 2022. Some countries around the world suffered bigger financial losses to cryptocurrency scams despite a massive bear market in 2022. Losses from crypto scams in Hong Kong amounted to 1.7 billion Hong Kong dollars ($216.6 million) last year, surging 106% from a year before, according to the local police. The number of crypto-related scams reported in Hong Kong in 2022 equaled 2,336 cases, surging 67% from 1,397 cases recorded by police in 2021, the South China Morning Post reported. Hong Kong scams involving crypto accounted for more than 50% of the total 3.2 billion HKD ($407 million) stolen from city residents in technology crimes, according to the official data from the Hong Kong Police CyberDefender website. In the previous four years, online scammers bagged a similar amount of money or about 3 billion HKD per year. The entire amount of