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Game-Changing move that could be about to hit the price of bitcoin, ethereum, BNB, XRP, cardano, polygon and solana
Hong Kong debuts retail crypto trading with HashKey and OSL
Hong Kong grants first two crypto exchange licences to HashKey Exchange and OSL
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Clearly you just read the headline and commented, because if you had read the super short article you'd know it has nothing to do with law enforcement: "The product is a call warrant with Xiaomi Corporation as the underlying stock. The tokenized warrant is also the first natively issued warrant on a public blockchain that was sold to OSL Digital Securities Limited, a licensed virtual asset platform operator and wholly-owned subsidiary of OSL Group (formerly BC Technology Group)."
Come to Hong Kong, you can openly buy crypto for cash, no ID required. From my experience, you can exchange up to 10k USD without any ID, and they pretty lax. It's not p2p with private person, it's shops operating openly in snooping malls. Fees are almost non-existent, and spread is minimal. The only thing you need is cash and your crypto wallet. Note that HK govt wants to regulate OTC (read it as ban) just as they regulated exchanges here (again read it as ban, since I can not even withdraw crypto from OSL), so make sure you come here in coming months. You can load up few tens of thousands in stablecoins, and then later do DCA them into crypto at your own pace. By the way, I'm Russian living here, so you can imagine that all western exchanges/banks do not like me (as if it would stop war...). Hence, buying crypto for cash is the **only** available option for me.
tldr; UBS has issued an investment-grade tokenized warrant on the Ethereum public blockchain in Hong Kong, using its UBS Tokenize issuance solution. The warrant is a call warrant on Xiaomi stock and was sold to OSL Digital Securities. This move enhances transparency, reduces transaction fees, streamlines settlement processes, and allows for more flexible trading hours. UBS has been active in the institutional DLT space and has recently been involved in web3 initiatives, including issuing digital debt securities and participating in public blockchain trials. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
tldr; Hong Kong's Securities and Futures Commission has mandated a 50% minimum insurance coverage for licensed crypto exchanges managing customer assets. OSL Exchange has partnered with Canopius for a policy covering 95% of user assets, while HashKey Exchange has an agreement with OneInfinity, potentially expanding to cover server and data incidents. The coverage ranges from $50 million to $400 million. Since allowing crypto trading for retail investors, only OSL and HashKey have licenses, with 13 entities applying. Licensing requires stringent checks and can cost firms up to $25 million in application preparation. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
you need an OTC exchange , Kraken Pro has a OTC (over the counter) desk, when u are verified on the highest rank you can use them and sell in one hit as much as u want OSL (Singapore or Hong Kong) was like that before but now they have new HK regulations , would be worth reaching out to them and having a talk if u / your client “really” has that boatload of BTC
tldr; Hong Kong-based licensed crypto exchange, OSL, denies reports of a pending sale. Parent company BC Technology called the reports "factually inaccurate and highly misleading." OSL and HashKey are the only two exchanges in Hong Kong with crypto licenses, allowing them to serve retail customers. BC Technology's stock fell 22% following the news. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
tldr; Scammers have stolen HK$446,835 from 11 Binance accounts in the last two weeks through phishing attacks. The attackers sent phishing text messages to Binance users, asking them to click on a link for identity verification. The victims were then tricked into providing their account details, including passwords, which were used to steal virtual assets from their accounts. Hong Kong police have urged investors to use licensed cryptocurrency exchanges for better protection. Only two platforms, OSL Digital Securities Limited and Hash Blockchain Limited, have been licensed to serve in Hong Kong. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
CRYPTOCURRENCIES Hong Kong virtual bank ZA bets on city's blockchain goals Company offers Web3 firms hard-to-get financial services  ZA Bank Alternate CEO Devon Sin, left, and CEO Ronald Iu are helping Hong Kong with its goal of becoming a cryptocurrency and blockchain hub. ECHO WONG and PAK YIU, Nikkei staff writersSeptember 21, 2023 10:29 JST HONG KONG -- Chinese insurer-backed ZA Bank is looking to ride Hong Kong's push to become a cryptocurrency and blockchain hub by focusing on clients that many traditional banks in the city have shied away from. ZA says 60 to 70 companies involved in Web3 -- a concept covering cryptocurrency, blockchain and other technologies related to the digital economy -- have accounts at the bank. Of those, 20 or 30 are looking to become licensed crypto trading platforms, ZA Alternate CEO Devon Sin told Nikkei Asia. "As a bank, we believe in the Web3 agenda, we believe this is a growth engine," Sin told Nikkei Asia. Blockchain technology could also help the bank to develop different projects on its own, he added. The company already counts the city's two locally licensed exchanges, HashKey Exchange and OSL, as customers. Venture capital and asset managers dedicated to investing in Web3 industries are also in "the pipeline" to open accounts with the bank, Sin added. The company employs 600 people and says it has 700,000 clients across Hong Kong and the adjacent mainland province of Guangdong. ZA's confidence in Hong Kong's Web3 push comes as many companies in the sector struggle to open a bank account -- a major hurdle for any business. Authorities have taken note of the issue. The Hong Kong Monetary Authority has held three meetings this year between Web3 companies and traditional banks, brokerages and industry groups, according to several sources who attended those meetings. The HKMA also provided contacts at 15 major banks, such as HSBC, Hang Seng Bank and Bank of Communications, for Web3 companies to help them get banking services, according to a list seen by Nikkei Asia. At the same time, the city is balancing incentives for crypto companies with stricter enforcement of laws and regulations. Police this week arrested eight people, including two online influencers, as part of an investigation into suspected fraud at trading platform JPEX. The alleged fraud involves at least 1 billion Hong Kong dollars ($127.8 million), according to police. A spokesperson for ZA Bank said JPEX is not a client of the bank. Sin said the bank treats Web3 companies the same as companies in other industries when it comes to account openings and does not have dedicated insurance coverage or additional personnel for the sector. He said a Web3 company can open an account at ZA in a matter of weeks. ZA helps crypto exchanges open both operational and settlement accounts. Companies use operational accounts to pay rent and salaries, while settlement accounts include dealing with money from clients who trade via their exchanges. The bank is also hoping to directly provide their banking clients with cryptocurrency trading services in the future, but this will depend on regulations. "We are interested in providing the services for retail clients," said CEO Ronald Iu. Iu declined to give specific figures on ZA's goals for attracting Web3 clients and the revenue earned from them. "I don't think we have a very specific estimate," Iu said when asked for a breakdown of revenue contribution from traditional banking versus Web3 banking businesses. "How would Web3 develop, whether Hong Kong can become a Web3 hub, which is something everyone hopes for but doesn't know how long it would take. We don't know [that] yet." Iu, formerly chief risk officer of the bank, was also cautious about focusing too heavily on any one sector due to concentration risk, citing the collapse of crypto-friendly Silicon Valley Bank in the U.S. as an example. Iu took over as CEO in March this year after former chief Rockson Hsu left the bank. ZA Bank is one of Hong Kong's eight "virtual banks" backed by various Chinese conglomerates such as Ant Group, Tencent, Xiaomi, Ping An Insurance and Bank of China. Such virtual banks have struggled to turn a profit in a city dominated by traditional giants such as HSBC and Standard Chartered. ZA Bank is backed by Hong Kong-listed online insurer ZhongAn Online P&C Insurance.
tldr; OKX cryptocurrency exchange is in the final stage of acquiring a virtual asset service provider (VASP) license in Hong Kong, with approval expected by March 2024. The exchange is preparing for the license, including technology docking, and is in dialogue with banks. Hong Kong introduced a licensing regime for crypto exchanges in 2023, with only a few platforms, such as HashKey and OSL, currently licensed for retail crypto trading. The regulations limit retail customers to trading Bitcoin and Ether and cap investments at 30% of net income. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*
China has had some promising news. A court in China says crypto is legal property and HK crypto exchanges Hashkey and OSL now have secured licenses for retail investors.
tldr; Swiss bank SEBA's Hong Kong branch has received preliminary approval from the Securities and Futures Commission (SFC) for its license application, allowing it to engage in regulated activities in the city-state. Once granted, SEBA will be among the first licensed entities in Hong Kong to offer crypto investment services. The bank anticipates securing its complete license by the fourth quarter of this year, and is considering expanding into other crypto centers in the region. Hong Kong has recently established a licensing system and lifted the ban on retail crypto trading, signaling its move towards becoming a prominent crypto hub. Currently, only HashKey and OSL Exchange are listed as licensed crypto platforms by the SFC. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*
tldr; Asian cryptocurrency exchange HashKey will begin offering Bitcoin and Ether trading services to retail customers in Hong Kong starting on August 28. Investors will be limited to investing up to 30% of their net worth into cryptocurrencies on the platform. HashKey became the first crypto exchange in Hong Kong to receive regulatory clearance to offer crypto trading services to retail traders after upgrading two major licenses issued by the country's Securities and Futures Commission. Another crypto platform called OSL also received regulatory approval to offer BTC and ETH retail trading services. Hong Kong has established itself as one of the few countries allowing crypto retail trading services under the law. The regulatory framework aims to protect investors by limiting access to only BTC and ETH. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*
tldr; Hong Kong has approved its first retail cryptocurrency exchanges, HashKey Exchange and OSL, to offer trading services to retail investors. This move positions Hong Kong as a crypto hub and comes after the collapse of FTX, a high-profile cryptocurrency exchange. Other markets remain cautious, making Hong Kong's approval significant in the cryptocurrency industry. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*