Huobi's subsidiary, Huobi Asset Management, has obtained a license from the Securities and Futures Commission of Hong Kong, iHodl Russia has learned. With the license, the exchange will reportedly launch three cryptocurrency funds focused on bitcoin (EXANTE: Bitcoin), ether (ETH) and multi-strategy funds.

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Investments will be accepted in both fiat and cryptocurrencies. While the exchange did not specify what amount of financing can be attracted for the funds, it said the size of the funds is under discussion and will depend on the development of distribution channels.

Hong Kong first granted a cryptocurrency company with the financial license in August 2020. Back then, Hong Kong's watchdog issued the license to OSL Digital Securities, a unit of Fidelity-backed BC group. However, recent actions taken by Financial Services and the Treasury Bureau (FSTB) could hinder the development of the local cryptocurrency market.

As iHodl earlier reported, Hong Kong aims to tighten cryptocurrency trading for retail investors later this year. The regulatory rules proposed by FSTB could encourage not only financial crimes, but also trigger retail investors' outflow onto the gray digital platform, warns the industry body Global Digital Finance (GDF) which represents such cryptocurrency exchanges as Coinbase, Huobi, BitMEX, and OKCoin.

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Groupe casino ltd. Hong kong office – Hong Kong

Hong Kong Our Hong Kong office Collaboration and fun at work.

The Hong Kong office is located in Wan Chai, one of Hong Kong’s main business districts. We have a multi-cultural and diverse team across sales, marketing and technology functions.

Our office is more than a space to work in – we have adopted an open-plan, hot desking environment that promotes agile ways of working. We’ve named our meeting rooms from iconic Hong Kong locations to build a sense of belonging and promote our local community. Our office also comes complete with break out social areas for when we need to put tools down, relax or work on our table tennis skills.

We believe in creating a happy, healthy place to work. Our teams are social, fun and work collaboratively to solve problems and kick goals. Most of all we love our food – we have regular team lunches and celebrations.

A sense of place

Place is important to all of us – we need a place to build our home and a place to develop our business. At REA Group, I have the opportunity to build websites and apps that help people in Hong Kong find their perfect place.

Kennis Chan – Senior Product Manager, Hong Kong

Current jobs in Hong Kong

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Country Manager Eric Wong

Eric is REA Group Asia Country Manager for Hong Kong, responsible for driving the strategy across Hong Kong including partnerships in China.

Eric joined REA Group’s Hong Kong business in 2018 as Senior Customer Product Manager leading the development and adoption of Squarefoot PRO.

Eric also has over 20 years’ experience in various sales and product management leadership roles across the telecommunication and New bitcoin slots uk technology industries.

Eric holds a Bachelor of Engineering from the Hong Kong University of Science & Technology and Master of Business Administrations from the Chinese University of Hong Kong.

Bitcoin Gambling Guide

Interest in Bitcoin is growing in online gambling due to its entirely digital structure. Compared to other currencies bitcoin offers additional security and flexibility, which is appealing to players and casinos alike.

These benefits have seen bitcoin gambling and bitcoin casinos online rise in popularity in recent times. For newcomers to this cryptocurrency, the following guide explains everything you need to know about gambling online safely with bitcoin, and recommends the best bitcoin casinos to play with online.

Bitcoin Casinos Bitcoin Explained Bitcoin Gambling Bitcoin Banking Bitcoin Tips FAQs Our Top Rated Bitcoin Casinos Top rated casino

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Ignition review

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What is Bitcoin?

Before ditching standard money and swapping to cryptocurrency when betting, it helps if players understand how bitcoin works, and how to use bitcoin online.

Bitcoin (shortened ‘BTC’) is a type of cryptocurrency or digital money that is decentralized from any government or bank. Instead, Bitcoin operates on a peer-to-peer network where users can send and accept bitcoin ‘computer files’ in their digital wallets. The benefits of this system mean bitcoin requires fewer intermediaries and provides greater transaction transparency and security.

These benefits are especially appealing to casino players and sportsbook bettors. As a result, gambling online with bitcoin is growing in popularity. Special bitcoin casinos now operate online, with traditional gambling sites like NetBet now accepting cryptocurrency too.

For bettors ready to take their first steps into this cryptocurrency, here is how to use bitcoin online.

First, Open an eWallet

Popular Bitcoin eWallet options are listed further below, but many online casinos and sportsbooks accept NETELLER and CashBet.

Buy Bitcoin

There are several ways to get bitcoin, users can buy bitcoins or accept it as payment in exchange for Royal panda casino bonus goods or services. ‘Mining’ bitcoin is also an option, but this is a time-consuming and complicated task.

Wait for the Transaction to Process

Bitcoin transactions are usually fast, so users will not wait long. The details of the transaction are listed on a blockchain technology network, which offers complete transaction transparency.

Spend Bitcoin.

Check the payment information page of a casino site or sportsbook to see if they accept bitcoin deposits. Alternatively, there are online directories that list which websites and businesses accept bitcoin.

Is Bitcoin Real Money?

In short, yes, bitcoin is real money and can be used to purchase anything from coffee at your local café to chartered jets. The main difference is that it’s an entirely virtual currency. Think of bitcoin like you would with foreign cash. You ‘buy’ or exchange money when you travel, or occasionally when making purchases online. Bitcoin operates in a similar way, with users able to buy, pay and convert this cryptocurrency into other forms of cash.

Bit Currency Explained

Like ‘normal’ money, bitcoin is made up of smaller currency units. Unlike your 100-penny dollar though, bitcoin takes this to the next level. A single bitcoin is made up of 100 million ‘satoshi’ units. Or rather, 1 satoshi = 0.00000001 BTC. Collect enough satoshi, and they create larger currency units within a bitcoin.

How Do I Use Bitcoin for Online Gambling?

Generally, gambling operators process bitcoin in two ways. Bitcoin-exclusive casinos and sportsbooks will only accept bitcoin currency in exchange for chips or bets. Bitcoin-compatible casinos and sportsbooks alternatively, will exchange bitcoin deposits for a standard currency, i.e. US dollars.

The benefits and disadvantages of bitcoin casinos are discussed further in this guide, but the steps bettors must take to gamble online using bitcoin hardly change:

Check that the Bitcoin Casino/Sportsbook Offers the Game you Want

Bitcoin casinos generally offer fewer games, but there are no transaction fees.

Open a Bitcoin Wallet

These eWallets operate on the cloud or with software and offer various features. Do some research first to find the one that fits your needs.

Buy Bitcoin

The quickest way to do this is visit an online bitcoin exchange, and buy amounts using your country’s standard currency.

Deposit Bitcoin

Decide how much you want to wager, and then deposit it into your account with the online casino or sportsbook. Depending on their system, you will need to convert this to chips or another currency.

Thanks to the digital qualities of cryptocurrency and the security it offers online transactions, online casinos and Can you win big at blackjack sportsbooks can process bitcoin payments and deposits rapidly, and with ease.

How Does Bitcoin Transfer to Real Money?

Bitcoin operates on an exchange rate, just like any every other currency worldwide. The value of bitcoin to other currencies fluctuates daily, depending on inflation, Blackjack casino bonus the amount of bitcoin available, and other cryptocurrency trends.

If a bettor wants to transfer bitcoin into real money, there are several options available. These can vary depending on the user’s location, but the section on withdrawing bitcoin wins below explains several methods for exchanging cryptocurrency into real money.

Is Bitcoin Gambling Safe?

The newness of cryptocurrency and its digital nature causes many bettors to question the security of bitcoin gambling. The answer to this depends on the bettor’s personal preferences and how well they protect their personal information online.

Conventional banking systems protect their clients’ money using advanced security protocols. For bettors, this gives them the peace of mind that their funds are protected without much involvement on their part. Not only that, but they can also rely on insurance systems and middlemen like PayPal for additional protection.

On the downside, the details required to complete transactions with traditional banking methods mean there are more opportunities for these personal details to be hacked and used to steal funds.

With BTC gambling, money transfers are anonymous, peer-to-peer transactions. Once a transaction is complete, a security certificate between the two parties is created and approved by virtual software. The anonymity makes it impossible to steal user data, but the usual issues over online security come into play here.

Essentially, the argument boils down to whether a bettor prefers the familiarity of traditional payment methods, or values keeping their identity online private, no matter what.

Is Bitcoin Gambling Legal?

Many countries have yet to update their gambling legislation for bitcoin casinos. In these circumstances, we recommend bettors follow the online gambling legislation their country of residence provides.

Always check that the site you want to play on is licensed in your jurisdiction, regardless of whether it is a bitcoin casino or a multi-currency gambling site. This can be tricky to find, as the digital nature of bitcoin means these casinos and sportsbooks can operate anywhere in the world. Most bitcoin casinos will feature this information in their footers, though.

For bettors that live in countries with restrictions on gambling, the anonymity bitcoin offers can be an appealing prospect. Read the terms and conditions of an online casino though before depositing funds. It may not offer its services in your country, which means you may risk losing money.

Bitcoin Wallets for Gambling

Before any bettor can start gambling with bitcoin, they must have a bitcoin wallet. Bitcoins can resemble computer files, so this virtual wallet stores all these cryptocurrency files in a safe, secure place before bettors are ready to make any transactions.

When bitcoin wallets store information, it will either be through the cloud, or through software. One benefit of bitcoin wallets is that they are compatible with multiple operating systems, such as Apple’s iOS and Android. To keep security tight though, many bitcoin wallets restrict users from accessing their account through more than one method. Here are the four types of bitcoin wallets:

This method stores bitcoin on a separate physical piece of tech, such as a hard drive plugged into a laptop through a USB port. This is one of the most secure bitcoin wallets.

With web wallets, users can access their bitcoin on any browser or mobile device. This option offers great flexibility to bettors.

Software is required for this bitcoin wallet, which is installed on a desktop computer. However, it gives the user complete control over their wallet, including the address details for sending and receiving bitcoins.

This wallet behaves similarly to a desktop wallet but is a paid app on your mobile and can offer great ease-of-use.

Bitcoin wallets secure information with ‘keys’, these are essentially long passwords of numbers and letters created using encryption algorithms. To maintain the user’s anonymity, bitcoin wallets use virtual addresses. If an online casino or bettor wants to deposit or withdraw money from their bitcoin wallet, they will direct the funds to the address.

If a bitcoin wallet is based in the United States, it will be fully regulated. That means if it detects funds are being sent to gambling sites, your account may be closed.

For bettors undecided over which wallet to use, the options below have been tried and tested on bitcoin gambling sites, and recommended by experienced BTC players:

This US-based wallet and currency exchange operates in over 32 countries and trades the most common types of cryptocurrency available.

Users have unrivalled control over their cryptocurrency with this bitcoin wallet. Combined with a simple design and optional advanced safety features, this wallet is ideal for new and experienced bitcoin users.

This bitcoin wallet app offers a range of features, including encrypted and automated back-up, that has made it especially popular with online poker players and sports bettors.

For users that prioritize security, Armory is a full-featured wallet renowned for New no deposit bitcoin casino offers its online safety features and flexibility.

This is the most popular bitcoin wallet for Android users, due to its strong security features and simple user interface.

What are Bitcoin’s Deposit & Withdrawal Options?

Depositing bitcoin into a crypto gambling site is simple. If playing with a bitcoin casino, users can directly deposit bitcoin into their account, and it will appear in their funds in seconds. Because the transfer is direct, there is no transaction fee.

If a gambling site can only accept indirect bitcoin deposits with eWallets, then a small transactional fee may be charged. Bettors can transfer money to their online gambling accounts using their virtual keys and bitcoin address, or a QR code.

Most online casinos will require bitcoin users to complete a verification process. While bitcoin prizes anonymity, some online casinos have a legal obligation to know the identity of their clients.

When withdrawing funds from a crypto casino, the process is instant and fuss-free. After the initial deposit has been made, bitcoin gambling sites can remember a user’s wallet details and deposit withdrawals in your account instantly. If an online casino is unable to issue bitcoin payouts, it will usually offer bettors the equivalent amount in the currency of their country of residence.

If a bettor wants to transfer bitcoin into real money, there are several options available. The most common method is to sell it on a cryptocurrency exchange site but be prepared for verification processes and withdrawal limits for some currencies. Another option is bitcoin ATMs, however there are currently only 2,200 established worldwide. Some online exchanges will offer bitcoin payment in the form of prepaid debit cards, which is the most flexible option as it allows users purchase items online or in person.

Bitcoin gambling sites do not charge any transaction costs. As all transactions are completed directly, through a peer-to-peer network, there are no intermediary companies to pay. Multi-currency casinos may charge a transaction fee however to exchange the bitcoin into other currencies. The eWallet might charge too, although this is usually called a &laquominer’s fee» to help the company continue to mine for bitcoins. At an average cost of $1 though, the fee is nominal.

Why Should I Use Bitcoin Instead of Real Money When Gambling?

For experienced bettors, bitcoin is a solution to many of their regular gripes about gambling online. The same benefits that attract users to bitcoin are the same possible solutions to these issues:

Instant Payments

With crypto casinos, deposits and withdrawals are completed straightaway. This means players can enjoy their favorite casino games online within minutes, with no annoying transaction costs.

Privacy

The anonymity bitcoin offers means crypto gamblers can rest assured that their data and funds are secure if they followed all the security steps their eWallets require from them.

Bitcoin Bonuses

Many gambling sites are keen for more bitcoin bettors to sign up. Players can receive exclusive and lucrative casino bonuses by making bitcoin deposits.

Security

Bitcoin wallets use complex encryption algorithms to protect its contents. This encourages better cybersecurity habits in users, particularly those who use the same basic password across multiple accounts.

Fewer Geo-Location Restrictions

The digital environment of bitcoin means it can be accepted worldwide. Some gambling sites are unable to accept all currencies, making bitcoin’s universality a helpful feature for these players.

No matter where players are located, they should always follow the gambling legislation in their country of residence, even when using bitcoin.

What Bitcoin Gambling Games Can I Play?

Bitcoin casinos and other cryptocurrency gambling sites are still establishing themselves. As a result, these sites have a smaller number of casino games available online. However, players can still find their favorites, including:

By Leonhard Weese, Bitcoin Association of Hong Kong

Buying Bitcoin safely, conveniently and cheaply is still difficult in Hong Kong. While its legal status as a virtual currency is clear, banks and other financial institutions tend to refuse services to Bitcoin companies or even individuals associated with Bitcoin.

As a result, buying Bitcoin can be confusing and frustrating and there are plenty of scams to be alert to. Trading frequently happens on peer-to-peer platforms, through cash or on overseas exchanges. Bitcoin trading activity should not happen in the dark, and there is no legal reason why somebody would feel the need to conceal their purchases or sale of cryptocurrency in Hong Kong.

As banks take an openly hostile approach to cryptocurrency trading activity, you may be at risk of seeing your account “flagged” or even shut down when mentioning Bitcoin, or when making or receiving large or repeated transactions from overseas accounts associated with cryptocurrency – for example, exchanges or brokerages.

Bitcoin provides us with the tools of an open financial system accessible to anyone with a smartphone or computer. When used right, Bitcoin will protect you from theft, arbitrary seizures, devaluation and high fees. However, there are plenty of risks that are unique to Bitcoin which, unlike in the traditional financial system, can be easily avoided given the right precautions.

Always keep your Bitcoin in your own custody when possible. Do not store Bitcoin on exchanges or custodial wallets and withdraw them as quickly as possible when exchanging them. Bitcoin has been around for 12 years and will likely be around for much longer, but most of the platforms dealing with them will not.

Never send Bitcoin to individuals that you do not know or trust. Always verify the identity of the individuals and companies to which you are sending Bitcoin and be aware that Bitcoin transactions cannot be reversed, and that accounts cannot be frozen.

Before buying Bitcoin, make sure you have set up a Bitcoin wallet. Such a wallet should not require you to log in with a username or email address, and should not require personally identifying information. Asking for personal information might be indicative of a custodial wallet, or worse, a fraudulent attempt to gather such information.

Set up your wallet ahead of time in a quiet environment. Don’t let others look over your shoulder as you set up this wallet, and make sure you have backed up its seed phrase (typically 12 to 24 random words) in a secure place, such as a password manager or piece of paper. Don’t store such seed phrases in the cloud or on a notes app, as you do not know what applications might have access to this information.

Carefully read through the available options and weigh the costs, ease and risks. Only engage in trades that you are comfortable with, and always put your safety and the safety of your funds and data first. Ask your friends if anybody has real-life experiences with Bitcoin. Maybe someone you trust has access to Bitcoin and can sell you some, or they can guide you through the process of buying for yourself.

In its primitive form, a peer-to-peer platform is just a messaging board or chat group of people who want to trade with each other. These platforms are highly popular in places where the financial system is either not developed, or does not provide access to Bitcoin, such as Hong Kong.

To make peer-to-peer trades safe, you will need to trade directly with your trusted circle of friends – or when trading with friends of friends, appoint mutual trusted friends as escrow. Such trades between friends are often the most desirable, as seller and buyer don’t charge each other a fee. Selling your Bitcoin to your friends is legal in Hong Kong and there are no restrictions unless you are dealing with people you do not know or you turn it into a business.

Commercial peer-to-peer platforms like Paxful try to build a safe environment for you to sell or buy Bitcoin from strangers. It’s important in these trades to make use of the built-in escrow mechanism. You will be able to browse other users’ offers or add your own. The peer-to-peer platform typically charges a fee and collects minimal user information.

Open source peer-to-peer platforms like Bisq are more difficult to use, but they allow you to avoid submitting personal information, or putting your Bitcoin in the custody of a centralized service.

When browsing for offers on such platforms, find one that prices Bitcoin in your local currency and offers local payment methods. When meeting a trader to exchange cash, find a well lit location with security, such as the lobby of a large hotel or bank.

Bitcoin ATMs can be found all around Hong Kong. They are by far the most convenient option to buy Bitcoin, as they do not require personal information and accept cash. On the downside, ATMs charge relatively high fees, around 5-8 per cent on top of the market exchange rate.

Before approaching the ATM, make sure that your wallet is set up, synced with the network and ready to receive. You will need to hold the QR code of your Bitcoin address into the ATM’s camera, and then deposit banknotes. Some ATMs have minimum and maximum purchase limits, or only accept banknotes of certain denominations.

You can find locations of Bitcoin ATMs on sites like coinatmradar.com, CoinHere, HK Bitcoin ATM and Nitroswap.

Exchanges give you a maximum amount of control over your Bitcoin purchases, as they provide a liquid order book and allow you to set conditions for your purchases. They are attractive to those buying small amounts regularly (also see: DCA), as well as those engaging in speculation or purchasing large amounts of Bitcoin.

There are many different kind of exchanges offering different products, such as futures, options, derivatives or hundreds of smaller cryptocurrencies. To buy Bitcoin, you are looking for a reputable spot exchange, which are rare in Hong Kong. Those outside Hong Kong will be able to provide you with a foreign bank account to wire money to, most commonly in the United States. Make sure that the name on this bank account matches the name listed in the exchange’s terms and conditions, and that the exchange is indeed reputable.

One local Hong Kong exchange is Tidebit. You can deposit and withdraw cash from your account at various cashpoints around the city, then buy Bitcoin on the platform and withdraw them to your own wallet.

If you need to buy larger amounts of Bitcoin, you may look to overseas exchanges. There are frequent reports that Hong Kong banks block incoming and outgoing transfers to such exchanges. At the very least you may expect a call from your bank about the purpose of your transaction, as well as the source of the funds.

Brokerages, also referred to as OTC (Over the counter), are places where you can buy Bitcoin for cash or a wire transfer for a fixed rate, similar to the forex shops found all around the city. The spread is typically larger than that of an exchange, but smaller than that of an ATM.

A brokerage will typically ask you to supply personal information. Some will trade cash, others accept wire transfers, FPS or even PayMe. 

Many brokerages will only cater to institutional clients. Those that accept Hong Kong individuals include Genesis Block, OTCxpert, MyETHShop and BTCShopHK.

Some wallets such as BRD and Edge will also let you buy Bitcoin with a credit card. While this works well in our experience, it is associated with prohibitively large (hidden) fees and excessive personal information. The process may or may not work with a Hong Kong credit card.

One of the cheapest and most convenient ways of accumulating Bitcoin is to accept it for payments. No matter if you run a shop, online business or want to sell used electronics, you can offer Bitcoin as a payment method and some people may take you up on it!

As the Bitcoin industry and its regulatory environment changes, so do your options for buying Bitcoin. A guide such as this can quickly become out of date, and personal experiences of different purchase options may differ.

The Bitcoin Association of Hong Kong has its own guide on buying Bitcoin in Hong Kong, and they offer a Bitcoin Helpdesk via Telegram and Email. Bitcoin enthusiasts offer their advice as volunteers. In all such settings, it is important to stay vigilant. Do not blindly accept offers from strangers on the internet, especially when they ask for personal information, offer you deals which seem too good to be true or quickly attempt to move a conversation off-platform into direct messages or external apps.

Huobi has secured license from the SFC to launch a cryptocurency investment fund in Hong Kong amid reports that the regulators are close to banning retail crypto trading.

March 4, 2021 | AtoZ Markets – Huobi, one of the largest cryptocurrency exchange platforms in China, plans to launch three cryptocurrency funds through its Hong Kong-based subsidiary Huobi Technology Holdings. This was announced by journalist Colin Wu.

Breaking: China's largest exchange Huobi has obtained a Hong Kong cryptocurrency fund license, and it will launch Bitcoin, Ethereum and multi-strategy funds on March 3. Similar to the Grayscale, this move by Huobi may promote traditional Asian investors to cryptocurrency field. pic.twitter.com/IIrhZVKiGQ

— Wu Blockchain (@WuBlockchain) March 4, 2021

Huobi Technology Holdings has received the relevant approval from the Hong Kong Securities and Futures Commission (SFC). It is assumed that the first two funds will be based on Bitcoin and Ethereum, and the third will be based on several digital assets.

The company’s clients will be able to invest in new instruments using fiat currencies and crypto assets.

Similar to DCG, Huobi has a large ecosystem to help Asian investors, which will boost the prices of Bitcoin and Ethereum. The trouble with Huobi may be that its founder cannot leave China and is under investigation.

— Wu Blockchain (@WuBlockchain) March 4, 2021

According to data from crypto research firm Messari, Huobi is second only to Binance in terms of real spot trading volume.

Huobi securing cryptocurrency management license from the SFC comes amid reports that regulators in Hong Kong are close to banning retail crypto trading. Indeed, Huobi is among a group of global cryptocurrency exchanges challenging the legitimacy of the move.

Think we missed something? Let us know in the comment section below.

Crypto industry actors in Hong Kong have been trying to push back against a forthcoming law that would restrict legal cryptocurrency trading to professional investors, locking out 93% of the local population from the market.

In comments to the South China Morning Post published on Monday, industry body Global Digital Finance warned that the proposed law would likely push retail traders to embrace unregulated platforms. Global Digital Finance represents cryptocurrency exchanges such as BitMEX, Huobi, Coinbase and OKCoin and has been at the forefront of industry efforts to push back against the forthcoming legislation.

Hong Kong's Financial Services and the Treasury Bureau first published the proposal in November 2020 as part of a bid to toughen Anti-Money Laundering and Counter-Terrorist Financing measures. The move aligns with efforts to bring domestic regulations in line with recommendations from the Financial Action Task Force, or FATF.

Yet the bureau's proposal exceeds the requirements of the FATF's framework, echoing instead the tough stance toward cryptocurrency trading in mainland China. The chair of Global Digital Finance's advisory council, Malcolm Wright, has pointed out that FATF members Singapore, the United Kingdom and the United States all continue to allow retail traders to take part in the cryptocurrency market. 

Throughout January, the government consulted with both members of the public and industry bodies. Now that the consultation period has come to a close, the proposal is expected to be turned into a bill and introduced to Hong Kong's legislative council later in the year. The South China Morning Post's estimate that 93% of the domestic population would be affected by the ban is based on a recent CitiBank survey that found that roughly 7% of the population, or 504,000 individuals, had enough assets to meet the threshold for professional investors.

Speaking to Cointelegraph, the Bitcoin Association's co-founder, Leonhard Weese, summarized the organization's stance:

Crypto industry concern mounts ahead of the likely introduction of a bill to ban retail investors from cryptocurrency trading in Hong Kong.

February 15, 2021 | AtoZ Markets – The Hong Kong authorities are ready to close access to the cryptocurrency market for private investors, South China Morning Post reports.

Despite consultations with cryptocurrency trading platforms, the Hong Kong government intends to introduce a ban on digital currencies at the end of this year.

It is reported that the authorities will also increase surveillance of politically exposed persons. The surveillance will affect not only exchanges in Hong Kong but also outside the region. It is assumed that in this way mainland China will strengthen its position in the autonomous region.

If cryptocurrencies are banned, sites such as BitMEX, Huobi, OKCoin and Coinbase will no longer be able to provide services to private traders from Hong Kong. However, professional traders will still have access to the cryptocurrency market. Note that a professional trader is a person who has a portfolio of at least $1 million.

However, according to last year’s Citibank poll, there are about 7% of professional traders in Hong Kong. Thus, access to the crypto market may be closed for 93% of the population of Hong Kong.

It is worth noting that Hong Kong, despite its prohibitive rhetoric, still has licensed crypto services. In mid-December, for example, Hong Kong’s financial regulator issued its first virtual asset trading license to OSL. However, even then, OSL stressed that the license would not make the market more accessible to private traders.

Read also: Breaking: Nigeria Bans Banks From Providing Accounts to Crypto Exchanges

For the first time, Hong Kong’s plans to tighten regulation of the crypto market became known in November 2020. Then it was reported that the local regulator will control local crypto exchanges, regardless of whether they trade in securities or not.

At the same time, the Hong Kong Securities and Futures Commission explained the tightening by the desire to track unlicensed sites. How the identification of politically exposed persons is related to the identification of shadow crypto exchanges remains unknown.

Think we missed something? Let us know in the comment section below.

Less than a year after acquiring a substantial portion in the Hong Kong-based crypto-focused firm BC Technology Group, Fidelity International has upped its stake. The investment subsidiary of the Boston-based mutual fund giant has allocated nearly $7 million more for a total stake of 6.29%.

Bloomberg reported in February last year that Fidelity International had acquired a $14.2 million stake in BC Technology Group Ltd. – the operator of one of Asia’s largest digital asset platforms for professional investors, OSL.

At the time, Fidelity purchased 17 million shares for an average price of $0.85 per one, and the company received a 5.6% portion.

Earlier today, Singapore’s financial media outlet Business Times reported that the investment arm of the US-based mutual fund behemoth had increased its stake. Fidelity had allocated another $6.71 million and now owns 6.29% of BC Technology Group.

BC Group announced earlier that it had signed an agreement to raise nearly $120 million in a top-up share placement that included undisclosed institutional investors.

Hong Kong’s Securities and Futures Commission (SFC) granted OSL licenses for Type 1 (dealing in securities) and Type 7 (automated trading service) last year. Thus, the BC Group-operated trading platform became one of the first exchanges based in Asia to offer automated cryptocurrency trading services under the digital asset regime that SFC introduced in 2019.

The cryptocurrency-oriented subsidiary of the investment company, called Fidelity Digital Asset Services (FDAS), also made a strategic investment that involved digital assets in the world’s largest continent.

CryptoPotato reported in October 2020 that Fidelity partnered with a regulated fund manager focused on digital asset services called Stack Funds to enable Asian investors to purchase and store cryptocurrencies.

Both parties indicated that the Asian market had been gradually growing in demand towards the crypto industry, especially from high-net-worth individuals and family offices.

Previously in 2020, FDAS launched its first Bitcoin Index Fund with a minimum investment requirement of $100,000. Additionally, the company published a study highlighting the growing interest in cryptocurrencies. It concluded that 36% of institutional investors have already purchased bitcoin or another digital asset.

Source

LocationMembers1,971Organizersand 1 otherMetta21/F California Tower - 30-32 D'Aguilar St CentralPublic GroupEthereum is the essence of the blockchain's promise to change the way we communicate and transact. From Smart Contracts to Distributed Autonomous Organizations, Ethereum's new blockchain and Turing-complete scripting language aims to give us the tools to fulfill this promise. This is a group to create discussion and interest in Ethereum, and hopefully create a strong community of legal/financial/business professionals to conceive and commission Ethereum projects, and developers to build them. There's a big road out there, let's see where we can go!Organizersand 1 otherYanMemberKlaus T.MemberJeremy W.MemberyazhoucaishenMemberNicolas M.MemberlixujasonMemberBrian L.MemberArthur B.Member+149

Hong Kong-listed Huobi Technology Holdings is launching three funds that will invest entirely in digital currencies after receiving a green light from the Hong Kong financial market regulator.

First revealed by Colin Wu on Twitter, one of the cryptocurrency funds will invest in Bitcoin, while another in Ethereum. The third will be a multi-strategy fund, but 100 percent of its investment will be in cryptocurrencies. 

Also, there will be a fourth fund, which will invest 10 percent of its assets in crypto and the rest in equity and fixed income instruments.

The Huobi subsidiary, which is owned by the crypto exchange’s CEO and Chairman Li Lin, is launching these crypto funds after gaining approval from the Hong Kong regulator. The company already received a type 9 asset management license last August, but to launch 100 percent crypto funds, it needed additional permissions.

The funds offering in Hong Kong will be similar to what Grayscale is offering to United States investors. The Huobi subsidiary will facilitate digital currency exposure to the lucrative Asian investors.

From Memers to Rappers to the Market: DogeCoin?Go to article >>

— Wu Blockchain (@WuBlockchain) March 4, 2021

“Huobi has a powerful ecosystem dedicated to helping Asian investors. It will drive up the prices of Bitcoin and Ethereum. The problem with Huobi may be that its founder cannot leave China because he is under investigation,” Wu wrote further.

Despite the confirmation of the launch of these crypto funds, Huobi is yet to decide on the size of the funds.

“The size of the funds is under discussion and depends on the development of distribution channels,” Mandy Liu, Vice President at Huobi Tech, told The Block. “We aim to become the leading virtual asset management company in Asia in the near future.”

The cryptocurrency boom has been going on for more than a year now, and is showing no signs of slowing down. Various events and occurrences have led to cryptocurrencies, especially Bitcoin, touching new high after new high, and this week now brought the news that Bitcoin had crossed $47,000.

This was prompted by Tesla’s announcement that it had bought $1.5 billion of Bitcoin, while also stating that customers would be able to make payments in cryptocurrencies soon.

Other cryptocurrencies Dogecoin, Ethereum and Ripple, to name a few, have also posted significant gains during this time, and all of this means that markets and economies, especially those in Asia, which have so far been a little hesitant to adopt cryptocurrencies, should look to do so quickly if they are to be a part of this new revolution.

For example, Hong Kong is still the center of the financial world in Asia, but it is falling behind the likes of Singapore when it comes to cryptocurrencies and cryptofinance. Singapore has been one of the biggest cheerleaders of cryptocurrencies, and especially the blockchain technology that underpins it, and has created a regulatory environment where companies are being asked to test new products and services with complete freedom, albeit in controlled environments, so that their execution can be improved.

This has made Singapore one of the most popular destinations for crypto and blockchain startups in the last couple of years, and is adding a lot of potential to the city’s financial landscape. It should also be noted that blockchain, in particular, has a lot of applications beyond the fintech space, which is why research and test projects are of immense value.

One of the most receptive sectors in this regard has been online gambling, which has been quick to embrace crypto and blockchain as part of its processes. Blockchain-based systems allow operators to protect their users’ sensitive personal and financial data in a much safer manner, while they are also much more secure and fraud-proof.

At the same time, crypto gambling has become popular as well, where users can place bets using cryptocurrencies. Thus, a BTC casino, similar to https://winz.io/ , for example, would have been extremely well-received by gambling fans over the last year, and provides an excellent example of how various sectors can adopt cryptocurrencies to suit their businesses and customers while also increasing their popularity.

This potential is perhaps not being seen in Hong Kong, where a recent announcement by the Securities and Futures Commission that would require crypto exchanges to be licensed to be better aligned with anti-terrorism and money laundering programs, has frustrated investors.

As part of this plan, exchanges would only be accessible to professional investors, which means those who have at least 8 million Hong Kong dollars ($1.3 million) in assets. Thus, a large part of the city’s financial trading and investing audience is being shut out of the crypto market, and is a big change from an environment where Hong Kong previously was the first in the world to introduce cryptocurrency ATMs.

Hong Kong actually has quite a few advantages in the crypto space over the likes of Singapore, mainly due to its proximity to China, which is leading crypto development globally in several areas. However, those benefits will be of no use if investors are restricted from accessing the crypto market in the first place.

Hong Kong is in a very good position to be able to attract investment in the crypto space from high net worth individuals, as well as institutional investors in China, as well as other Asian markets, but to do so, it will need to create a much better environment for cryptofinance.

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Crypto regulation has become much more prominent globally, with several jurisdictions and regions showing what digital assets’ futures might look like.  In Hong Kong, concerns are rising over a possible ban on retail crypto trading that could soon take effect.

Earlier this week, the South China Morning Post (SCMP) reported that Global Digital Finance, a global crypto advocacy firm, had decried the effects of a possible ban on retail crypto trading activities in Hong Kong.

The company, which represents some of the crypto industry’s largest firms and has been leading advocacy for digital assets worldwide, explained to the news source that the imposition of such a policy could lead to an influx of traders into unregulated markets and worsen the very problems that regulations are trying to solve.

The SCMP reported late last year that the Financial Services and the Treasury Bureau of Hong Kong had floated a regulation to outlaw retail crypto trading in the region. The rule was part of a new anti-money laundering (AML) policy, which the Bureau is looking to implement in line with policies from the Financial Action Task Force (FATF).

However, as the report explained at the time, the Bureau is taking an even harder stance on trading than the FATF recommends. While the global AML authority asks that asset custodians keep a close watch on customers and their transactions, the Bureau is looking to outlaw retail trading altogether.

The Bureau spent the past month consulting with members of the general public and critical crypto industry stakeholders on the new regulation. With the consultation period now closed, all eyes will be on the region’s legislature, which should vote on an official bill later this year.

Malcolm Wright, the head of Global Digital Finance’s advisory council, told the SCMP that several other top economies under the FATF’s jurisdictions had allowed retail crypto trading. So, there is no reason why the Financial Services and the Treasury Bureau should seek an outright ban. For now, however, the legislature will have the final say.

Beyond the implication for crypto traders, some have also complained about how this new proposal could affect the broader market. In December, the Bitcoin Association of Hong Kong appealed to the government to reconsider its proposed policy, explaining that it would essentially cut users’ access to cryptocurrencies. The organization pointed out that the new guidelines also bear ominous signs for Bitcoin ATMs in the country – a sign that would essentially cut off locals’ access to digital assets.

Leo Weese, the co-founder of the association, also explained that this would exaggerate the government’s objective to promote innovation in the region.

LocationMembers4,244Organizersand 4 othersGrappas CellarJardine House, 1 Connaught Road, Central Hong KongPublic GroupThe Hong Kong Bitcoin Meetup is a platform for Bitcoin enthusiasts, users, developers, entrepreneurs and everyone who wants to learn about Bitcoin, Blockchain, cryptocurrencies and smart contract platforms.We organize casual meetups, formal lectures, informative discussions and fun parties.Need alternative ways to stay in touch about our events? Subscribe to our Calendar rhek%40group.calendar.google.com&ctz;=Asia/Hong_Kong) or Telegram channel (https://telegram.me/bitcoinhk).Not enough events?We are always looking for enthusiasts, speakers and organizers to host meetups, give lectures or speak on panels.We are also always looking for bars and event spaces to host our events (and maybe accept Bitcoin!).Get in touch!Organizersand 4 othersPaul L.MemberAndersonMembertseung siu p.MemberXiaMemberCalvin W.MemberNicole H.MemberJackie F.MemberNo R.Member+73

According to reports, James Lau, Hong Kong’s Secretary of Financial services and Treasury has made a statement restricting who mines cryptocurrencies like Bitcoin. Based on the statement, these activities fall under the Trade Description of Ordinance. Hong Kong has been trying to change the crypto landscape for some time now. It has been the centre for Fintech innovation and other significant markets within the growing Blockchain economy. '0']));The Country supports a much more specialised Administrative region and benefiting from a different legislative ruling than China. There is currently no statutory regulations that apply directly to cryptocurrencies. This has pushed Hong Kong to try changing the way this works. Hong Kong’s #Securities & #Futures Commission (#SFC修行) will propose a regulatory regime known as a "sandbox" for #crypto exchanges in the Asian financial hub#CryptoNews #Regulation #FinTechhttps://t.co/CTZ6mqCb8a— SharkCIA News (@SharkCIANews) November 4, 2018Back in November of 2018, the Securities and Futures Commission (SFC) revealed a proposal for a new framework of regulation with crypto exchanges. The SFC has been approaching this matter from an explorative standpoint and according to the CEO of SFC, Ashley Alder: “Those exchanges that want to be regulated by us will be set apart from those that don’t. This is essentially an opt-in approach for exchanges and platform operators. And they will first explore the conceptual framework with us in a strict sandbox environment.” The country currently allows crypto exchanges to require to only deal with institutional investors. Which the SFC sees as safeguarding investors. ot_0',124,'0']));The recent regulation spike in cryptocurrency is also a sign of bitcoin and other cryptocurrency markets growth over the years as companies, institutions and individuals have been confirming the growth and acceptance of cryptocurrency as a legitimate asset class. The Sandbox proposal has made things move a step closer in the wrong direction. According to Bitcoin Association of Hong Kong, Leo Weese, the recommendations are unnecessary and may lead to the shutdown of exchanges. “While Hong Kong was a better place when it did not bother such platforms, it was inevitable this day would come. Exchanges will likely maintain parts of their teams in Hong Kong, but work harder to convince the public of new narratives that places them outside the SAR.” Many hope, that Hong Kong will not be following in the leads of China when it comes to the mining of bitcoins. However, the worlds largest crypto mining equipment company, Bitmain has lapsed its IPO applications for the Hong Kong Stock exchange. Even though regulations is a necessary component for early investors to get into this cryptocurrencies as this brings them protection and confidence, it is not a requirement, as cryptocurrencies are already heavily regulated by their own algorithms, Internet protocol, mining, peer-to-peer system and crypto-economics. Chinese banks economy finance government Mining Bitcoin My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies. 121,'0'])); Travel agency in the UK starts accepting Bitcoin and Bitcoin Cash Microsoft Azure adds Bitcoin RSK to its cloud service Blockchain Africa Conference 2019 was a success ot_6',123,'0']));

Businesses are turbocharging cryptocurrency adoption asdemonstrationsagainst Chinese interference in Hong Kong enter their 12th week.Hong-Kong based department store, Priceriteannounced, on Facebook Monday that it will now accept bitcoin, ether, and litecoin at all its stores.Starting immediately, its new concept store at the popular MegaBox shopping centre in Hongs Kongs Kowloon Bay area, will convert crypto payments into Hong Kong Dollars (HKD) in real time at its cash registers. With Bitcoins Lightning Network thats possible in a matter of seconds, according to Pricerite.Bitcoin Cash is also provingpopularamong protest supporters, and measures are being taken to further promote the cryptocurrency, as well as to support dissidents.Genesis Blockoperates 14 crypto currency ATMs in Hong Kong, trading under the name CoinHere. In July, the ATM operator distributed water paid for with international donations made inbitcoin cash.The water bottles had a QR code that allowed recipients to donate bitcoin cash to fund additional supplies for protestors.The exchange also provided umbrellas to the protestors. The umbrellas featured the bitcoin symbol, and were a nod to the 2014 Umbrella Revolution in Hong Kong, during which hundreds of thousands of residents took to the streets in protest.With the threat of Chinese troops massing on the Hong Kong border, the demonstrations against Chinese influence have increasingly taken on an economic form.On August 16, demonstrators announced a new tactic: withdrawing cash in mass from ATMs and banks and converting it to U.S. dollars,according to Business Insider.Posts on Hong Kong social media boardLIHKG, the local equivalent to Reddit, show hundreds of photos of people withdrawing hard currency from banks and ATMs. Protesters are even making trips to multiple ATMs to circumvent the HK$20,000 (~$2,500) limit per transaction.Since 1983, the Hong Kong dollar has alinked exchange rate systemthat pegs it to the U.S. dollar at a 7.8 to 1 ratio. But crypto businesses are banking on raising awareness that digital money could provide an even better alternative to the threat of devaluation should there be worst-case scenario: a mainland military crackdown.However, Hong Kongs exchange rates are also subject tocryptocurrency premiums, common during times of economic oppression, as has recently been seen in Argentina. As bitcoin demand increases, its price may be over inflated on local exchanges, a phenomenon which has become known in South Korea as the Kimchi premium.At the start of the protests in June, local cryptocurrency exchange Tidebit reported a sharp rise in the price of bitcoin,according toMati Greenspan, senior market analyst at crypto exchange eToro. And there was also a steady rise in demand for bitcoin cashonLocal.Bitcoin.comand crypto marketplace,Paxful.On a global scale, however, the situation in Hong Kong has had minimal impact on cryptocurrency pricesso far.Source: Yahoo! Finance Tags :bitcoin adoptioncryptocurrencyhong kongPrevious Article Venezuelas largest retail chain: 1,000 Bitcoin transactions and growing Next Article Bitcoin And Cryptocurrencies Are A Hedge For Bad Government