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Today in Crypto: Hong Kong Will Use ‘All Available Methods’ to Fight Crypto Scams, Americans are ‘Much More Open to Potential of Crypto Than Brits’

Sead Fadilpašić
Last updated: | 4 min read
Source: AdobeStock / Vitalii Vodolazskyi

Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news.

Regulation news

  • Hong Kong authorities may give regulators more power to fight cryptocurrency scams and will consider measures to take, such as using laws targeting money laundering, the South China Morning Post reported. Chief Executive John Lee Ka-chiu said his administration would review relevant legislation, a day after lawmakers criticized the Securities and Futures Commission (SFC) over its handling of an unlicensed platform at the center of an alleged $19 million fraud. “If any of our laws in this area need to be strengthened, or if the transparency of the information we release has room for improvement, we will actively consider it,” he said and added he’ll “ask the relevant bureaus and departments to move forward in these areas […] I want to emphasise that we should use all the methods available to protect the interests of investors, as well as combat any platforms or websites that are unlicensed, illegal or have scam elements.”
  • Private digital coins “have miserably failed the test of money because they can’t keep value” and will eventually exit the monetary scene, according to the Monetary Authority of Singapore’s Managing Director Ravi Menon. Therefore, the future monetary system will be comprised of three key components: central bank digital currencies (CBDCs), tokenized bank liabilities, and “well-regulated” stablecoins, the country’s central bank chief said, as the South China Morning Post reported. Singapore’s regulators are moving toward a system of stablecoins that are fully backed by high-quality government securities or cash, allowing them to be used like narrow money, Menon said.

Investment news

  • Analysts from the global market intelligence agency Mintel found that Americans are “much more open to the potential of cryptocurrency than Brits.” Their new report on attitudes towards crypto in the US compared to the UK says that around a third of surveyed US consumers are interested in using cryptocurrency for purchases, and 4 in 10 Americans are more interested in crypto than a year ago. Meanwhile, almost half of surveyed Brits are skeptical about crypto and do not think it will become a common payment method, while two-thirds say they do not understand it enough to use it. Furthermore, 4 in 5 Brits said they would only trust a financial product from a regulated financial provider. British customers of financial services are also more wary of where they put their money due to the recent cost of living crisis and are therefore avoiding untested industry challengers, the report said. Principal Analyst Adrian Reynolds argued that “digital and online payments may yet become a more permanent fixture in the world of personal finance, but it looks as if it will take a bit longer for the wider banking community to come around to the idea.”
  • Automated global electronic broker Interactive Brokers is now the first Securities and Futures Commission (SFC)-licensed securities broker to be approved to allow retail clients to trade cryptocurrencies in Hong Kong, according to the press release. Cryptocurrency trading for eligible clients of Interactive Brokers Hong Kong allows investors to transact and manage their portfolios through a single platform that provides a unified view. Clients get centralized cash management and can trade cryptocurrencies, including bitcoin (BTC) and ethereum (ETH), along with stocks, options, futures, currencies, bonds, mutual funds, ETFs, event contracts, cryptocurrency futures, and futures options  – all from a single account and interface, it said. Interactive Brokers launched cryptocurrency trading in Hong Kong in collaboration with OSL Digital Securities, Hong Kong’s first SFC-licensed digital asset trading platform.

Trading news

  • YouHodler, a Swiss-based Web3 platform providing fintech solutions that bridge fiat and crypto financial services, announced a strategic partnership with major hardware wallet maker Ledger. Per the announcement, Ledger Live App’s users can now leverage YouHodler’s platform to trade and participate in the cryptocurrency market. “This collaboration aims to provide Ledger Live users with a seamless and user-friendly experience, bridging the gap between financial services and the innovative world of digital assets,” the announcement said.

Blockchain news

  • The 2023 global technology research and advisory firm ISG Provider Lens Supply Chain Services report for Brazil found that the appropriate application of a host of new digital technologies – including IoT, blockchain, 3D printers, and AI – will make it possible to overcome significant supply chain challenges that remain after the pandemic, exacerbated by current macroeconomic conditions and geopolitical tensions. The report also examines how Brazilian retail companies use blockchain technology to aid in food traceability, the announcement said.

Exchange news

  • Bybit announced that it surpassed 20 million registered users. Co-founder and CEO Ben Zhou said that “reaching 20 million registered users is not just a number for us; it represents the faith and enthusiasm of a community that believes in the potential of crypto and trusts Bybit as their preferred platform.” The exchange is celebrating its 5th anniversary this December.