China Financial News

Shanghai has taken a significant step in the realm of metaverse tourism with the release of the «Shanghai Action Plan for Creating a New Path in Metaverse Tourism (2023-2025)». The plan, unveiled by the Shanghai Municipal Bureau of Culture and Tourism, outlines the city's strategic focus on five key areas to propel the development of metaverse tourism in the coming years.

SHANGHAI — Huawei's Chief Financial Officer Meng Wanzhou said Wednesday that applying 5G technology to business was more difficult than she had expected.

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The leading cryptocurrency, Bitcoin's price, is currently at a pivotal juncture as it defends the critical $30,000 level. 

A federal judge overseeing the case against former FTX CEO Sam Bankman-Fried (SBF) has denied motions from his legal team seeking to dismiss all but three criminal charges against him.

According to a June 27 report by local news outlet Foresight News, Web3 firms in Hong Kong are spending anywhere between 20 million to 200 million Hong Kong dollars ($2.55 million to $25.5 million) for the acquisition of a Virtual Asset Licensing Regime (VASP) licenses. Sources explained:

US-based stablecoin issuer Circle is closely monitoring Hong Kong’s crypto policies as the government pushes for a friendly regulatory framework. 

Shanghai, a front-runner in the deployment of emerging technologies in China, has recently announced its ambitious «Three-Year Action Plan for Promoting High-Quality Development of Manufacturing (2023-2025).» This strategic initiative was revealed by the Shanghai Municipal Government Office, highlighting the city's commitment to accelerating the development of its digital economy with a focus on Blockchain, Web3.0, and the Metaverse.

In a recent blog post, Hong Kong's Financial Secretary celebrated Father's Day while also sharing the government's significant efforts in stimulating innovative technological development. The official highlighted that since the establishment of the Innovation and Technology Bureau (now the Innovation, Technology, and Industrial Bureau) in 2015, nearly HKD 200 billion has been invested to bolster technological innovation.

Malaysia's sovereign wealth fund Khazanah Nasional is rebalancing its investment portfolio for greater resilience against market volatility, according to its managing director.

BEIJING — Chinese Premier Li Qiang said Tuesday his country was still on track to reach its annual growth target of around 5%.

On the latest episode of Cointelegraph’s Macro Markets, analyst Marcel Pechman explores how Turkey’s recent interest rate increase might attract hundreds of millions of new cryptocurrency investors, and how China’s looming economic crisis could affect Bitcoin (BTC) and crypto globally.

Crypto exchange Bybit has announced a license approval to operate as an exchange and custody service in Cyprus. The world’s third most visited crypto exchange will begin offering to trade between crypto and fiat currency pairs and crypto-related financial services.

NEAR Foundation, a non-profit organization responsible for developing the NEAR protocol, has partnered with Alibaba Cloud to facilitate the growth of Web3 in Asia and the Middle East. 

Hong Kong and India have been in the news recently with respect to their developments in the crypto landscape. While Hong Kong has been announcing several regulatory developments in its crypto ecosystem, India’s G20 presidency is what the crypto community in the country is banking on for a billion dollar market making opportunity. Hong Kong has traditionally been friendly in its approach towards crypto, which attracted many prominent businesses to set up shop in the region. After some initial back and forth on letting retail investors engage with digital assets, it has been made clear that all users can invest and engage in crypto the same way. The region’s welcoming policy for crypto institutions to establish themselves in the region initially was met with skepticism. This was mainly due to speculations of China’s influence and control over the industry from behind the curtains. Reports even suggested that Hong Kong was being used by Beijing as a sandbox, which itself had imposed a blanket ban on digital assets. This was a cause for concern among many stakeholders. However, these concerns were superseded by the pros that the country offered. For one, the country offers a set of comprehensive regulations among the increasing regulatory uncertainty in the US, the largest crypto market. In the recent collapse of banks in the US such as Silvergate and Signature, Hong Kong promptly stepped in to solve the fiat on ramp and liquidity challenges for crypto companies by offering partnerships with banks in its region.

United States Government bonds, or Treasurys, have a tremendous influence across all tradeable markets, including Bitcoin (BTC) and Ether (ETH). In that sense, risk calculation in finance is relative, so every loan, mortgage and even cryptocurrency derivatives depend on the cost of capital attributed to U.S. dollars.

The CEO of Hong Kong's Securities and Futures Commission (SFC), Julia Leung Fung-yee, addressed Hong Kong's embrace of Web3 regulation following the collapse of crypto exchange FTX last November, noting that crypto trading is an important part of the virtual asset ecosystem.

Experts have explained why Russia is reportedly becoming a crypto mining hotspot, as the nation claims its crypto mining hashrate is second only to that of the USA.

Chinese chemical producers are accepting cryptocurrency as payment for fentanyl ingredients they sell to drug organizations worldwide.

Stablecoin issuer Circle and venture capital firm Sequoia Capital were reportedly among the top 10 depositors at the collapsed crypto-friendly Silicon Valley Bank (SVB) in March.