Paul Chan News

Hong Kong will cut thousands of civil service jobs and boost spending in artificial intelligence as it seeks to tackle an increasing deficit

Hong Kong has introduced the new Capital Investment Entrant Scheme which opened for applicants on March 1. To qualify, an applicant needs to invest at least HK$30 million in permissible assets. Successful applicants can bring dependents (including spouse and unmarried children under 18) to Hong Kong and typically receive permission to stay for two years. After this initial period, they can apply for a three-year extension and subsequently request further extensions. After residing continuously in Hong Kong for at least seven years, they can apply for permanent residency as per Hong Kong law. Following the announcement of the revised «Capital Investment Entrant Scheme» by Financial Secretary Paul Chan in the government's «Budget» in February 2023, Hong Kong Immigration Limited has fielded over 1,600 inquiries regarding the scheme by December's end. This indicates significant public interest in the Capital Investment Entrant Scheme (CIES).

Hong Kong’s government is lifting some curbs on property deals after home prices fell to a seven-year low

By Clare Jim and James Pomfret

Asian cryptocurrency exchange HashKey is set to start offering Bitcoin and Ether crypto trading services to retail customers in Hong Kong starting on August 28, according to a local media report. Investors will only be allowed to invest up to 30% of their net worth into cryptocurrencies when using the platform

According to a July 4 announcement, BitgetX, the Hong Kong subsidiary of cryptocurrency exchange Bitget, has joined the Hong Kong Virtual Asset Consortium (HKVAC), which provides ratings services and indices to cryptocurrencies. 

Hong Kong has taken another major step towards becoming a leading hub for cryptocurrency and blockchain technology. 

With its progressive stance on cryptocurrencies, Hong Kong's legislator invites Coinbase and other crypto exchanges to establish operations in the region, fostering a favorable environment for the industry's growth.

Hong Kong — officially the Hong Kong Special Administrative Region of the People’s Republic of China — is a city of over seven million residents on the eastern Pearl River Delta in South China. The city is known for being pro-innovation and technology, and over the past year, it has introduced legislation to promote and adopt cryptocurrencies.

Hong Kong’s push to become a crypto hub has opened an opportunity for not just crypto companies but many state-affiliated banks in China as well. The Chinese banks have shown interest in building partnerships and onboarding regulated crypto companies in Hong Kong, despite a blanket bank on crypto-related activities in mainland China.

The city of Hong Kong is continuing its push for Web3 and crypto adoption, despite volatility in the market and regulatory crackdowns elsewhere, Hong Kong’s Financial Secretary Paul Chan has confirmed.

Cryptocurrency exchange Gate.io is gearing up to launch a presence in Hong Kong following the local government's planned $6.4 million (50 million Hong Kong dollar) cash injection into Web3 as per the city’s 2023-24 budget.

The Government of the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR Government) announced on Feb 16 that it had issued HK$800 million in tokenized green bonds, under the Government's Green Bond Program (GBP). The bonds were underwritten by four banks and priced at a yield of 4.05%.

Bitcoin's price has soared toward $24,500 and many are wondering how far it can go. At the same time, Ethereum's value has been increasing, albeit at a slower pace than Bitcoin's. In this article, we'll look at how both cryptocurrencies are doing now and try to predict how they might do in the future.

Interactive Brokers, a global brokerage firm with headquarters in the United States, announced the launch of its crypto trading services for institutional clients in Hong Kong on Feb. 14. The crypto trading services were launched in association with OSL Digital Securities, a Securities and Futures Commission-licensed digital asset brokerage and trading platform for professional investors.

Singapore state-owned megabank DBS Group is planning to expand its cryptocurrency services to Hong Kong as the Chinese territory pushes to become a digital asset hub.

Hong Kong’s financial regulator is expected to create a dedicated whitelist of tokens that retail users will be allowed to trade.

The new licensing program, scheduled to take off in June, will restrict retail traders in Hong Kong to “highly-liquid” digital assets, according to the new CEO of Hong Kong’s Securities and Futures Commission (SFC), Julia Leung Fung-yee.

The government of Hong Kong remains committed to the development of cryptocurrency infrastructure despite the ongoing industry crisis triggered by the FTX collapse.

Paul Chan, Hong Kong's Financial Secretary, said that, despite the ongoing market downturn, the city would continue to work toward becoming a major crypto hub, attracting businesses from across the world.

The abrupt collapse of major crypto exchange FTX has shaken the cryptocurrency markets across the world, but it wil not hamper Hong Kong’s plans of establishing itself as a crypto hub, according to the city’s Financial Secretary Paul Chan.