Altcoin News by Thebittimes.Com

International broker Interactive Brokers has partnered with OSL to offer retail customers crypto trading in Hong Kong. American trading giant Interactive Brokers has become the first securities broker in Hong Kong to be approved to allow retail customers to trade crypto. In an effort to expand its services in the city the brokerage giant selected OSL, Hong Kong’s public cryptocurrency company, to trade Bitcoin (BTC) and Ethereum (ETH), according to a blog announcement published by OSL on Nov. 28 2023. Under the partnership agreement, Interactive Brokers’ retail investors in Hong Kong now have access to crypto trading “through a single unified platform powered by OSL.” “This expansion with Interactive Brokers is a testament to our enduring commitment to lead the regulated evolution of the digital asset market.” OSL CEO Hugh Madden You might also like: Hong Kong police investigates Hounax exchange for alleged rug pull David Friedland...

Harvest Global Investments partners with Meta Lab HK to launch a tokenized U.S. dollar bond fund on Nov. 23. According to a Nov. 22 post on X, Harvest Global Investments (HGI), an investment firm under Harvest Fund Management, collaborated with Meta Lab HK, a company backed by Harvest Digital Assets. Together, they will tokenize a fund under its management on Nov. 23. As part of the announcement, Meta Lab HK shares the fund will target professional investors and focus primarily on investments in U.S. dollar bonds with an investment-grade rating. Harvest Global Investments to Launch Asia's First Tokenized Fund   On November 23, 2023, Harvest Global Investments (HGI) is collaborating with Meta Lab HK to tokenize a fund under its management, and the notification to city’s securities regulator has been completed. — Meta Lab (@MetaLabHK) November 23, 2023 The notification to Hong Kong’s securities regulator was completed. You might also like: Wintermute Asia compl...

The Hong Kong Monetary Authority (HKMA) is taking a decisive stance against cryptocurrency-related companies that falsely present themselves as banks. Hong Kong cracks down on crypto businesses The HKMA has issued a stern warning to crypto currency-related firms that are misrepresenting themselves as banks or describing their products as deposits. According to HKMA, this action is seen as a contravention of the Banking Ordinance. HKMA has noticed some crypto businesses using terms like “ crypto bank,” “ crypto asset bank,” “digital asset bank,” “digital bank,” or “digital trading bank.” They also claim to offer “banking services” or “banking accounts”. Some even use the term “deposits” for funds placed with them by clients and promote “savings plans” as “low-risk” with “high returns.” The regulator reckons such descriptions can mislead the public ...

The securitized tokens are governed by Hong Kong and Swiss law. On June 12, Bank of China's investment bank subsidiary BOCI announced the issuance of 200 million Chinese Yuan ($28 million) worth of digital structured notes minted on the Ethereum blockchain . The move makes the BOCI the first Chinese financial institution to issue a tokenized security in Hong Kong. Investment banking company UBS helped originate the product for placement to its client in the Asia-Pacific region. Ying Wang, the deputy CEO of BOCI, commented: "Working together with UBS, we are driving the simplification of digital asset markets and products, for customers in Asia Pacific through the development of blockchain-based digital structured products, designed specifically for customers in Asia Pacific." Simultaneous to the development, UBS has been expanding its tokenization across structured products, fixed income, and repo financing. The firm issue d a $50 million tokenized fixed rate note ...

The daily trading volume of all Hong Kong crypto exchange-traded funds averaged about $1.19 million between December and early February. According to a report published by the Hong Kong Stock Exchange (HKSE), two Bitcoin (BTC) exchange-traded funds (ETF) and an Ethereum (ETH) ETF listed on HKSE averaged 9.30 million Hong Kong dollars ($1.19 million) in daily trading volume from Dec. 16, 2022, to Feb. 7, 2023. As the first region in Asia to provide such access to crypto ETF products, Hong Kong exchange operators praised regulator clarity for its role in "seizing opportunities in virtual asset development." However, the numbers appear somewhat lukewarm when viewed in a global context. On Apr. 17, Cointelegraph reported that Bitcoin and Ether futures and options listed on the United States-based CME Group surpassed $3 billion in daily average notional value. Similarly, the ProShares Bitcoin Strategy ETF listed on NYSE Arca has an average daily volume of approximately $196 ...

Time and again, throughout the bear market, the crypto-verse has pointed out that adoption did not take a back seat. Developments pertaining to crypto projects were taking place in full swing. Global crypto adoption followed suit. As Bitcoin [BTC] witnessed a slight recovery Hong Kong opened the doors to its very first BTC exchange-traded funds [ETF]. A recent report revealed that two ETFs that track U.S.-listed crypto futures have managed to veer into Hong Kong . These ETFs are reportedly managed by CSOP Asset Management. This platform has been seeking approval to list ETFs that invest in Bitcoin and Ether [ETH] futures traded on the Chicago Mercantile Exchange [CME]. After raising $73.6 million, these ETFs are expected to make their debut on the Hong Kong stock exchange on Friday. This is would be the region’s very first Securities and Futures Commission [SFC] permitted crypto ETF. Each ETF will trade for HK$780 each on the Hong Kong Exchanges & Clearing [HKEX]. Y...