Crypto wants Hong Kong 🇭🇰 stew 🍲👩🍳
Is crypto making its move to the East? Hong Kong rolls out the red carpet. What about Singapore, Portugal, UAE...? Is Justin Sun the Willy Wonka of the crypto factory? Euler hacker wants a truce.
Hello y'all. This is The Token Dispatch. Today, we don't talk about them banks. We've had enough. We want to take the next flight to the world's happiest country. And you folks, show us some love on telegram, eh? 🤟
It's been a wild ride for cryptos. We know. You know. Everybody knows. The events in the US have been nothing less than watershed moment for the industry. The big question - Is crypto moving outside US? 🇺🇸 ✈️
Hong Kong has been preparing for this. To become the crypto hub of the world. We are not saying it, the Secretary for Financial Services and the Treasury, Christian Hui is saying so.
Hong Kong is well-positioned to be a leading hub for Web3 in Asia and beyond, and we attach great importance to virtual assets and Web3. Invest Hong Kong has received expressions of interest from over 80 virtual asset-related Mainland and foreign companies building the Web3 ecosystem.
So what is all the noise all about? Here's how Hong Kong is cooking its stew
💸 During the city's annual FinTech Week in November, Hong Kong announced its plans to become a virtual asset hub once again. The Security and Futures Commission (SFC) has proposed new rules for crypto.
Crypto firms will need to apply for a special license from the SFC.
Exchanges might soon be able to offer crypto trading services to retail investors.
💰 Hong Kong has budgeted HK$50 million (~$6.4 Million) for crypto asset development, including education efforts for individuals and businesses.
🌞According to Finance Secretary Paul Chan, web3 is a "golden opportunity" for Hong Kong. And to further explore the potential of crypto asset integration, a task force composed of policy and industry representatives has been launched.
🌏 One Country, Two Systems: Yes, we are talking about China. Nothing happens in Hong Kong without China's approval. But China seems to be fully onboard with Hong Kong's crypto moves, and apparently, Chinese officials are mingling at crypto events in Hong Kong.
💳 But wait, the adoption of China's digital yuan project, e-CNY, has been slow among Hong Kong citizens. Only 625 residents obtained hard wallets for the CBDC in the first four days of availability, despite a 20% discount on purchases from 1,400 local vendors. Cumulative e-CNY transactions only crossed $14 Billion in October 2022, two years after the CBDC's introduction.
🕵️♀️ All this while cryptocurrency-linked scams made up more than half of the HK $3.2 Billion lost in technology crimes last year. There were 2,336 cryptocurrency-related scams reported in Hong Kong in 2022, a 67% rise from the previous year.
Will crypto firms answer Hong Kong's call for Web3 leadership?
Why not sponsor us, eh?
Crypto calling … anyone?
It's not just Hong Kong, there are other countries in the race …
El Salvador 🇸🇻
Bitcoin as legal tender
$150 Million trust fund for Bitcoin 🔀 US dollars
Chivo wallet in 2021
A network of crypto ATMs
The Digital Asset Issuance Law
Been nice to crypto startups
Used blockchain in public services, healthcare, and supply chain management
The Blockchain Panorama platform
Leader in blockchain adoption
Invested heavily in blockchain research and development
hotspot for ICOs
Dubai International Financial Centre's (DIFC) regulations
Abu Dhabi Global Market's (ADGM) crypto asset regulatory framework.
Launched a digital currency project in 2021
Passed three laws providing a regulatory framework
Have blockchain and AI in their commercial guide prospect and framework
TTD What we following🚶
Double digits for Arbitrum? Binance has announced that it will list Arbitrum (ARB) and there ain't stopping them predictions. Some think it'll be $10, while others are thinking more like $0.50 to $2 and some think it could go all the way up to $15. There are some people who are being more cautious and saying it might start at $2.5 or $1, Like OlimpioCrypto and Ponz.
TTD Blockquote 🔊
With love, the hacker (remember?)
“We want to make this easy on all those affected. No intention of keeping what is not ours”
Hacker behind the $196.9 million attack on DeFi platform Euler Finance has sent a message offering to begin a dialogue after the platform issued an on-chain ultimatum demanding the return of the funds. Not before he returned a man's life savings, give some dosh back to Euler, and send 100 ETH to red-flagged North Korean address.
Gotta love how them hackers roll, eh?
TTD What can we say?
Banks are collapsing, people are looking for alternatives … are we in need of Web3 banks? Yes. Tron founder Justin Sun offered to buy Credit Suisse for $1.5 billion. Albeit unsuccessfully. UBS pocketed that deal for $3 Billion. Well tried though.
JUST-IN-SUN … Willy Wonka of the crypto factory
Yeah, he offered $5 Billion to revive the crypto industry before. He is always up for a deal, with a big, fat wallet. But a bank? For what?
Pave the way for a more innovative and decentralised financial system.
Create a new standard for financial innovation that benefits everyone.
Leverage the country's progressive policies and position Web3 as a leader in financial innovation.
Sure, Sun. Sure. We've got your number.
TTD Surfer 🏄
Sony has filed a patent for NFTs in its games and consoles, exploring a framework for using NFTs cross-generationally and cross-platform.
Trust Wallet is teaming up with Coinpanda, Koinly, and CoinTracker to provide you with some juicy insights reports for free.
Big banks like JPMorgan, HSBC, and Deutsche Bank are still welcoming crypto clients. Why wouldn't they?
FTX was trying to secure a meeting with the FDIC chairman before its collapse. Didn't work out, down it went ... we choose peace.
Taiwan's Financial Supervisory Commission (FSC) will regulate the local crypto industry, but not NFTs.
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So long. OKAY? ✋
The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.
there will always be safer heavens for crypto beyond the west. east looks primmed to take this on ...
the events is the us will shape the next run of the crypto industry. suspect the eastern world will have a big role to play.