A supposed Bitcoin (BTC) millionaire has been arrested in Hong Kong after “making it rain cash” on the streets, local English-language news outlet the Shanghaiist reported on Dec. 17. On Sunday, a swathe of 100-Hong Kong dollar bills were thrown off a roof in Sham Shui Po, one of the poorest Hong Kong neighborhoods. Wong Ching-kit, a local cryptocurrency enthusiast, purported Bitcoin millionaire, and entrepreneur who owns the Epoch Cryptocurrency website, is reportedly believed to be responsible for the stunt. In a video posted on Epoch’s Facebook page, he is seen asking “does anyone believe that money can fall from …

A Hong Kong Stock Exchange (HKEX) spokesperson has called Bitmain’s alleged hesitation around a purported initial public offering (IPO) “rumors,” in an email to Cointelegraph Dec. 17. When asked for verification and details on the crypto mining firm’s IPO status, the spokesperson responded that “HKEX does not comment on rumors.” Blockchain and crypto media had previously reported that the exchange was “hesitant” to host its IPO because of market conditions surrounding the overall crypto mining business. Anonymous sources have reportedly claimed that “the exchange is very hesitant to actually approve these Bitcoin (BTC) mining companies because the industry is so …

Private equity firm GSR Capital has contracted Overstock.com Inc.’s subsidiary tZERO Group Inc. to develop a smart contract token for a sale of cobalt, according to a press release published Dec. 17. tZERO and Hong Kong-based GRS Capital’s partnership is focused on developing an ecosystem in Asia for tokenized commodity purchase contracts that would purportedly improve the supply chain process of rare metals. Additionally, the parties are looking to launch a security token platform in the region, following compliance with relevant regulatory requirements. Per the release, the token will be used for a sale of cobalt, and is expected to …

New regulations for crypto-related companies, which Hong Kong’s Securities and Futures Commission (SFC) announced earlier , might prevent crypto entrepreneurs from entering the market. Expert comments on the situation were reported by business media Nikkei Asian Review on Monday, Dec. 17. Timothy Loh, owner of a local law firm, told Nikkei that some entrepreneurs might decide not to participate in the new framework in order to "maintain their current shares in the market." “The requirements of the SFC initiative may prove too burdensome for some operators,” he added. Other speakers cited by Nikkei believe that higher trading costs could discourage …

Chinese crypto investor Li Xiaolai will lead a stablecoin project within Hong Kong-based blockchain fund Grandshores Technology, according to an official document issued on Monday, Dec. 3. China’s Bitcoin (BTC) “tycoon” Li Xiaolai — who has a reported net worth of 7 billion yuan ($1 billion) — has been also appointed as an executive director and co-chief executive officer of Grandshores Technology starting from Monday, Dec. 3. Within the new position at the blockchain fund, Li Xiaolai will lead a number of initiatives including the launch of a stablecoin, establishment of a Directed Acyclic Graph (DAG)-based public database, development of …

German alternative investment fund manager Xolaris Service KVAG has launched a private equity fund dedicated to Bitcoin mining, the company confirmed in a press release Nov. 29. Xolaris, which has undertaken various expansion measures including the opening of a Hong Kong office in July, says client demand to access the sector continues despite the downturn in Bitcoin (BTC) prices. The fund will feature a minimum investment entry of €250,000 ($285,000), with a planned issue volume of between €30 million and €50 million ($34 million - $57 million). “We’ve constantly received requests from professional investors to release a regulated product for …

Cryptocurrency mining equipment producer Canaan’s Initial Public Offering (IPO) application has lapsed, Reuters reported Nov. 15. The offering was set to take place on the Hong Kong Stock Exchange (HKEX). Founded in 2013 in China, Canaan manufactures application-specific integrated circuits (ASICs) for digital currency mining. Canaan is the world’s second largest cryptocurrency hardware maker, collecting a revenue of 1.3 billion yuan ($187 million) in 2017. The company’s profit in the same year was 361 million yuan ($52 million), which is a 230 times increase from 2015, per business news outlet Quartz. Canaan revealed its IPO plans in May, claiming to …

The “Guangdong, Hong Kong and Macao Dawan District Blockchain Alliance” has been established to promote synergy and innovation and jointly promote the development of the blockchain technology, China News, the official state-run press agency, reported Nov. 9. The newly established alliance — initiated by the Guangzhou City Blockchain Industry Association, the Hong Kong Blockchain Industry Association, and the Macau University Innovation Center — involves 54 different companies and covers blockchain technology in such areas as funds, finances, and trading. The headquarter of the coalition will be located in Guangzhou Development Zone, one of the first national economic development zones in …

Japan’s Shinsei Bank has signed a Memorandum of Understanding (MoU) with blockchain startup ConsenSys to widen its exploration of the technology’s applications for finance, Cointelegraph Japan reports Nov. 8. According to an English-language press release published the same date, the MoU entails a business alliance between Shinsei Bank, Hong Kong-based restricted license bank Nippon Wealth, Singaporean private equity fund Tribay Capital, and ConsenSys. The latter was founded in 2014 by Ethereum (ETH) co-founder Joseph Lubin, and is currently headquartered in New York. The alliance between the four entities will focus on exploring the use of ConsenSys’ decentralized applications (DApps) to …

BTCC Pool, the mining operation of Hong Kong-based cryptocurrency exchange BTCC, will close “indefinitely” at the end of this month, a statement from the firm confirmed Nov. 6. BTCC Pool, which began mining activities in 2014, is shutting down due to unknown “business adjustments,” the company wrote, without giving details about the circumstances that led to the decision. Today’s statement reads: “Today, we regret to announce that due to business adjustments, the BTCC pool will shut down all mining servers on November 15 and will cease operations indefinitely from November 30.” Concluding its outlook for the market, BTCC nonetheless expressed …

A new blockchain trade finance platform developed by a dozen banks, among them HSBC, BNP Paribas, and Standard Chartered, launched this week in Hong Kong, Reuters reported Oct. 31. The platform, dubbed eTrade Connect, aims to improve efficiency in the financing of international trade by reducing the time needed to approve trade loan applications from thirty-six to just four hours. HSBC is reported to have earned $2.52 billion in trade-finance revenue in 2017, making it one of the global banking leaders in the industry. As of 2017, trade finance transactions were worth over $9 trillion, and the industry remains heavily …

Hong Kong's securities regulator issued a statement setting out guidelines for funds dealing with cryptocurrency Thursday, Nov. 1, saying it could move to formally regulate exchanges. In what it called “guidance on regulatory standards,” the autonomous Chinese territory’s Securities and Futures Commission (SFC) set in motion a series of steps that chief Ashley Alder hinted would culminate in a formal regulatory environment. Hong Kong differs significantly in its approach to cryptocurrency from mainland China, with cryptoasset exchange and related activities legal, though formal regulation is pending. “The market for virtual assets is still very young and trading rules may not …