Losses from crypto scams in Hong Kong amounted to 1.7 billion Hong Kong dollars ($216.6 million) last year, surging 106% from a year before, according to the local police.

Major business players are joining the Hong Kong-Mainland China “cross-border” digital yuan pilot – including the e-commerce giant JD.com and the Bank of China.

Losses from crypto scams in Hong Kong amounted to 1.7 billion Hong Kong dollars ($216.6 million) last year, surging 106% from a year before, according to the local police.

Hong Kong police received 67% more scam reports related to cryptocurrencies in 2022, as the city looked to regain its status as a crypto hub, according to a report by South China Morning Post (SCMP) on Tuesday.

Financial losses from cryptocurrency-related scams doubled to more than HK$1.7 billion (US$216.6 million) in Hong Kong last year, as the number of victims tricked into funnelling digital assets to online swindlers jumped 67 per cent.

Japan has taken a major step forward when it comes to stablecoins, with several notable banks testing stablecoin usage on Ethereum-compatible blockchains.

Shenzhen city, China’s southeastern metropolis that connects the mainland to Hong Kong, has started to issue digital yuan hard wallets to Hong Kong tourists but demand has so far failed to meet expectations.

Justin Sun, founder of the Tron blockchain and the man who runs the Huobi crypto exchange, is ready for that change. He said in a tweet Monday that Huobi would apply for a virtual asset service provider (VASP) license in Hong Kong under new requirements to operate that go into effect in June. If approved, the exchange would then launch Huobi Hong Kong.

Justin Sun says he is “100% confident” that Hong Kong’s Securities and Futures Commission (SFC) will grant Huobi a Virtual Asset Service Provider (VASP) license.

Justin Sun says he is “100% confident” that Hong Kong’s Securities and Futures Commission (SFC) will grant Huobi a Virtual Asset Service Provider (VASP) license.