Hong Kong authorities are looking for new designs for a central bank digital currency (CBDC), now proposing to issue a CBDC in the form of a stablecoin backed by the government.

The Hong Kong Police Force said it received 1,503 online investment scam complaints over the first 10 months of 2022, 70% of which were related to cryptocurrencies, public broadcaster RTHK reported on Tuesday, citing a police press release. 

Dr. Ming Wu, co-founder of Conflux Network, was invited to Hong Kong to speak with various government and private organizations about the digital economy, innovation and technology, and has reached an initial strategic cooperation intention.

Dr. Ming Wu, Co-Founder of Conflux Network  was invited by the Hong Kong Government to discuss the rise of tech innovation through Web3 and how the Conflux Network could play a foundational role in these developments. During the visit, Dr. Ming Wu had an in-depth discussion with the heads and reception staff of various institutions under the new “Policy Declaration on the Development of Hong Kong Virtual Assets” officially released in October. 

The Hong Kong Monetary Authority has published a study indicating stablecoins not only transmit but also magnify crypto volatility effects on traditional financial markets.

Hong Kong’s commercial crime investigation bureau on Friday arrested two local men for suspected involvement in digital asset fraud on Atom Asset Exchange (AAX), according to a police press conference.

A start-up accelerator co-founded by Legislative Council of Hong Kong member Johnny Ng Kit-chong is looking to help 1,000 web3 startups set up shop in the city within the next three years.

A start-up accelerator co-founded by Hong Kong legislative council member Jonny Ng Kit-Chong wants to attract 1,000 Web3 businesses to set up shop in the city-state over the next three years. Ng Kit-Chong is a member of the legislative council for the election committee constituency and has been in office since January this year. The engineer and politician has his finger in a lot of pots as he has declared owning shares in roughly 40 different companies. (Cointelegraph)

Gate Group said it discussed Hong Kong’s recent policy statement on virtual assets in a closed-door meeting with the Financial Services and Treasury Bureau (FSTB), the Securities and Futures Commission (SFC) and Invest Hong Kong, according to a company statement.

Hong Kong’s first crypto-based exchange-traded funds (ETFs) have attracted over $73 million ahead of their debut on the region’s stock exchange. The launch of the two ETFs tracking cryptocurrency futures listed in the United States comes despite the industry’s current troubles.