June 5, 2023 By Murtuza Merchant In a groundbreaking development, Hong Kong has officially announced the opening of its crypto markets to retail traders, marking a significant shift in the Chinese crypto narrative.  Effective from June 1, 2023, this move comes after China’s previous ban on crypto trading and signifies a new chapter for the […]

June 5, 2023 By Sharan Kaur Phillora Chinese police have reportedly arrested and detained some employees of Trust Reserve, the company behind the yuan-backed CNHC stablecoin. According to a report from local media PANews, the Trust Reserve’s core team was apprehended at noon on May 29, and their family members have been notified. Here’s what we

June 5, 2023 By Tsering Namgyal Beijing has released the country’s first national standards for blockchain technology, setting the stage for a rapid growth in the sector, Global Times reported citing local news reports. China’s Ministry of Industry and Information Technology (MIIT) has announced the blockchain guidelines that “offers a basic and universal standard to guide

June 2, 2023 By Sharan Kaur Phillora Hong Kong-based qualified custodian and trust company First Digital is introducing a new stablecoin that will be pegged to the U.S. dollar but regulated in Asia. Here’s what we know: Dubbed “First Digital USD,” or FDUSD, the coin is intended to be backed on a one-to-one basis by

June 2, 2023 By Murtuza Merchant Adapting to change is the essence of evolution. Initially, NFTs were experimental digital art pieces targeting a small group of early collectors exploring uncharted territory. However, within a few months, the NFT landscape has undergone a significant transformation, with one of the most notable changes being the evolution of

June 2, 2023 By Joe Pan China state television reported on the news of a virtual asset consultation circular by the Hong Kong Securities and Futures Commission (SFC) on the same day as the much-anticipated report that set the legislative framework for virtual asset service providers. The SFC released the “Consultation Conclusions” on May 23,

June 1, 2023 By Murtuza Merchant Renowned for its non-custodial hardware wallets, Ledger has recently stirred controversy with its “Ledger Recover” proposal, a plan designed to aid users in retrieving a misplaced seed phrase.  Yet, the community response has been overwhelmingly negative, and the fallout could bring significant damage to Ledger’s reputation and undermine trust

June 1, 2023 By Sharan Kaur Phillora Renowned American cereal producer Kellogg’s appears to be stepping into the non-fungible tokens (NFTs) arena, as indicated by the company’s recent filing of twelve trademarks related to its famous brands. Here’s what we know: This submission, lodged with the US Patent and Trademark Office (USPTO) on May 24, 2023,

June 1, 2023 By Anjali Kochhar Ashley Crossland, a graphic designer from Cardigan, Ceredigion, has achieved unprecedented success as one of Wales’ most commercially thriving artists. His collection of 7,200 digital artworks, sold as non-fungible tokens (NFTs), fetched an astounding sum of nearly £500,000. NFTs, acting as certificates of ownership, serve to safeguard copyright, according

May 31, 2023 By Tsering Namgyal Two separate industry groups catering to the Web3 and virtual asset industry has been formed in Hong Kong as the city plans to catapult itself into a Web3 hub with the rollout of the new crypto asset licensing regime this week. Hong Kong Licensed Virtual Assets Association (HKVLAA) and