Softbank-backed Chinese fintech OneConnect has filed for an Initial Public Offering (IPO) with the United States Securities and Exchange Commission (SEC). As Bloomberg reported on Nov. 13, OneConnect is the blockchain- and AI-focused fintech arm of Chinese insurance giant Ping An. Seeks $100 million and Nasdaq listing The report claims that the filing seeks to raise $100 million, eyeing listing on the Nasdaq Global Market or New York Stock Exchange, if approved. Morgan Stanley, Goldman Sachs, JPMorgan Chase and Ping An Securities Group Holdings are leading the offering. OneConnect had previously sought a Hong Kong IPO with a target of …

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Russia: New law would let police confiscate Bitcoin from 2021 We begin in Russia, where the government is pursuing a seemingly impossible law that would allow it to confiscate Bitcoin (BTC). Reports suggest that the plans, which target “digital assets,” could become law in 2021. Nikita Kulikov, the head of a dedicated committee to the …

The Hong Kong Monetary Authority (HKMA) has revealed it is conducting research into applications for a central bank digital currency (CBDC). Ejinsight reported on the news — announced during the Hong Kong Fintech Week — on Nov. 7. HKMA reportedly aims to release a major report on its findings in Q1 2020. Collaboration with the People’s Bank of China HKMA had also just revealed it had signed a blockchain collaboration with a subsidiary of the Institute of Digital Currency at the People’s Bank of China (PBoC) — an institution which many expect will be the first globally to launch a …

Hong Kong-based Bitcoin (BTC) spot and derivatives exchange Atom Group has launched amid a tightening of the region’s crypto-regulatory regime. As the South China Morning Post (SCMP) reported on Nov. 7, the Atom Asset Exchange (AAX) uses the Millenium Exchange matching engine developed by the London Stock Exchange and promises prospective clients lower trade latency and trade data transparency. SFC brings security tokens and crypto futures under its remit AAX’s launch comes just one day after Hong Kong’s securities regulator, the Securities and Futures Commission (SFC), released new guidance for domestic cryptocurrency exchanges. The watchdog has indicated that cryptocurrency trading …

Blockchain has received fresh endorsement from China in the form of a development pact with the de facto central bank of Hong Kong. In a news post on Nov. 6, the Hong Kong Monetary Authority (HKMA) confirmed it had signed a Memorandum of Understanding (MoU) with a subsidiary of the People’s Bank of China (PBoC). Central banks want “more convenient trade finance” The deal aims to create a Proof-of-Concept for a trade finance platform from Q1 2020, linking two existing projects: the HKMA’s eTradeConnect and the PBoC’s Trade Finance Platform. The two central banks will be represented by subsidiaries of …

Today, Hong Kong’s financial regulator — the Securities and Futures Commission (SFC) — has published a new set of regulations for Bitcoin (BTC) and cryptocurrency exchanges. The initial announcement, reported by Reuters, was made by Chief Executive Ashley Alder at a local fintech event on Nov. 6. Regulatory clarity for crypto exchanges The new requirements detail how exchanges much approach custody and compliance, particularly with regards to Know Your Customer (KYC) and Anti-Money Laundering rules. Specifically: “A platform operator should comply with the KYC requirements which are applicable to a licensed corporation. It should take all reasonable steps to establish …

One year after launching a trailblazing licensing scheme for cryptocurrency fund managers, Hong Kong’s securities regulator has issued few and far between. According to a Reuters report on Nov. 5, the licenses introduced by Hong Kong’s Securities and Futures Commission (SFC) in October 2018 have apparently led to few approvals, with reporters succeeding to independently identify just one licensee. Crypto funds said to lack experience and support While confirming the numbers remains difficult in light of the SFC’s policy of discretion — it declined Reuters’ request for comment and does not publicly announce license approvals — industry experts have indicated …

A now-viral post by a Chinese cryptocurrency trader has highlighted the stark drop in the price of American sneaker-backed tokens in the wake of the fallout between the NBA and China. As Reuters reports on Oct. 16, the anonymous trader’s Weibo post from earlier this month had shone a spotlight on an apparent 10% crash in the price of crypto tokens backed by Nike’s Air Jordan sneakers on a United States-based exchange. “It’s clear sneaker speculators were pulling money out of the market,” the trader told Reuters. He interpreted the market response in the context of Chinese netizens’ anger over …

Up until early 2018, major cryptocurrency markets the likes of South Korea and Japan demonstrated high premiums for Bitcoin. At the 2017 peak, when the Bitcoin price was trading at around $20,000 in the U.S. spot market, Bitcoin was being traded in South Korea’s cryptocurrency exchange market for around 26,000,000 Korean won, equivalent to about $22,000. This difference is now known as the Kimchi premium. Since then, starting with the introduction of various regulatory frameworks by South Korea to reduce regional premiums that included the prohibition of trading cryptocurrencies with foreigners in the local market, premiums in major markets have …

Bitcoin’s (BTC) use as a protector of wealth is coming to the fore in Hong Kong as trading volumes spike and businesses iron out problems with acceptance. Trading record underscores Bitcoin’s “non-seizability” As multiple commentators including Morgan Creek Digital co-founder Anthony Pompliano noted this week, Bitcoin is a genuine solution for Hong Kong residents worried about monetary sovereignty. “When you’re worried about your assets being seized or becoming inaccessible to you, Bitcoin’s non-seizability becomes very attractive. This aspect of Bitcoin just became important for 1+ billion people in India & Hong Kong,” he tweeted on Oct. 6. Pompliano was writing …

Hong Kong-based digital financial services startup Diginex has become the first firm in Asia to join the Blockchain Alliance led by the law firm Steptoe & Johnson. Over 100 members in 19 countries Diginex — which previously announced a reverse merger that will make it the “first fully-diversified blockchain player on Nasdaq” — has officially joined the Blockchain Alliance, a public-private forum of firms and organizations promoting the secure development of blockchain, the firm announced Oct. 9. Co-founded in 2015 by the Chamber of Digital Commerce and Coin Center and led by international law firm Steptoe & Johnson, the alliance …

Hong Kong's securities regulator, the Securities and Futures Commission (SFC), has officially released regulations for crypto fund managers. The SFC published the regulatory circular on its website on Oct. 4. In the 37-page document titled “Proforma Terms and Conditions for Licensed Corporations which Manage Portfolios that Invest in Virtual Assets,” the SFC provided terms and conditions for corporations managing portfolios that invest in virtual assets. Organization and management structure According to the document, virtual asset fund managers in Hong Kong should always maintain liquid capital of a minimum of 3 million Hong Kong dollars ($383,000) and its variable required liquid …