On September 23, the Hong Kong Monetary Authority (HKMA) officially announced the launch of the second phase of the “e-HKD” pilot program, further exploring innovative use cases of the digital currency for individuals and businesses.
The trial from the first phase indicated that “e-HKD” could provide unique value to Hong Kong’s existing payment ecosystem in three areas: programmability, tokenization, and real-time settlement. “e-HKD” has the potential to facilitate faster, more cost-effective, and inclusive transactions while fostering new types of economic activities.
In its statement, the HKMA mentioned that the project has been renamed from the “e-HKD Plan” to the “e-HKD+ Plan.” The second phase of the “e-HKD” pilot will conduct a more comprehensive exploration of the digital currency ecosystem.
The second phase aims to explore innovative use cases for the e-HKD and tokenized deposits around three main themes: tokenized asset settlement, programmability, and offline payments. The HKMA has selected 11 companies from various industries to participate, including the Bank of China, Hang Seng Bank, HSBC, #AptosLabs , and Visa. Over the next 12 months, the HKMA will work closely with these companies, with plans to share the key outcomes of the second phase with the public by the end of 2025.

The findings from the second phase will help the HKMA understand the practical issues that may arise in designing, implementing, and operating a public-private coexisting digital currency ecosystem. The “e-HKD+” project will continue to advance related technological and legal foundations, laying the groundwork for the potential future issuance of “e-HKD” for personal and corporate use.
Additionally, according to the HKMA, an “e-HKD” industry forum will be established to provide participating institutions with a collaborative platform to discuss common issues and explore whether new digital currencies can be implemented and applied on a larger scale.

#cbdc #HongKong

The first company in #HongKong to obtain preliminary approval to run a platform for trading security tokens is #Signum Digital.

The security token offering and subscription platform for Signum Digital, a partnership between the digital asset consulting firm Coinstreet Holdings and the Hong Kong financial organization Somerley Capital Holdings (Somerley Capital Holdings), revealed on March 17 that it had acquired Hong Kong securities and received Futures Commission approval in principle.

Signum Digital aims to offer professional investors a platform for security tokens that are traded on the blockchain and linked to various asset classes like private equity, real estate, art, and collectibles. Under the condition that Signum receives final approval from the Hong Kong Securities and Futures Commission, it will use the name "CS-Pro" to run the platform. The platform will be the first of its kind in Hong Kong, claims Signum.

The #SFC released draft rules for trading virtual assets last month, requiring #cryptocurrency exchanges to apply for licenses so that beginning in June, ordinary investors could trade specific high-capitalization tokens.

Presently, only professional investors with at least HK$8 million (about US$1 million) in assets that have been proven can trade virtual assets in the region. Major cryptocurrency exchange Huobi Global also said last month that it is applying for a Hong Kong operating license and may move its headquarters there from Singapore.

#HongKong Kong is reportedly making efforts to position itself as a global hub for Bitcoin and other cryptocurrency-related businesses by facilitating banking and financing services for these firms. According to Bloomberg, this move is aimed at attracting more cryptocurrency businesses to set up operations in Hong Kong and drive economic growth in the region. By offering regulatory clarity and a favorable business environment, Hong Kong hopes to attract more investment in the cryptocurrency industry and establish itself as a leading hub for crypto businesses. This development is likely to be seen as positive news by the cryptocurrency community, as it signals a growing acceptance and integration of cryptocurrencies into the traditional financial system.

#BTC #crypto2023 #BNB #bicasso