Boyaa Interactive International Limited, a Chinese listed company, announced on Friday (August 11) that its board of directors approved a budget of US$5 million for the group to purchase cryptocurrencies, mainly Bitcoin and Ethereum, on regulated and licensed trading platforms within the next year. The company stressed that this move is in the interests of the group and shareholders.

Boyaa Interactive also revealed that the source of this funding is the cash reserves generated by the group's operations in Hong Kong and overseas, and the company will strictly abide by the cryptocurrency-related control policies of relevant jurisdictions.

“Regarding the purchase of cryptocurrencies, the group will exercise its discretion based on market conditions,” the company statement said.

In addition, the Group also released its profit forecast, predicting a year-on-year increase of about 130-140% in profit and an increase of about 1-5% in revenue in the first half of the year. Excluding the impact of non-operating one-off factors such as the fair value changes of financial assets such as equity investment partnerships and the impairment of the total frozen amount in the first half of 2022, the Group's profit is expected to increase by about 30-40% year-on-year, mainly due to an increase in revenue and interest income compared to the same period in 2022.

In addition to actions taken by listed companies, Hong Kong has also created favorable space for Bitcoin in the education and banking industries.

The "Metaverse + Joint Laboratory" jointly established by the Hong Kong Polytechnic University and Gaosheng Group has been launched. Gaosheng Group plans to donate 10 million yuan to PolyU in the next five years to support the development and operation of the joint laboratory. The research directions of the joint laboratory include promoting Metaverse technology to corporate collaboration, industrial applications, environmental protection and smart cities, energy management and sustainable supply chain systems.

In 2022, CoinDesk released the 2022 Best Blockchain Universities List, with the Hong Kong Polytechnic University ranking first. In addition, the Hong Kong Polytechnic University also offers a major in "Metaverse Technology" and awards a Master of Science degree.

In the banking industry, as the Hong Kong Monetary Authority called on local banks not to block applications from crypto companies as long as they comply with regulations, banks also responded quickly.

In response to "Hong Kong hopes to expand the virtual asset industry and build a good ecosystem in Hong Kong, but there are reports that technology companies face difficulties in opening bank accounts", HSBC Hong Kong Chief Executive Officer Carol Lam said on Tuesday that misunderstandings in communication between operators and banks cannot be ruled out, and the HKMA and the SFC have set out a clear framework. If certain conditions are met, a license can be obtained, and if you can pass HSBC's Know Your Customer (KYC) and Anti-Money Laundering (AML) reviews, you can naturally open an account with the bank.

“As for complaints in the market, we should check with the operators to see whether they comply with the regulatory framework,” she added.

Although Hong Kong has embraced the crypto market again, the supervision and enforcement of regulations are more rigorous than before 2019. The Hong Kong Securities and Futures Commission issued a document earlier this week stating that it has observed that some unlicensed virtual asset trading platforms use improper business practices, and that conducting unlicensed activities in Hong Kong is a "criminal offense."

The authorities said that some unlicensed virtual asset trading platforms set up new entities to provide virtual asset services in Hong Kong in anticipation of the transitional arrangements. Some unlicensed virtual asset trading platforms claimed to have submitted license applications to the SFC, "but in fact they did not do so."

The Hong Kong Securities and Futures Commission also warned that some unlicensed virtual asset trading platforms continue to launch new services and products under their existing entities that may not comply with applicable laws and regulatory requirements. For example, virtual asset "deposits", "savings" or "income" are not allowed under the new system.