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A Chinese man was killed while trading cryptocurrency at a luxury hotel in Jeju City, South Korea. South Korean police have arrested four Chinese suspects. The four people took away the victim's 85 million won in cash and absconded

Crypto trading in India is booming, with volumes hitting nearly $2 billion as small-city investors seek financial stability amid sluggish job and wage growth. Crypto trading volumes in India jumped to $1.9 billion in Q4 2024, more than doubling from the previous quarter, as smaller-city investors sought new income sources amid weak job growth and wages, Reuters reports . Tighter stock market regulations and growing curiosity about cryptocurrencies have pushed more traders toward crypto. Many young Indians, previously trading stocks and derivatives, now see digital assets as an alternative “especially with Trump becoming the U.S. president and the entire flavor of crypto changing world over,” said Edul Patel, co-founder of Mudrex, an Indian crypto exchange,” said Edul Patel, co-founder of Mudrex, an Indian crypto exchange. Retail traders are driving most of the activity, exchange executives told Reuters. Out of the top 10 cities leading crypto adoption in 2024, seven were smaller cities like Jaipur, Lucknow, and Pune, where people are turning to crypto for extra income. Despite high taxes and regulatory uncertainty, India’s crypto market is projected to grow beyond $15 billion by 2035, says Kush Wadhwa, partner at consulting firm Grant Thornton Bharat. With crypto booming among retail investors, U.S.-based exchanges are looking to capitalize on the trend. As crypto.news previously reported, Kraken is preparing to re-enter the Indian market after being banned in 2024 for anti-money laundering violations. Its rival, Coinbase , is also considering a return after facing resistance from the National Payments Corporation of India and reported “informal pressure” from the Reserve Bank of India.

The plan by Hong Kong Asia Holdings to expand its Bitcoin reserves has piqued market interest. After originally showing an unexpected rise in its stock price following its first acquisition, the company has just been authorized to purchase more Bitcoin. Behind this audacious action, though, the Hong Kong government is simultaneously developing a new plan to turn the city into a worldwide virtual asset hub. 💥BREAKING: Hong Kong Asia Holdings just got approval to buy more Bitcoin for its balance sheet! ASIA IS BULLISH ON #BITCOIN 🚀 pic.twitter.com/1otVu0SEE2 — Crypto Rover (@rovercrc) February 23, 2025 The board of directors of Hong Kong Asia Holdings has at last approved increased Bitcoin investment. Using internal funds valued at HK$5.9369 million, the corporation recently bought about 7.88 BTC. Their total Bitcoin holdings now stand at 8.89 coins thanks to this transaction; their average cost per Bitcoin is roughly HK$756,200. Originally, the first acquisition of one Bitcoin on February 16 instantly raised the stock price of the company by approximately 93%. In a few days, It is logical that market players are closely observing this next phase with tremendous excitement. Still, the choice to keep accumulating Bitcoin is not only about normal investment. This underscores a growing trend in Hong Kong, where businesses are beginning to see digital assets as a component of their long-term financial plan. On the other hand, the government of Hong Kong is not just sitting around. According to CNF , the city has presented a fresh road map to help it to remain a worldwide virtual asset hub. This phase covers several facets, including staking services, tighter licensing rules, and growing the digital trading environment. Under this approach, Hong Kong intends to grow derivatives trading services, OTC (over-the-counter), digital asset custody, and crypto asset financing. Attracting additional global liquidity and persuading institutional investors that Hong Kong is a safe and reliable location for their digital investments are obviously the main objectives. This action also fits the growing local businesses’ curiosity in Bitcoin and other cryptocurrencies. More companies may follow in the footsteps of Hong Kong Asia Holdings with better rules and government backing. Regarding digital asset rules, the Hong Kong government is well recognized to be rather proactive. Looking prepared to challenge other digital asset hubs like Singapore and Dubai, the city seems set with a new agenda including a spectrum of crypto-based financial services. Regulating changes, meanwhile, also provides certain difficulties. Not all market actors can react as fast as restrictions get stricter. The new criteria might overwhelm some companies, particularly those used to operating in a more free environment. For larger companies like Hong Kong Asia Holdings, though, this legislation might really be a benefit. More institutions may join the market if more rules help to lower the uncertainty risk. Given more companies beginning to buy Bitcoin, one wonders whether this will develop into a new trend in Hong Kong. Should the government be successful in transforming the city into a virtual asset hub, we could observe increasing public corporations, including Bitcoin, on their balance sheets.

Standard Chartered Bank Hong Kong (SCBHK), Animoca Brands, and Hong Kong Telecommunications (HKT) have partnered to establish a joint venture (JV) focused on issuing a Hong Kong dollar-backed stablecoin. The JV intends to apply for a license under the Hong Kong Monetary Authority’s (HKMA) new regulatory framework. HKD-Backed Stablecoin According to the official press release, SCBHK, Animoca Brands, and HKT have engaged in HKMA’s stablecoin issuer sandbox since July 2024. The trio has been assessing how stablecoins can facilitate financial market development and payments by connecting Web3 and traditional finance. The partnership is in line with Hong Kong’s ambition to strengthen its role as a global digital assets hub. By leveraging expertise across banking, telecommunications, and blockchain, the JV aims to create a secure and regulatory-compliant stablecoin framework. The initiative aligns with the city-state’s broader strategy to boost digital finance adoption while ensuring compliance with evolving regulatory requirements. In an official statement, Bill Winters, Group Chief Executive of Standard Chartered, said, “Digital assets are here to stay and the development of different forms of tokenized money is integral to the advancement of this industry. That is why we are actively involved in various Central Bank Digital Currencies, tokenized deposits, and, of course, stablecoins projects. We are introducing solutions and instruments that service this market and meet the growing client demand. As public chain instruments with proven use cases, stablecoins play a critical role in the overall digital asset ecosystem.” Hong Kong Eyes Bitcoin as a Strategic Asset Besides the ambitious stablecoin initiative, Hong Kong is also considering adding Bitcoin (BTC) to its fiscal reserves as a hedge against inflation and a store of value. Wu Jiexhuang, a Hong Kong legislative council member, recently proposed using foreign exchange funds to acquire Bitcoin, citing potential benefits such as attracting talent, boosting the local crypto industry, and increasing tax revenue. He said that leveraging China’s “one country, two systems” framework, adding Bitcoin to Hong Kong’s reserves could give the region an early advantage and help mitigate economic instability from its wider adoption in traditional financial markets. The post Standard Chartered, Animoca, and HKT to Develop HKD-Pegged Stablecoin appeared first on CryptoPotato.

Hong Kong is doubling down on its commitment to becoming a global hub for digital assets, with top officials reaffirming their support for Web3 innovation, fintech, and blockchain development. Speaking at Hong Kong Consensus 2025, Financial Secretary Paul Chan Mo-po emphasized the government’s dedication to fostering a stable, open, and dynamic cryptocurrency market. During his speech , Mo-po highlighted Hong Kong’s substantial investments in digital infrastructure and talent development as key drivers of the city’s growing fintech ecosystem. “Our Cyberport and Science Park have evolved into thriving centers for Web3 innovation and financial technology, while our universities and industry partnerships continue to produce new generations of blockchain experts,” Mo-po stated. He pointed to the emerging intersection of artificial intelligence (AI) and blockchain as one of the most exciting developments for the future. “AI is constantly evolving and is being increasingly applied to finance,” Mo-po said. “Its convergence with blockchain will unlock new use cases, presenting both opportunities to seize and challenges to address. Hong Kong has already outlined a clear policy on AI integration in financial services.” Hong Kong has also introduced favorable regulations to strengthen its position as a leading financial hub, including tax exemptions on crypto gains for hedge funds and private equity firms. These measures aim to attract institutional investors and solidify the city’s reputation as a pro-crypto jurisdiction. Mo-po stressed the need for a strong regulatory framework, highlighting that the failures of several crypto exchanges in recent years serve as a clear reminder of the importance of market integrity, investor protection, and risk management. He stated, “As financial products and services continue to innovate and digitalize, we must remain vigilant against risks related to market integrity, money laundering, and cybersecurity.” Despite its crypto-friendly stance, Hong Kong has been selective in issuing operational licenses. Since the launch of its crypto licensing initiative in mid-2024, the Securities and Futures Commission (SFC) has approved only nine licenses. According to our previous reports , the most recent approvals were granted in January 2025 to Hong Kong-based crypto exchanges PantherTrade and YAX. Meanwhile, Hong Kong’s financial regulator is actively expanding its cryptocurrency roadmap. Last year, the city made headlines by approving Bitcoin and Ethereum exchange-traded funds (ETFs). The Securities and Futures Commission (SFC) is currently evaluating additional regulatory updates, which include listing new tokens exclusively for investors and safeguards for retail crypto offerings. Furthermore, as CNF noted earlier, Hong Kong has also recognized Bitcoin and Ethereum as proof of assets for investment immigration applications. However, applicants must meet strict eligibility criteria, including holding at least HK$30 million (~$3.85 million) in cryptocurrency and storing their assets in a cold wallet or a trusted exchange.