Chain News by Thebittimes.Com

On Nov. 2, the Hong Kong Monetary Authority (HKMA) co-organized the eighth edition of the city’s flagship event alongside InvestHK. At the event came several releases including HSBC prototyping a Decentralized Identity (DID) solution using Polygon ID and the release of a 30th anniversary commemorative NFT from the HKMA.  Building for digital identities  In a follow-up post on the Polygon website, more information about the DID solution and its use cases are brought to light, including how it works. The post states that upon opening an account with HSBC, customers undergo a KYC process, resulting in the creation of a verified credential. This credential would effectively allow users to access their HSBC account, make purchases, apply for loans and manage carbon credits.  That’s a wrap. After an invigorating time at @HongKongFinTech week, it’s no surprise that the Asian metropolis has emerged as one of the regional hubs of web3 activity. The highlights: ‣ @the...

The JPEX scandal has grown to become one of the largest fraud case in the country with over 2300 victims and losses estimated over $175 million. Hong Kong security chief Chris Tang Ping-keung has vowed to bring justice to people who fell victim to the JPEX crypto exchange fraud, local media has reported. The security chief's office on Wednesday said that the police are actively looking for the key operators behind the JPEX crypto exchange that orchestrated the country’s largest digital asset fraud. During a press conference on Sept. 27 Chris Tang revealed that the police have made 12 arrests in the case so far and seized more than $1 million (8 million Hong Kong dollars) in cash, as well as assets worth $9.8 million (77 million HK dollars), including real estate and virtual currency, according to a report  by the South China Morning Post. Tang added that the police are actively looking for the ringleaders in the case and called their capture a major factor in solving the ca...

Following the expiration of the Uniswap v3 code license on April 1, Conflux seeks to deploy the decentralized crypto trading protocol on its network. Conflux, a regulatory-compliant public blockchain based in China, seeks to deploy Uniswap v3 on its network, according to a proposal on Uniswap’s governance forum on April 7. The move comes days after the Uniswap v3 code license expired, enabling developers to fork the protocol and deploy their own decentralized exchange. As per the proposal, the deploy ment would provide “access to millions of potential new users, particularly in the Chinese and Asian markets.” According to Conflux, the Blockchain experienced a spike in traffic in the first quarter of 2023. The network has a market capitalization of nearly $1 billion and has $45 million in total value locked on-chain.  “Currently, 84% of worldwide Blockchain applications are submitted in China. Compared to the UK and the US, 11% and 14%. [...] This shows that China is one of the most m...

Over the last couple of days, Hong Kong has been making headlines for its crypto -friendly moves. The special administrative region has been embracing crypto currencies by allowing retail investments. The Hong Kong Securities and Futures Commission [SFC] released a statement earlier this week noting the possibility of retail investors trading large-cap assets like Bitcoin and Ethereum. Retail investors will be able to trade popular digital assets on exchanges that have been granted agency licensing. These virtual asset trading firms must, however, consider Hong Kong’s investor protection. Chinese journalist Wu Blockchain tweeted, According to Hong Kong SFC, the tokens that compliant exchanges allow retail investors to purchase must be included in the two indexes. The following may be included Bitcoin Ethereum Litecoin Bitcoin Cash Polkadot Solana Cardano Avalanche Polygon Chainlink From @tier10k pic.twitter.com/0cLhoRVh8T — Wu Blockchain (@WuBlockchain) Februar...