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JPEX

<p>The post <a href="https://coinpedia.org/news/hong-kongs-virtual-asset-market-accelerated-product-approvals-and-bank-integration-in-the-wake-of-jpex-incident/">Virtual Assets Go Mainstream in Hong Kong as Banks Embrace Digital Finance</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/news/victory-securities-pioneers-retail-virtual-asset-trading-in-hong-kong/">Hong Kong’s virtual asset market</a> is witnessing a significant shift following the <a href="https://coinpedia.org/news/is-jpex-facing-the-same-catastrophe-as-ftx-exchange-heres-what-happening/">JPEX incident</a>, a situation that caused considerable turmoil and shook up the crypto world as we know it! BC Technology, a subsidiary of OSL and a licensed virtual asset platform in Hong Kong, reported an observable increase in the pace of <a href="https://news.mingpao.com/pns/%e7%b6%93%e6%bf%9f/article/20231127/s00004/1701018928844/bc%e7%a7%91%e6%8a%80-%e6%94%bf%e5%ba%9c%e6%8c%ba%e6%8c%81%e7%89%8c%e6%a5%ad%e7%95%8c%e7%99%bc%e5%b1%95-%e5%8a%a0%e5%bf%ab%e5%af%a9%e6%89%b9%e7%94%a2%e5%93%81">product approvals by authorities</a> post the incident.&nbsp;</p> 
<p>So what really happened and what lessons can we learn? Dive in. </p> 
<h2 class="wp-block-heading" id="h-jpex-s-rules-boon-or-bane">JPEX’s Rules: Boon or Bane?</h2> 
<p>Wu Zhenbang, the Group Chief Financial Officer of BC Technology, emphasized that the government has always been supportive of the licensed virtual asset industry. The JPEX incident, while disruptive, has catalyzed a quicker response from regulatory bodies, ensuring a stricter supervision over non-compliant platforms and preventing recurrence of law violations, particularly in public areas like MTR stations.</p> 
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   <p lang="en" dir="ltr">Hong Kong compliance exchange OSL said that after the JPEX Rugpull case, the Hong Kong government has become faster in approving cryptocurrency products to promote the development of the compliance industry. In addition, it said that Hong Kong banks will enter this industry in…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1728977151997960348?ref_src=twsrc%5Etfw">November 27, 2023</a>
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<h2 class="wp-block-heading" id="h-blending-assets-with-banks">Blending Assets with Banks </h2> 
<p>Sifang Jingchuang, another fintech solution provider, is playing a pivotal role in integrating virtual assets with the banking system. Chan Yiu-man, the Chief Digital and Financial Technology Innovation Officer at Sifang Elite Hong Kong, talked about their focus on tokenization in virtual assets. This teamwork with banks, which people trust, is a big step. It could get more people involved in trading virtual assets safely through official platforms and make it easier to put money in and take it out using banks.</p> 
<p>Read More: <a href="https://coinpedia.org/crypto-live-news/hong-kong-explores-bitcoin-for-investment-immigration/">Hong Kong Explores Bitcoin for Investment Immigration!</a></p> 
<h2 class="wp-block-heading" id="h-this-is-the-future"><strong>This is the Future!</strong></h2> 
<p>Chan Yiu-man also foresees significant potential for banks to expand into tokenizable virtual assets and custodial wallets. It’s not just about tech—it lines up with the Securities and Futures Commission’s job of making sure virtual asset businesses follow the rules. These changes could make people trust the system more and help Hong Kong’s virtual asset market grow.</p> 
<p>The fallout from the JPEX incident is speeding up how traditional banks and Hong Kong’s fast-growing virtual asset industry come together. With the government pushing through approvals and banks getting into tokenization and safekeeping, things are set for a safer and easier-to-use virtual asset market.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/seba-bank-granted-authorization-for-digital-asset-solutions-in-hong-kong-by-the-securities-and-futures-commission/">SEBA Bank Granted Approval in Hong Kong to Offer Digital Asset Solutions</a></p> 
<p>This convergence of traditional banking with innovative cryptocurrency solutions is expected to lead Hong Kong into a new era of digital finance, setting a precedent for other global financial centers.</p>

Virtual Assets Go Mainstream in Hong Kong as Banks Embrace Digital Finance

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