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Cointime News Wrapup-Afternoon: Hong Kong Virtual Bank to Offer Crypto Conversions and Accounts
To smooth and facilitate the reading experience for all users, we hereby compose this wrapup, especially for users who cannot check out what’s going on in a timely manner.
according to BitcoinTreasuries.NET, the listed company Empery Digital has surpassed the newly listed Gemini company (GEMI) to become the 21st largest Bitcoin holding company.
according to official sources, BinanceAlpha announced that Project Merlin (MRLN) will be launched on September 16th. Eligible users can go to the Alpha activity page after Alpha trading is open to use Binance Alpha points to receive airdrops. Specific details will be announced separately.
data shows that a total of $405 million was liquidated in the past 24 hours, with long positions liquidated at $79.9603 million and short positions liquidated at $325 million.
Hong Kong Monetary Authority recently announced the list of participants in the stablecoin issuer sandbox, including JD Coin Chain, Circle Coin Innovation, Standard Chartered Bank, Anni Group, Hong Kong Telecom and other institutions. Research reports released by Zeng Shengjun, a researcher at the Greater Bay Area Financial Research Institute of the Shenzhen Branch of Bank of China, and Guan Zhenqiu, a researcher at the Hong Kong Financial Research Institute of Bank of China, analyzed that the Hong Kong dollar stablecoin can improve the efficiency and inclusiveness of the Hong Kong financial system. Its stability, free convertibility, high security, high open source and cross-border mobility can provide support for a wider range of financial innovations.
Hong Kong Legislative Council member Chan Chun-ying stated that the new productivity of Hong Kong's financial industry is currently mainly developed around digital and green themes. Regarding virtual assets, Hong Kong regulatory agencies should establish relevant trading platforms, stablecoin issuances, testing and operational mechanisms, capture digital development trends, and share relevant regulatory experience with the mainland. At the same time, Hong Kong's tokenized bond development is leading the world, and relevant product issuances, trading systems can be shared with the mainland or guide more mainland companies to issue, together meeting international market demand.
Hong Kong investors in virtual assets will not be subject to asset value-added tax, which is a very attractive point for global investors. For example, in Japan and Australia, although they have expanded the virtual asset market earlier than Hong Kong, they still need to pay asset value-added tax, which will be included in the comprehensive tax rate calculation. The comprehensive tax rates in Japan and Australia can be as high as 50% and 40% respectively. For investors, investment returns are of course the most important consideration, and Hong Kong's low tax system will attract more international investors to settle in Hong Kong.
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