Hong Kong’s stablecoins ordinance, which took effect on Friday, puts cryptocurrency’s most-traded cash substitute under the same regulatory framework as banks, triggering a rush for a limited number of licences from the Hong Kong Monetary Authority (HKMA). Some market observers were caught by surprise after learning that the first batch of stablecoin licences was only
This article was originally published by Radio Free Asia and is reprinted with permission. To skeptics, a meme coin is a fast way to make a cheap buck. For exiled activist Li Ying, it’s been a way to bankroll a pro-democracy community that’s challenging Chinese censorship and authoritarian rule. Li, 32, is better known by his handle
MANILA, Philippines — The SY family-led China Banking Corp. (Chinabank) posted a record net income of P13 billion in the first half of 2025, marking a 14 percent increase from P11.4 billion in the same period last year, driven by strong core business expansion. The bank attributed the earnings surge to higher revenues, particularly in
China’s finance minister has pledged to step up the use of fiscal tools to spur domestic demand and tackle local government debt, following stable growth and improved economic momentum in the first half of the year. Finance Minister Lan Foan said the central government would accelerate fiscal spending, including the issuance and use of ultra-long-term
Alibaba Group Holding’s chief financial officer Toby Xu Hong reiterated the company’s confidence in China’s growing artificial intelligence sector and the consumer market’s resilience in an interview with state news agency Xinhua, as he highlighted the tech giant’s significant investments in AI research, infrastructure, and on-demand delivery. Xu said Alibaba had earmarked 380 billion yuan
BEIJING (AP) — China’s famous Shaolin Temple announced on Sunday that its abbot is under investigation on suspicion of misappropriation and embezzlement of project funds and temple assets. Shi Yongxin is alleged to have committed criminal offenses and violated Buddhist precepts by maintaining relationships with multiple women over a long period and fathering at least
Beijing has called on the European Union to “immediately cease its wrong practice” of sanctioning two Chinese banks, vowing to take action to defend the interests of Chinese companies just days ahead of a key leaders’ summit between the two sides. “China expresses strong dissatisfaction and resolute opposition to this move,” China’s Ministry of Commerce
President Donald Trump’s “Crypto Week” hit a major snag on July 15, 2025, as the House rejected a key procedural vote for the GENIUS Act, 196-223, with 13 Republicans joining Democrats. Photo : AP President Donald Trump’s ambitious “Crypto Week” suffered a stunning blow on Tuesday, July 15, 2025, as the House of Representatives rejected
By Zeke Faux, Muyao Shen and Anthony Cormier, Bloomberg One of the Trump family’s crypto ventures has received key behind-the-scenes help from the world’s largest digital-asset exchange, whose founder is a convicted felon now seeking a presidential pardon. Binance wrote the basic code to power USD1, a stablecoin launched by the Trumps’ World Liberty Financial
Eric Trump, the second-born son of US President Donald Trump, will attend next month’s Bitcoin Asia 2025 conference in Hong Kong as a headline speaker, as the city strives to position itself as a leading hub for digital assets, competing with the US. Trump would discuss bitcoin’s “long-term potential” and its impact on global finance,