HKMA forms working group to establish tokenization standards

Mars Program Sees Huobi Venture into SpaceHuobi, the Seychelles-headquartered global crypto exchange platform, has embarked on an extraordinary journey with the launch of Phase I of the Huobi Mars Program, making it the first cryptocurrency exchange to explore the vastness of space.Photo by Ju Guan on UnsplashIntergalactic interestsThe Huobi Mars Program, outlined by the company in a recent blog article, signifies Huobi’s interest in space exploration and an expansion beyond the confines of Earth. With aspirations to venture far into the universe, Huobi is inviting its users to join them on this unique and unprecedented journey, becoming pioneers in the Web3 field to enter space.The first phase of the Huobi Mars Program, scheduled from June 2023 to June 2024, consists of 12 rounds of themed activities. Each round requires participating users to complete specific tasks and mint space-themed non-fungible tokens (NFTs).Throughout each round, one lucky user will be selected as the monthly reward winner and stand a chance to become a potential candidate for space travel. In the subsequent phase, the 12 candidates will undergo a rigorous evaluation process, including assessments of physical fitness, training, preparation, and community contribution. Ultimately, one candidate will be chosen to embark on a space journey alongside Justin Sun, a member of the Huobi Advisory Board. The space flight is anticipated to take place after July 2024.Mars Program commencedThe first round of the Huobi Mars Program opened for participation from June 14 to July 5, 2023. To earn space NFT rewards, users must complete specific tasks in spot trading, peer-to-peer (P2P) transactions, futures trading, and Huobi Earn transactions. Each completed task grants users the opportunity to mint a space NFT, with no upper limits.Space NFTs will be issued on the TRON Network and can be traded on various NFT platforms. Users need to link their TRON addresses on the event page to receive the minted NFTs. It is advised to mint the NFTs promptly as there will be a daily cap on NFT minting, and qualification does not carry over to subsequent rounds.The lucky user selected as the monthly reward winner and shortlisted as a candidate space passenger will have their space flight broadcasted worldwide via a live-stream. Huobi will conduct thorough verifications, including checking the winner’s TRON address, UID, and KYC verification, to ensure the authenticity of the winner. The winning space NFTs are non-transferable, and any attempt to transfer them will result in the forfeiture of the reward.Spot trading fee exemptionIn addition to the opportunity of becoming potential space passengers, the lucky users shortlisted during the first round of the Huobi Mars Program will enjoy the privilege of a 180-day exemption from spot trading fees on Huobi.Huobi isn’t the only crypto market participant with an interest in the intergalactic. It emerged last week that Charles Hoskinson, Founder of layer one blockchain Cardano, is funding The Galileo Project, an expedition to recover an interstellar object from the floor of the Pacific Ocean.Crypto memes boast of the likelihood of digital asset prices “going to the moon,” but Huobi’s Mars Program aligns with the pursuit of exploring the unknown and appears to amount to a noble intergalactic endeavor.

Hong Kong Crypto Licensing Yet to Result in Job SurgeWhile Hong Kong has seen a rush for crypto licenses, scrambling for licensing has not yet resulted in a corresponding surge in job opportunities, according to recruiters in the industry.Approximately 150 companies applied for a local crypto license on June 1, allowing them to operate crypto trading platforms, but recruiters have not witnessed a high demand for talent in the field. That’s according to reports received by Cointelegraph from a number of recruiters active in the crypto space in the Chinese autonomous territory.Photo by Simon Zhu on UnsplashBear market hangoverSue Wei, the Managing Director of major recruitment firm Hays, revealed that her firm has experienced a significant decrease in requests for recruiting technical talent since the recent dip in the crypto market. This decline was particularly notable when many talents were laid off en masse, which led to hesitancy among individuals to work for crypto companies due to the volatile nature of the business, heavily reliant on cryptocurrency prices.Neil Dundon, the Founder of crypto recruiter Cryptorecruit, also noted a lack of significant activity in the Hong Kong market. Despite the regulatory changes, venture activity remains low. However, Dundon expressed optimism that the market has reached its bottom and expects an upward trend to emerge soon.Olga Yung, the Managing Director of Michael Page Hong Kong, echoed the sentiment, stating that there hasn’t been a substantial increase in individuals seeking jobs in the Web3 sector, despite the government’s recent efforts to promote it. However, Yung did mention a slight increase in Web3 firms seeking legal and compliance hires in the latter half of Q2 2023.At the time of publication, 85 crypto-related jobs were being advertised on LinkedIn. Meanwhile, Hong Kong’s Cyberport, the city’s flagship technology hub, has attracted more than 150 companies operating within the Web3 space over the course of the past 12 months. Authorities in Hong Kong are also trying to entice Web3 companies based in mainland China to establish bases within Hong Kong.Increased job openings anticipatedAlthough these firms have displayed enthusiasm in entering the Hong Kong market, the recruitment needs of the crypto industry remain relatively light at present, as many Web3 companies are still in their early stages of development. However, recruiters anticipate a rise in job openings as these companies continue to grow and mature.Kevin Gibson, Founder of Proof of Search, a Web3 recruitment specialist, said that it may take six months before current crypto licensing activity in Hong Kong translates into a surge in demand for staff. Gibson maintains that specialist talent in Hong Kong is in short supply due to many such professionals having left the city in recent years.While Hong Kong has witnessed a rush for crypto licenses, the recruitment landscape in the industry has yet to experience a corresponding surge. However, recruiters remain optimistic about future job opportunities as Web3 companies progress and regulatory conditions stabilize.With Singapore-based Matrixport and international banking firm Standard Chartered both predicting a Bitcoin unit price in the region of $120,000 by the end of 2024, the market is expected to trend upward in the coming months. That could potentially lead to increased hiring activity in the crypto sector.

In a recent blog post, Christopher Hui, Hong Kong's Secretary for Financial Services and the Treasury Bureau (FSTB), announced a stringent deadline for unlicensed virtual asset service providers (VASPs) to submit licensing applications, as well as outlining the intention to develop a regulatory framework for over-the-counter (OTC) venues.Photo by Manson Yim on UnsplashUnlicensed VASP deadlineThe Hong Kong government's financial services department has set Feb. 29 as the cutoff date for applications from VASPs that are currently unregistered and unregulated. Those not approved must cease operations by May 31. The move comes as the Securities and Futures Commission (SFC) established a licensing system for VASPs, acknowledging a transitional period for those operating before its implementation. Midway through last year, the SFC issued a stern warning to unlicensed crypto trading platforms engaging in what it termed as “improper practices.” Hui emphasized that VASPs wishing to continue operations in Hong Kong must submit their license applications by the end of this month. Failure to meet the relevant requirements outlined by the SFC could result in the issuance of a "no-deeming notice" for existing service providers. This notice mandates that they must halt operations either by May 31 or three months after receiving the notice. Service providers failing to submit their applications by the February deadline are also expected to cease operations by the end of May. As the deadline approaches, Hui highlighted that the SFC is actively preparing for enforcement work, including issuing notices to disapproved service providers and intensifying publicity efforts. Proposed regulatory framework for OTCsHighlighting the specific role OTC venues played in some fraud cases involving unlicensed VASPs in 2023, Hui announced that the SFC plans to launch a consultation on a proposed regulatory framework for OTC crypto venues. The consultation will encompass virtual-asset outlets, including shops and online platforms. Hui emphasized the necessity of regulating OTC venues to prevent investor deception and protect against fraudulent activities. This move aligns with Hong Kong's ongoing efforts to create a vibrant sector and ecosystem for virtual assets. The city implemented a licensing regime for crypto companies in June of the previous year, with companies requiring approval before June of the current year to continue operations. Cautioning investorsHui also took the opportunity to caution investors about the volatility and value of virtual assets. He stressed that many digital assets lack intrinsic value and exhibit price volatility, urging investors to thoroughly understand details and assess associated risks before engaging in related investments. Furthermore, Hui emphasized that only platforms officially licensed by the SFC should be used for virtual asset transactions. Additionally, Hong Kong is exploring a regulatory regime for stablecoin issuers, proposing that fiat-backed stablecoin issuers obtain a license from the Hong Kong Monetary Authority. As Hong Kong strengthens its regulatory framework, it aims to create a secure and compliant environment for the evolving landscape of virtual assets.