Get a license or get out, Hong Kong tells crypto platforms ahead of June launch

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Good news everybody.

Despite the fact that Hong Kong-based crypto exchange Hotbit ceased operating this week, the lights are flashing green for Hong Kong’s crypto debut on June 1. In anticipation of that, the city’s Securities and Futures Commission released its consultation report on crypto trading platforms on Tuesday, which includes new rules and regulations.

Many are hoping this will be a watershed moment for the crypto industry, which hasn’t had much to celebrate over the last year. It’s been a rough ride through the bear market, with characters like FTX’s Sam Bankman-Fried and Caroline Ellison, Terraform Labs’ Do Kwon, and Three Arrows Capital’s Su Zhu and Kyle Davies making headlines for all the wrong reasons. The recent crypto crackdown by US SEC chairman Gary Gensler certainly doesn’t help matters.

In spite of all that, blockchain technology still has a future. That’s the word from Tony Fadell, the former Apple executive known as the “father of the iPod,” who gave Tech in Asia an exclusive interview this week to talk about AI.

Spoiler alert: That future may not be in decentralized finance. You can check out our Deep Dive to see where Fadell thinks blockchain is heading.

— Scott

🤿 THE DEEP DIVE

AI to boost blockchain development

Image credit: Timmy Loen

The development of blockchain and AI technologies is not mutually exclusive, Tony Fadell tells Tech in Asia. In an interview with news editor Collin Furtado, he says blockchain is “real technology” that isn’t going to go away. With the rise of creative AI and deepfake tech, the need for tools that can provide verification will become even more critical, he says.

Fadell also talks about his experience building products for Southeast Asia, which stems from his time living in Indonesia.

👀 ALL EYES ON…

What everyone’s talking about.

1️⃣ Hong Kong issues new crypto report and rules

No air drops. No stablecoins (for now). And retail investors can only trade Bitcoin and Ether.

⭐ TO THE STARS

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