Hong Kong Commits to an Open and Vibrant Crypto Market, Says Financial Secretary

Hong Kong is establishing itself as a crypto hub, with Financial Secretary Paul Chan Mo-po reaffirming the city's pro-digital asset policy. In his speech at Consensus 2025, he highlighted investments in Web3 infrastructure and human resources. The Cyberport Web3 network, which is supported by the government, now has more than 270 blockchain firms. More than 120 firms have joined in the past 17 months, according to CoinTelegraph, signalling growing interest in Hong Kong's pro-crypto policy.

In an effort to lure investments, Hong Kong has offered tax relief on crypto profits to hedge funds and private equity funds. The regulatory effort is also underway, with 9 crypto licenses issued by the Securities and Futures Commission (SFC) since mid-2023. The most recent approvals of YAX and PantherTrade in January demonstrate Hong Kong's cautious regulation strategy.

Grayscale launches Pyth Trust to Further Boost Institutional Crypto Solutions

Grayscale Investments launched the Grayscale Pyth Trust, enabling institutional investors to gain exposure to Pyth Network's governance token. The decentralized network of oracles provides real-time market data across over 90 blockchain ecosystems. Pyth, as per CoinTelegraph report, is an integral part of the Solana ecosystem, where 95 per cent of decentralized apps on Solana rely on its price feeds.

Grayscale's trust aims to capitalize on Pyth's expansion and the expanding blockchain network of Solana. Restricted to accredited investors, the trust is part of Grayscale's attempts to focus on high-growth blockchain projects. With the market cap of Pyth now well above $750 million, its visibility in decentralized finance keeps increasing.

FTX Starts $1.2 Billion Creditor Pay-Out in Bankruptcy Process

FTX Digital Markets, the Bahamian arm of the collapsed exchange, began paying creditors last week. On February 18, it paid $1.2 billion to creditors with claims below $50,000. As CoinTelegraph reported, the move signals new investor confidence and potential liquidity injection.

While some creditors are dissatisfied, as repayments are based on November 2022 crypto prices. Since then, Bitcoin has surged over 370 per cent, significantly lowering the real value of payouts. Despite this, analysts see it as a key step in resolving FTX’s obligations and restoring trust in the crypto market.