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Hong Kong Cyberport Web3 network grows to 270 blockchain firms

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Hong Kong’s Cyberport, a digital technology hub, has experienced significant growth in Web3 enterprises, now hosting over 180 companies in the sector. This surge was highlighted during a Nov. 20 meeting of the city’s Legislative Council, where Cyberport’s Chief Executive Officer, Peter Yan, emphasized the platform’s success in fostering innovation and supporting blockchain-based technologies. The rapid increase reflects Hong Kong’s ambition to position itself as a global hub for Web3 development.

The growth comes as Cyberport expands its support for blockchain enterprises, providing resources such as funding, workspace, and industry connections. The initiative aligns with the government’s broader efforts to bolster financial technology and integrate emerging technologies into the local economy. Cyberport has become a focal point for startups and established firms exploring decentralized finance (DeFi), metaverse applications, and tokenized assets.

Despite the progress, challenges persist. Lawmakers at the council meeting raised concerns about cybersecurity risks, regulatory gaps, and the need for clearer guidelines to manage the complexities of Web3 innovations. Cyberport officials assured that they are working closely with regulators and industry stakeholders to address these issues, ensuring a balanced approach to fostering innovation while mitigating potential risks.

Hong Kong’s commitment to Web3 development is part of its broader strategy to reclaim its status as a leading global financial hub. With initiatives like Cyberport and regulatory support for cryptocurrencies and blockchain, the city aims to attract talent and investment from around the world. As Web3 technologies gain traction, Hong Kong’s proactive stance could set a precedent for other regions seeking to embrace the next wave of digital transformation.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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