Formerly known as Howking Technology International Holdings Limited, the company was rebranded as “MemeStrategy” after being acquired in 2023 by 9GAG co-founder Ray Chan. This transition marked a major shift in the company’s business model, exiting telecom services to focus on crypto assets and Web3 technologies. The Solana acquisition was made via OSL Group, one of Hong Kong’s licensed digital asset trading platforms. This indicates the transaction was conducted within a regulated and transparent framework. 

A New Example of Corporate Crypto Investment 

The Solana network is known for its high transaction speed, low fees, and suitability for DeFi and NFT projects. MemeStrategy’s move reflects the growing appeal of Solana among institutional investors. Moreover, a publicly listed company directly adding crypto assets to its portfolio signals a paradigm shift in the industry. 

Hong Kong has established clear regulations for digital assets in recent years, aiming to position itself as a global Web3 hub. MemeStrategy conducting the transaction through a licensed platform sets a strong example aligned with this vision. 

Market Reaction and Future Implications 

The 21% surge in share price shows investors welcomed the strategic move. This development could serve as a reference point for other publicly listed companies. Increased corporate crypto investments further solidify the role of digital assets in the financial world. 

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Vincent Chok, CEO of First Digital, acknowledged that Hong Kong’s cautious approach prioritizes investor protection but expressed concern that the slow regulatory progress could hinder the city’s position in the fast-evolving crypto space. He emphasized the need for Hong Kong to act faster to keep up with industry trends.

As of June 1, operating an unlicensed virtual asset trading platform in Hong Kong became a criminal offense, with the city’s Securities and Futures Commission (SFC) publishing an “alert list” of suspicious or unlicensed crypto platforms. While regulation for USD-backed stablecoins is not yet in place, Chok hopes that Hong Kong will implement such measures soon. He noted that cities like Dubai have adopted a more global approach to stablecoin regulation.

In a related move, Jingdong Coinlink Technology Hong Kong Limited recently announced plans to launch a stablecoin pegged to the Hong Kong dollar (HKD), marking a step forward in local stablecoin development, supported by the Hong Kong Monetary Authority’s Sandbox program.

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As the securities and futures market regulator, the SFC plans to work with the Customs and Excise Department (C&ED) to oversee companies offering OTC crypto trading services. According to a proposal made public in February, the regulation and licensing process for OTC services was initially to be managed solely by the C&ED.

OTC trading services allow users to privately buy and sell cryptocurrencies. For more information, you can check out Cointelegraph’s guide to crypto OTC trading. The SFC recently asked for input from companies already offering OTC trading services on how to implement a new licensing regime for crypto custody services. The SCMP, citing anonymous sources, reported that discussions on these licenses are still in the early stages.

SFC Puts Suspicious Crypto Platforms on “Warning List”

The SFC has published a warning list of unlicensed or “suspicious virtual asset trading platforms” operating in Hong Kong.

The SFC warned that these platforms could target Hong Kong investors. The warning list includes suspicious websites or unlicensed entities as of January 2020.

Hong Kong Aims to Become Global Crypto Hub

Hong Kong aims to become a global crypto hub by growing its digital assets industry. The region is trying to attract investors and related companies. As of June 1, operating an unlicensed virtual asset trading platform (VATP) in Hong Kong became a criminal offense. There are currently only two fully licensed virtual asset trading platforms in Hong Kong: Hash Blockchain and OSL Digital Securities.

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Crypto exchanges that have not yet received full operating licenses in Hong Kong include Crypto.com, Bullish, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, WhaleFin and Matrixport HK.

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