In today's ExchangeWire news digest: TikTok plans to broaden its online retail offerings; Gannett sues Google over allegations it monopolised ad tech; and Hong Kong authorities pledge regulation for stablecoins.

TikTok to expand its retail offerings

TikTok is reportedly developing “Project S”, a bid to expand its online retail offerings and challenge e-commerce heavy-hitters such as Amazon and Shein. The viral video app has already begun to show users in the UK a new feature called “Trendy Beat”, through which items in popular videos can be purchased. TikTok said the feature is in testing stages, commenting “We are always exploring new ways to enhance our community’s experience.”

Gannett accuses Google of monopolising ad tech

Gannett Co., the media company behind USA Today, is suing Google over allegations it has monopolised the advertising technology market. In a complaint filed in the Southern District of New York, the company claimed that Google has conducted “a sophisticated, anticompetitive, and deceptive scheme for well over a decade”. Gannett added that Google’s grip on the ad tech market has harmed news publishers, claiming online spend for publishers has decreased despite the growth of online readership. Gannett chairman and CEO Michael Reed later commented, “Without free and fair competition for digital ad space, publishers cannot invest in their newsrooms.”

Hong Kong explores regulation of digital assets

Hong Kong authorities have promised to introduce regulation for stablecoins as the city strives to become a global hub for Web3 technology. Secretary for financial services and the Treasury, Christopher Hui Ching-yu, stated that Hong Kong will follow the principle of “similar risk, similar regulation” to establish an appropriate regulatory approach to regulation of digital assets, having launched its retail trading rules and licensing guidelines for cryptocurrencies earlier this month.

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Fact of the Day

2024 – the year Hong Kong has promised stablecoin regulation by.

Source: South China Morning Post