HK game firm to buy $100M crypto for treasury, China/UAE CBDC deal: Asia Express

4 months ago

Our play roundup of quality from East Asia curates the industry’s astir important developments.

Hong Kong gaming steadfast to put $100M successful crypto

Boyaa Interactive International, a publicly-traded Hong Kong holding institution specializing successful online paper and committee games, wants to unafraid the support of its shareholders to put $100 cardinal successful crypto.

According to this week’s announcement, Boyaa Interactive directors privation to allocate $45 cardinal of firm funds to Bitcoin (BTC), $45 cardinal to Ethereum (ETH), and $10 cardinal to stablecoins specified arsenic Tether (USDT) and USD Coin (USDC). As for rationales for the investment, directors wrote:

“The Internet gaming concern chiefly operated by the Group has a precocious grade of logical acceptable with Web3 technology. It attaches large value to communities and users, covers virtual plus attributes and different characteristics, making Web3 exertion easier and much wide utilized successful the Internet gaming industry.”

The company’s marque of 75 online games, specified arsenic its Texas Hold’em casino, has astir 1.18 cardinal regular progressive players. In Q3 2023, Boyaa Interactive generated $14 cardinal successful gross and $4.2 cardinal successful earnings, respectively.

China signs $400M CBDC woody with United Arab Emirates

The People’s Bank of China — the country’s cardinal slope — has signed a $400 cardinal practice memorandum connected cardinal slope integer currencies with the United Arab Emirates.

The China Council For The Promotion of International Trade said the memorandum was signed successful Hong Kong and volition past for 5 years, allowing for the interchange of each other’s CBDC during bilateral trade.

“The renewal of the currency swap statement reflects the extent of relations betwixt the UAE and China and demonstrates the UAE Central Bank’s committedness to strengthening its concern with China successful the fields of finance, trade, and investment. China is the UAE’s largest planetary trading partner, with non-oil commercialized betwixt the 2 countries exceeding Dh264.2 cardinal successful 2022.”

Government officials accidental that the pact “will facilitate the proviso of liquidity to fiscal markets successful section currencies to settee cross-border fiscal and commercialized transactions successful a “more effectual and businesslike manner.”

Since its inception successful 2020, integer yuan (e-CNY) transactions person surpassed 1.8 trillion yuan ($253.6 billion), portion the fig of wallets has surged to 120 million. Recently, 4 overseas banks, including Standard Chartered, HSBC, Hang Seng Bank, and Fubon Bank person joined China’s e-CNY aviator tests.

Chinese president Xi Jinping during the Shanghai Cooperation Summit (CCTV)

Hong Kong manager Stephen Chow teases NFT drop

Award-winning Hong Kong manager Stephen Chow, known for his magnum opus 2004 film Kung Fu Hustle, volition soon launch his ain nonfungible tokens (NFT) collection.

In a December 6 Instagram post, Chow stated that the NFT project, dubbed “Nobody,” volition beryllium designed successful collaboration with Chinese-American rapped Jin Au-Yeung, who besides goes by his signifier sanction MC Jin.

“We often look up to large radical simply due to the fact that they ne'er underestimate themselves. Ordinary individuals, connected the different hand, often bring the top surprises to the world,” wrote Chow successful describing the taxable of the Nobody NFT collection.

The NFTs volition beryllium released connected the Moonbox platform, a Hong Kong-based AI and Web3 startup that aims to motorboat AI-powered NFTs focusing connected the arts and movie industry. Chow volition service arsenic the archetypal contented creator connected the platform. In August, Moonbox closed a $2.5 cardinal backing circular astatine a $50 cardinal valuation led by OKX Ventures.

Singapore joins China’s e-CNY aviator program

Singapore volition soon judge the e-CNY arsenic a means of outgo by Chinese visitors to the country.

The Monetary Authority of Singapore (MAS), successful collaboration with the People’s Bank of China and the Digital Currency Institute, volition embark connected a aviator enabling travelers from some countries to usage e-CNY for tourism spending successful Singapore and China. “This volition heighten convenience for travelers erstwhile making purchases during their overseas travel,” authorities officials wrote.

In 2020, the 2 countries signed a memorandum of knowing for practice related to integer finance. At the Singapore Fintech Festival past month, the MAS revealed that it volition draught a blueprint for the improvement of a integer Singaporean dollar.

Victory Securities approved for caller Bitcoin money successful Hong Kong

Victory Securities, the archetypal broker to person a virtual plus supplier licence (VASP) successful Hong Kong, has received regulatory support from the country’s Securities & Futures Commission (SFC) for a caller Bitcoin money successful concern with EMC Labs.

The Victory EMC BTC Cycle Fund will allow capitalist subscriptions successful U.S. dollars arsenic good arsenic stablecoins specified arsenic USDT and USDC.

On November 27, Victory Securities received a VASP licence on with Interactive Brokers. The licence allows firms to connection crypto services to retail investors, but lone for trading of Bitcoin, Ethereum, and definite stablecoins. In addition, its caller Bitcoin money volition lone beryllium disposable to accredited investors gathering a $1 cardinal portfolio requirement for the clip being.

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Zhiyuan Sun

Zhiyuan Sun is simply a writer astatine Cointelegraph focusing connected technology-related news. He has respective years of acquisition penning for large fiscal media outlets specified arsenic The Motley Fool, Nasdaq.com and Seeking Alpha.

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