Our weekly news roundup from East Asia selects the most important developments in the industry.
Hong Kong gaming company invests $100 million in cryptocurrency
Boyaa Interactive International, a Hong Kong-based listed holding company specializing in online card and board games, wants to get shareholder approval to invest $100 million in cryptocurrency.
According to an announcement this week, Boyaa Interactive directors will allocate $45 million of the company’s funds to Bitcoin (BTC), $45 million to Ethereum (ETH), and $10 million to exchanges such as Tether (USDT) and USD Coin (USDC). I’m trying to allocate to table coins. Commenting on the investment rationale, the directors wrote:
“The Internet gaming business mainly operated by the group has a high level of logical fit with Web3 technology. This attaches great importance to the community and users, covers virtual asset properties and other characteristics, and makes Web3 technology easier and more widely used in the Internet gaming industry.”
The company’s brands, which consist of 75 online games, including Texas Hold’em Casino, have approximately 1.18 million daily active players. In the third quarter of 2023, Boyaa Interactive generated $14 million in revenue and $4.2 million in profit, respectively.
China signs $400 million CBDC deal with United Arab Emirates
China’s central bank, the People’s Bank of China, has signed a $400 million memorandum of cooperation with the United Arab Emirates (UAE) on central bank digital currencies.
The China Council for the Promotion of International Trade said the memorandum of understanding was signed in Hong Kong and will last for five years, allowing the two countries to exchange each other’s CBDC during trade.
“The renewal of the currency swap agreement reflects the depth of the relationship between the UAE and China and demonstrates the UAE Central Bank’s commitment to strengthening its partnership with China in the areas of finance, trade and investment. China is the UAE’s largest global trading partner, with non-oil trade between the two countries exceeding Dh264.2 billion in 2022.”
Government officials said the treaty would facilitate the provision of liquidity in local currencies to financial markets to settle cross-border financial and trade transactions “in a more effective and efficient manner.”
Since its introduction in 2020, digital yuan (e-CNY) transactions have surpassed 1.8 trillion yuan ($253.6 billion), and the number of wallets has surged to 120 million. Recently, four foreign banks including Standard Chartered, HSBC, Hang Seng Bank, and Fubon Bank joined China’s e-CNY pilot test.
Hong Kong director Stephen Chow predicts decline in NFTs
Stephen Chow, a Hong Kong director famous for the 2004 blockbuster film. Kung Fu HustleHe will soon be releasing his own collection of non-fungible tokens (NFTs).
In an Instagram post on December 6, Chow revealed that the NFT project called ‘Nobody’ will be designed in collaboration with Chinese-American rapper Jin Awooyoung (stage name MC Jin).
“We often look up to great people simply because they never underestimate themselves. “On the other hand, ordinary individuals often bring the greatest surprises to the world,” Chow wrote, explaining the theme of the Nobody NFT collection.
The NFTs will be launched on the Moonbox platform, a Hong Kong-based AI and Web3 startup that aims to launch AI-powered NFTs focused on the art and film industries. Chow will serve as the platform’s first content creator. Last August, Moonbox closed a $2.5 million funding round led by OKX Ventures at a $50 million valuation.
Singapore joins China’s e-CNY pilot program
Singapore will soon accept e-CNY as a payment method for Chinese visitors to Singapore.
The Monetary Authority of Singapore (MAS), in collaboration with the People’s Bank of China and the Digital Currency Institute, will launch a pilot program to allow travelers from both countries to use e-CNY for tourism spending in Singapore and China. A government official said, “This will increase the convenience of travelers making purchases while traveling abroad.”
In 2020, the two countries signed a memorandum of understanding (MOU) for cooperation in digital finance. At the Singapore Fintech Festival last month, MAS said it would draft a blueprint for developing a digital Singapore dollar.
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Victory Securities approves new Bitcoin fund in Hong Kong
Victory Securities, the first broker to receive a Virtual Asset Provider License (VASP) in Hong Kong, has teamed up with EMC Labs to receive regulatory approval from the Hong Kong Securities and Futures Commission (SFC) for its new Bitcoin fund.
Victory EMC BTC Cycle Fund allows investors to sign up not only in US dollars, but also in stablecoins such as USDT and USDC.
On November 27, Victory Securities received a VASP license with Interactive Brokers. The license allows companies to offer cryptocurrency services to retail investors, but only for Bitcoin, Ethereum and certain stablecoin transactions. Additionally, the new Bitcoin fund will only be available to accredited investors who meet the $1 million portfolio requirement for the time being.
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Jyuyuan Line
Zhiyuan Sun is a journalist at Cointelegraph specializing in technology news. He has years of experience writing for major financial outlets such as The Motley Fool, Nasdaq.com, and Seeking Alpha.