Blockchain/Bitcoin
South Korea’s Regulator FSC Excludes NFTs and CBDCs from Crypto Interest Earnings
South Korea’s financial regulator, the Financial Services Commission (FSC), has announced that from July 2024, individuals investing in digital assets will earn interest on their deposits at crypto exchanges. However, this will not apply to non-fungible tokens (NFTs) and central
Read MoreSBI Holdings and Aramco Enter MoU for Digital Asset Collaboration
SBI Holdings has entered into a Memorandum of Understanding (MoU) with Aramco, the Saudi Arabia-based global energy corporation. The MoU outlines a potential business alliance between SBI Holdings and Aramco, aiming to explore collaboration in several key areas. These areas
Read MoreHKMA Research Paper: The Benefits of Digital Bond Tokenisation
Tokenization, which refers to the process of converting financial assets into digital tokens on a blockchain or distributed ledger (DLT), offers many benefits in capital markets. Promising enhanced efficiencies, cost reductions, and improved market liquidity are the main benefits, a
Read MoreHong Kong’s SFC Issues Fraud Warnings for HongKongDAO and BitCuped
The Securities and Futures Commission (SFC) has warned the public about suspected virtual asset-related frauds involving Hong Kong Digital Research Institute, also known as HongKongDAO, and BitCuped. The SFC has requested the Hong Kong Police Force block access to both
Read MoreFirst Digital USD Stablecoin Reaches US$1 Billion Market Cap
First Digital, an Asia-based digital asset custody and trust service provider, reported that its stablecoin, First Digital USD (FDUSD), has achieved a market capitalisation of US$1 billion (HK$7.81 billion). This development marks a growth in adopting FDUSD, which was launched
Read MoreItaly and South Korea Unite to Advance CBDC and Real-Time Settlements
The Bank of Italy and the Bank of Korea have signed a memorandum of understanding (MOU) to facilitate the exchange of knowledge and expertise related to central bank digital currencies (CBDCs) and real-time gross settlement (RTGS) systems. Under the terms
Read MoreCentral Banks Balance Innovation with Stability in the Age of Digital Currency
Innovation has severely rattled monetary systems as emerging technologies rapidly transform how money and finance operate globally. The landscape of monetary systems is at a crucial crossroads, marked by the dual forces of technological progress and the accompanying challenges that
Read MoreHong Kong Among the Most Advanced in CBDC Development
This year’s PwC Global CBCD Index is seeing the addition of new countries into its ranking of the world’s most advanced retail central bank digital currency (CBDC) projects, with India, Japan and Hong Kong joining the list and leading the
Read MoreHong Kong Calls for Greater Bank Participation in Digital Yuan Initiative
During a recent fintech conference held in Shenzhen, Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, emphasised the growing importance of the digital yuan and called for the active participation of “more Hong Kong banks” in this
Read MoreShenzhen, Hong Kong to Launch Blockchain Cross-Border Data Verification Platform
Shenzhen and Hong Kong have announced a joint initiative to launch a verification platform for cross-border data. This platform is part of a broader effort to enhance data flows in various sectors, including finance, within the Greater Bay Area (GBA).
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