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Interactive Brokers Hong Kong secures retail crypto trading licenseInteractive Brokers Hong Kong has successfully obtained the necessary licensing to facilitate retail crypto trading in Hong Kong, marking a pivotal move for the brokerage firm in the rapidly evolving crypto landscape of the region.This announcement was made by David Friedland, the Managing Director for Asia Pacific at Interactive Brokers, on LinkedIn on Friday, solidifying the firm’s position as a significant player in the local crypto market.Photo by Risa Fukunaga on UnsplashOngoing interest in virtual assets in Hong KongThe decision to enter retail crypto trading comes at a time when Hong Kong is experiencing sustained interest and activity within the crypto sector. Interactive Brokers had rolled out BTC and ETH trading services to accredited investors in Hong Kong in February. Major companies are actively seeking local licensing, mirroring similar milestones achieved by entities like HashKey and Swiss crypto bank SEBA.In a parallel development, it emerged last week that Victory Securities, a prominent investment firm in Hong Kong, has also secured regulatory approval from the Securities and Futures Commission (SFC) to offer cryptocurrency services targeting retail clients. This positions Victory Securities alongside Interactive Brokers in the competitive retail crypto space of the region.Significance acknowledged within the industryThis milestone achievement by Interactive Brokers in Hong Kong has not gone unnoticed within the virtual assets sector. Gabor Gurbacs, Head of Digital Asset Strategy at American investment management firm VanEck, took to the X platform, stating:“Hungarians know inflation and the importance of hard money. Thanks to [Interactive Brokers Founder/Chairman Thomas Peterffy] for being a silent Bitcoin advocate. You can count on Hungarians when it comes to important matters.”As Interactive Brokers expands its footprint, recent financial reports reveal impressive growth. In the third quarter, the company reported a remarkable 45% year-over-year increase in net revenue, reaching $1.145 billion. The firm is strategically focusing on European expansion, consolidating operations in Ireland to enhance efficiency and better serve its growing client base.Moreover, Interactive Brokers has extended trading hours for U.S. equities and crypto services in partnership with Zero Hash, a move geared towards providing ever more comprehensive and accessible financial services. The successful entry into Hong Kong’s retail crypto trading arena is expected to contribute significantly to the firm’s overall growth and influence in the region.Fine-tuning regulationThe regulatory environment in Hong Kong has recently undergone adjustments, with the SFC refining its crypto policies. While certain offerings have been restricted to professional investors, there is now an increased emphasis on evaluating clients’ knowledge before allowing them to engage in crypto transactions. Despite these stringent measures, the sector has faced challenges, including the JPEX scandal that shook Hong Kong’s digital asset market.In 2022, Interactive Brokers extended its crypto trading service in the United States on a 24/7 basis, having first commenced with a crypto product offering in mid-2021. With this strategic move, Interactive Brokers, as a TradFi stalwart, has demonstrated adaptability and resilience in the face of ongoing digital asset innovation and evolving market conditions.

A number of corporations across the Asian region have announced plans to introduce cryptocurrencies as a fixture within their corporate treasuries recently.Photo by Kanchanara on UnsplashReitar Logtech HoldingsAccording to a June 2 filing with the U.S. Securities and Exchange Commission (SEC), Hong Kong-based Reitar Logtech Holdings Limited, a logistics solutions provider listed on the Nasdaq (RITR), intends to purchase $1.5 billion worth of Bitcoin. The filing outlines that the company is at an advanced stage of negotiation with a consortium of institutional investors and high-net-worth individuals with expertise in the digital assets field regarding this strategic treasury diversification initiative. The firm foresees greater involvement in the future with digital assets beyond just holding Bitcoin as a reserve asset. It stated: “The BTC Program will also pave the way for the Company to engage in logistics real estate projects which may involve digital assets in the future by establishing a reserve of digital asset through this initiative and setting up the necessary internal organizational and technical infrastructure for managing such digital assets.” The tokenization of real-world assets (RWAs) is building momentum, with real estate being the standout use case for that activity. DigiAsiaLast month, DigiAsia, an Indonesian fintech firm listed on the Nasdaq (FAAS), outlined that it had launched a Bitcoin reserve strategy. The company stated that the initiative aligns it with the growing trend among publicly-listed companies to add digital assets to the corporate balance sheet. DigiAsia is understood to be actively exploring a capital raise of up to $100 million in order to fund its first Bitcoin purchases. Treasure GlobalOn June 4, yet another Nasdaq-listed firm with Asian origins announced the launch of its digital asset treasury initiative. Malaysia-based e-commerce platform operator Treasure Global stated that its digital asset treasury would be funded with $100 million raised through a new institutional funding partner and an existing equity financing agreement. It plans on buying Bitcoin, Ethereum and regulated stablecoins. K Wave MediaNasdaq-listed K Wave Media, a South Korean entertainment company, also announced on June 4 that it had put together a $500 million securities purchase agreement to facilitate the establishment of a Bitcoin-based treasury. XRP making corporate treasury inroadsWhile there has been a raft of Bitcoin-related corporate treasury announcements within the Asian region and globally, Ripple’s XRP is starting to see some corporate treasury-related activity. On June 3, Webus International, a Chinese international chauffeur service provider listed on the Nasdaq (WETO), outlined in a filing with the U.S. SEC that it plans to establish a $300 million XRP-based corporate treasury.  In addition, Webus plans to integrate corporate use of the XRP blockchain to facilitate cross-border payments for its partners and travelers worldwide. The move follows a recent announcement by London-based VivoPower International, yet another Nasdaq-listed (VVPR) company, outlining that it was establishing a $121 million XRP corporate treasury with funding for the initiative provided by a Saudi prince.

SKYPLAY Secures $10M from LDA Capital to Promote Growth of P2E GamingSKYPLAY, a blockchain gaming platform based in South Korea, has announced securing a $10 million commitment from American-based investment group LDA Capital, as stated in a press release. This funding will be utilized to launch additional games and attract new users, thereby accelerating the platform’s growth trajectory.Photo by blurrystock on UnsplashP2E gamesWith an active monthly user base of 300,000, SKYPLAY aims to expand its virtual space and motivate play-to-earn (P2E) gamers to contribute to the excitement within its ecosystem. P2E games enable players to earn cryptocurrency tokens as rewards for activities such as completing tasks and meeting goals.Various genresSKYPLAY is known for offering a diverse range of game genres, ranging from casual games like CoinGrid to strategy games like ClashRow. Users have the opportunity to earn in-game rewards that can be exchanged for SKP, the platform’s governance token. SKP will also serve as a medium of exchange in forthcoming NFT marketplaces. At present, SKP is listed on cryptocurrency exchanges ProBit Global and MEXC, according to CoinMarketCap.Expansion plansSKYPLAY currently provides its services in 170 countries worldwide, catering to a global gaming community. The company is also developing artificial intelligence-based (AI) avatars within a metaverse platform, with the target of exceeding 10 million users by the close of 2024.Anthony Romano, Managing Partner at LDA Capital Ltd, commented on this investment opportunity, stating, “SKYPLAY’s expansive ecosystem offers users a variety entertainment across sports, arts and crafts, appealing to the different preferences amongst the gaming community. This multifaceted approach, along with a forum-oriented community they’ve built is extremely difficult to replicate and gives them a leg up as they publish more games and diversify their entertainment offerings.”SKYPLAY CEO Richard Chang expressed his confidence in the partnership with LDA Capital. He said, “The investment from LDA Capital will serve as a significant driving force for the future growth of SKYPLAY. I am confident that together, we will pioneer the future and become invaluable partners in our journey of growth.”