Bitget Introduces Innovative MPC Wallet for Enhanced Security

With the Chinese autonomous territory of Hong Kong having introduced its new Stablecoins Ordinance on August 1 and local taxi operators required to facilitate two forms of digital payment from April 1, 2026, a case is being made that this eventuality lends itself to an ideal test case for stablecoin payments.Photo by The Transport Enthusiast DC on UnsplashA perfect test caseIn an opinion piece published by Bloomberg on Aug. 3, columnist Andy Mukherjee asserted that Hong Kong taxis would be “a perfect stablecoin test case,” suggesting that the timing is ideal for stablecoins, given that a new licensing regime has come into effect via the city’s Stablecoins Ordinance.  In an interview, Franz Bergmueller, CEO of Switzerland-headquartered crypto bank AMINA Bank, said that “stablecoins for me are a killer use case.” On social media, AMINA Bank claimed that it would be “a major step in the right direction” if Hong Kong taxis start to accept stablecoin payments from customers. It emerged last December that the city’s taxi drivers would be required to install both electronic payment facilities and navigation systems, based on a filing made to Hong Kong’s Legislative Council. The filing outlined that while some taxi drivers currently offer electronic payment options, many insist on cash payment. The city’s Transport and Logistics Bureau suggested that “drivers offer at least two electronic payment options, including both QR code and non-QR code methods.” Stablecoin payments overseasThere has been some limited use of stablecoins as a payment method by taxi services in places with unstable currencies such as Argentina and Venezuela. The world’s most popular ride-hailing service, Uber, is understood to be studying the feasibility of offering stablecoin-based payments. In 2024, Asian rival Grab commenced accepting crypto, including the USDT and USDC stablecoins, as a means of payment for ride-sharing and food delivery services in Singapore. Last month, it extended that facility to its platform users in the Philippines.In June it emerged that Tawasul Transport, a taxi service in Abu Dhabi in the United Arab Emirates (UAE), had partnered with Al Maryah Community Bank (Mbank) and Abu Dhabi’s Department of Municipalities and Transport to launch a pilot program implicating the use of AE Coin, a UAE dirham-pegged stablecoin, as a means of payment. Bloomberg’s Mukherjee suggests that for entities now applying for stablecoin licensing, this new digital payment requirement for Hong Kong’s taxi services could provide an immediate segue to onboard users and make a new stablecoin product popular. Mukherjee places specific emphasis in this regard on what actions Ant Group may take. It emerged recently that Ant Group, an affiliate of the Alibaba Group, intends to apply for stablecoin licensing across Asian markets, including Hong Kong. The company is already a leader in Asia in digital payments through Alipay, which serves 1.3 billion users.Although Ant Group is based in mainland China, Hong Kong would offer the company the opportunity to test the establishment of a stablecoin for retail payments.

In a collaboration between the Dubai-based Human Institute, Hong Kong’s Animoca Brands and Polygon Labs, the launch of Humanity Protocol on Polygon CDK has been confirmed. Palm recognition technologySpearheaded by Hong Kong entrepreneur Terence Kwok and guided by a council of Founding Humans including Yat Siu, Chairman of the board at Animoca Brands, and Sandeep Nailwal, co-founder of Polygon Technology, this protocol pioneers the use of palm recognition technology as a less intrusive alternative to conventional methods like iris scans. Humanity Protocol is attempting to bring about a paradigm shift in user-centric identity verification within Web3 applications. By integrating palm recognition technology into blockchain infrastructure, it offers a streamlined and inclusive experience for users, departing from the often cumbersome and intrusive nature of existing proof-of-personhood technologies.Photo by Brett Jordan on UnsplashNon-invasive ID verificationIn an announcement on Tuesday, Yat Siu emphasized the significance of non-invasive biometrics in fostering a user-centric ecosystem. He underscored the importance of Humanity Protocol’s approach in promoting equity and inclusion while upholding the principles of digital ownership. Echoing these sentiments, Polygon’s Sandeep Nailwal highlighted Humanity Protocol’s pivotal role in enabling a diverse range of blockchain and real-world applications. Taking to the X social media platform, pseudonymous crypto trader and angel investor @Bull1shkid wrote:”Worldcoin has shown that there is a lot of interest in an identity verification mechanism in the crypto space. Humanity is applying this to crypto, making it decentralized and more convenient to use. With Polygon and Animoca on board. Proud to be an early backer!” By contrast, Worldcoin, which depends upon iris scanning, has proven to be far more controversial. The project is being investigated by multiple authorities worldwide, with the most recent probe having been launched in Hong Kong. Leveraging ZK-proofsThe Humanity Protocol leverages ZK-proofs, cryptographic protocols that enable users to prove specific information without revealing the underlying data itself. By amalgamating Sybil resistance with verifiable credentials in a decentralized validator node network, Humanity Protocol paves the way for decentralized social media platforms, enterprise DeFi solutions and beyond. The incorporation of zkEVM Layer-2 blockchain protocol, fortified by ZK proofs, not only enhances network security and efficiency but also grants users complete ownership over their data and identity. Nikita Uriupin, founder of Exverse, highlighted to Cointelegraph the potential of privacy-preserving technologies like ZK-proofs in bolstering the mass adoption of Web3 technologies. He emphasized the confidence instilled by such solutions in an era marred by widespread data breaches. According to data from IT Governance, the year 2023 witnessed 2,814 reported data breaches, compromising over 8.2 billion documents throughout the year. With the imminent launch of the Humanity Protocol Testnet, users will soon have the opportunity to experience the protocol firsthand and begin earning rewards. Positioned as the human layer for Web3, Humanity Protocol aims to onboard the first billion humans onto a Sybil-resistant network of blockchains, marking a significant milestone in the evolution of the decentralized web. By seamlessly integrating cutting-edge palm recognition technology with blockchain infrastructure, the protocol has the potential to set a new standard for user-centric identity verification, promoting equity, inclusion and genuine digital ownership in the Web3 landscape. 

Hong Kong regulator, the Securities and Futures Commission (SFC), has established guidelines for crypto staking service providers. That’s according to a statement published by the SFC to its website on April 7. The guidance is aimed at licensed virtual asset trading platforms (VATPs) and SFC-authorized funds with exposure to digital assets.Photo by Markus Winkler on UnsplashExpanding service offeringThe regulator points out that the guidance on staking falls in line with its recently announced “ASPIRe” roadmap, which is geared towards ensuring that the Chinese autonomous territory remains relevant in its efforts to maintain its status as a global hub for crypto businesses. Expanding product and service offerings within the crypto sector was one of the five pillars of that plan. Smoothing the way for the offering of staking works towards fulfilling that aspect of the ASPIRe plan. Written approvalIn this guidance, the SFC sets out that licensed service providers must obtain written approval from the regulator before any such product can be offered to investors in Hong Kong. That stipulation applies to both VATPs and authorized funds with digital asset exposure. Additionally, VATPs must retain control over staked assets, with no delegation in the custody of such assets to third parties permitted. In the case of authorized funds that include crypto assets, they must stake virtual asset holdings through licensed VATPs and other authorized institutions. Required disclosuresThe regulator has also stipulated that certain disclosures must be made by licensed exchanges to potential customers in respect of staking products. These include the disclosure of all associated risks, full transparency with regard to fees, minimum lock-up periods and custodial arrangements. Commenting on the provision of this guidance, SFC CEO Julia Leung said that the provision of a greater range of regulated services and products is crucial in order to sustain continued growth of Hong Kong’s virtual asset ecosystem. However, she added that any broadening of the range of services offered “must be done in a regulated environment where the safety of client virtual assets continues to be front and centre of the compliance framework for offering such service.”   The SFC outlined that it recognizes “the potential benefits of staking in enhancing the security of blockchain networks and allowing investors to earn yields on virtual assets within a regulated market environment.” The authorities in Hong Kong are not the only ones who recognize the benefits that the incorporation of staking within crypto investment products can bring. Last month, Robert Mitchnick, head of digital assets at the world’s largest asset manager, BlackRock, told the Digital Assets Summit in New York that Ether ETFs would benefit from the addition of staking.  Mitchnick suggested that the current inability to earn a staking yield within such products is a key limitation. He outlined that such a change is dependent upon relevant regulatory changes being implemented in the U.S. A more crypto-friendly climate in the U.S. since U.S. President Donald Trump took office has resulted in various lawsuits being dropped against companies like Coinbase related to the staking services that had been offered. A number of U.S. Ether ETF issuers, including Franklin Templeton, Grayscale and Bitwise, have put forward proposals to the Securities and Exchange Commission (SEC) to have staking included in these products.